Here are 3 charts to help illustrate what we are seeing in the market this Spring relative to the last 10 years.
The number of new listings is lower but not significantly. Each week, there are new listings throughout our region and there are more coming. The ‘sellers market’ may be tempting more people to list. But we typically see selling activity increase in the Spring and into the Summer each year.
With such an increase in showing and buying activity with essentially the same or fewer new listings available, the inventory of homes for sale is at a 10 year low currently. We do expect more new listings to keep coming up as the weather improves and the school year ends. But the market will take some time to absorb all the buyers that are currently looking.
The 2021 Plymouth Ice Festival is this weekend (February 12th through 14th) in Downtown Plymouth. It’s going to be different this year. There won’t be the displays around park but there will be numerous sculptures in front of downtown business. Plymouth sidewalks will be lined with over 65 ice carvings! Here are some photos from past years with an ice bonfire that lit up the night sky. For more information, go to www.plymouthicefestival.com.
The Ice Festival is one of several street festivals in Downtown Plymouth that take place throughout the year (usually). The area is very walkable with plenty of parks, shops, restaurants, and entertainment – along with plenty of parking. Plymouth also has beautiful residential tree-lined streets with lots of gorgeous historic homes making it one of the area’s prettiest and most walkable small towns.
Plymouth, Michigan…A Rich History from Highway Media on Vimeo.
If you didn’t catch this movie at the Penn late last year or earlier this year, now’s your chance to watch it at home. Look for an appearance from our own Bob Bake!
Founded in 1825, the Plymouth community has experienced a deep and rich history, filled with greatness…and despair. From the earliest settlers who trekked through the Erie Canal, to the war heroes, fires, trains, and air rifle industry, this film takes you on a 200 year journey of Plymouth like never before. So jump on board before the whistle blows to experience an endearing tribute to this beloved town. Welcome to Plymouth, Michigan!
It’s that time of year again! The kids are back in school and the smell of barbeque smoke drifts through downtown Plymouth as the annual Fall Festival is here. September 6-8th, 2019 will be non-stop pancakes, spaghetti, and barbecue chicken along with carnival rides for all ages, midway games, concerts, and attractions for everyone.
Downtown streets are closed off and for one weekend, downtown Plymouth is transformed into a local fair with all the pre-requisites. This is of one of our favorites festivals in Plymouth – good fun for the whole family and another great reason the area continues to thrive. For more information, go to: http://www.plymouthfallfestival.com/
The Place Place Gastro Pub at 336 Main St in downtown Plymouth is getting ready to open. The old 336 Main has been with us for some time and now it’s being revitalized into the the Park Place Gastro Pub. Walking by today, here’s their new look… and here’s a link to their facebook page.
We now have the full year of 2016 data and average price trends in the Plymouth and Northville markets have continued their upward climb. This should come as no surprise to those who live here and have witnessed the market first hand. But it’s nice to see the supporting data that shows prices have indeed kept rising. I’ve split the data by City and Township for both Plymouth and Northville single family homes with comments and observations below each chart. You’ll find a 5th chart that illustrates the inventory of active listings in Plymouth and Northville remains very low. As always, you can refer to our website’s front page to see what our listings and buyer sales close for. If you would like additional market information or a valuation of your home, please complete the form at the end of this article.
City of Plymouth Average Sales Price: Single Family Homes Last 10 years: Another Record Year
The City of Plymouth real estate market continues to reach higher and higher heights as people are attracted to our walkable neighborhoods and city center. Prices are setting new records with bidding wars being commonplace for the more desirable homes and locations – however, it’s not every home that sells for a premium. Location, condition, presentation, marketing, functionality, updates, and pricing all determine how fast and how much a home will sell for.
We are seeing people from all over the metro Detroit and Ann Arbor area choosing the City of Plymouth whether they are first time or last time buyers. Buyers are cross shopping Plymouth and Ann Arbor more often as well as the Ann Arbor market can be even more competitive. New construction activity has also been transforming parts of the City resulting in a community response that resulted in new rules for new construction. How the new Floor Area Ratio ordinance will affect the market remains to be seen but I expect Plymouth will be just as desirable, if not more desirable, as before. If you split out new construction homes from the data, the average price is still trending significantly higher year over year. And based on the actual activity we are seeing on the ground, this upward trend should continue through 2017 barring any unforeseen shock to our local economy and the automotive industry in general.
Township of Plymouth Average Sales Price: Single Family Homes Last 10 years:
Plymouth Township prices have also remained steady and strong although the market is less robust than in the City. For buyers who prefer a little more house for the money, a lower property tax rate, a larger home and/or property, or prefer to just have more privacy and space between homes, the Township offers a wide range of established neighborhoods and homes with acreage, nearby parks, and proximity to the City. We have also seen quite an increase in inbound relocation buyer traffic moving to the Plymouth area where the schools, prices, proximity to the City of Plymouth, DTW, metro Detroit, and Ann Arbor all help to make the Plymouth Township very attractive.
City of Northville Average Sales Price: Single Family Homes Last 10 Years:
The City of Northville has also shown a remarkable recovery from the Recession. Prices are very strong with homes selling off market or very quickly on market at higher prices. The tear-down/new construction activity is here as well although not as pervasive as in Plymouth. Northville has a much larger Historic District where home demolition is severely restricted. The business district continues to thrive with new restaurants, coffee shops, retail stories, parks, events, while the quiet, historic, walkable neighborhoods continue to attract buyers who appreciate all that Northville has to offer. The feel of the downtown is different from Plymouth so we always encourage our clients to spend time in both to see for themselves. If you are looking for a home in the City of Northville, we recommend patience and perseverence.
Township of Northville Average Sales Price: Single Family Homes Last 10 Years:
Northville Township prices have recovered steadily and there are pockets of new construction on the few remaining empty lots and even new projects on previously undeveloped land. The redevelopment of the old Women’s Prison will take place adding more residential, shopping (and traffic) to the Beck Road and 5 Mile area. One of the drivers of Northville Township real estate market over the past year is inbound corporate relocation activity. We see a steady of flow of transferees either moving to or moving back to the area. Larger, newer homes with community amenities, parks, and highly regarded schools have made Northville Township a safe and reliable choice for many buyers. As with Plymouth, the location is ideal for proximity to everything in metro Detroit, Ann Arbor and the downtowns of Northville and Plymouth.
Plymouth and Northville Number of Active Listings: Homes and Condos Last 10 Years by Month:
With demand for Plymouth and Northville continuing to drive our market and a limited supply of new construction inventory, real estate is going to remain a sellers market. The dramatic decline in the number of active listings on the market at any given time since the recession clearly indicates how competitive the market is, why prices are going up, and how difficult life can be if you are trying to buy in Plymouth and Northville.
If you have any questions about the material above or just want to discuss your real estate goals with us, please contact us by completing the form below and we will respond to your query promptly. We specialize in our local market and can provide the professional expertise and experience necessary to guide you through the process.
Opening next week in downtown Plymouth, Pakwaan Fine Indian Cuisine at 447 Forest Avenue! Patrick and I stopped by today and saw the menu, met the owner, Sunny, a nice man who hails from Shalimar, a very successful Indian restaurant in Ann Arbor. The place is looking good and it will seat a lot of people comfortably. They will open next week and we will be there!
Does anybody remember when there was a purple building on Forest which housed a Chinese Restaurant named “Dinersty”? Rewind even further…who remembers Cloverdale? That’s where my grandpa took me to get “Nutty Buddies”, my parents and I would go to the drive through to get Chocolate Almond ice cream and milk and I would hang out with my tween friends (shout out to Juliet Scott) in the 70’s and 80’s and have ice cream floats and play Centipede and Pac Man before visiting various shops in town (shout out to Fred Hill). If you never visited Cloverdale or just want to revisit the memories, you can see the soda fountain which is now located inside of the Plymouth Historical Museum!
To date, the location on Forest has been most successful as Cloverdale’s. I really doubt anything can top Cloverdale’s. There have been several unsuccessful restaurant attempts in the post Cloverdale space, including Panache, Bamboo, 1999 Tavern and I’m not sure if that’s everything. Let’s hope the location is going to work for it’s new occupant. Plymouth has become an entertainment and dining destination – with Forest Ave. showing a lot of activity with Barrio, Little Bangkok, Extreme Pizza, and EG Nicks.
I cannot remember in my lifetime an Indian restaurant in Plymouth – this will be a first. We are looking forward to Pakwaan’s opening in Downtown Plymouth!
On our blog,, you’ll find countless photos of houses, both old and new, small and large, around Plymouth and Northville. But just beyond the tree-lined streets, front porches and sidewalk cafes of our local real estate, you’ll discover pastoral landscape that will take your breath away. Here’s a moment I recently captured at Constantine Farm. Enjoy.
With November data in and the year drawing to close, it’s time to look back at the pricing trends in the City and Township of Plymouth over the past year and let the data speak.
City of Plymouth Average Residential Home Sales Price Last 10 Years
In the City of Plymouth, average prices continue at record highs far exceeding pre-recession highs. Demand is very high, inventory is low, and tear down/new construction activity continues at a fever pitch. Driving around town, homes are disappearing faster than we can keep track of! Downtown Plymouth continues to be a destination of choice for many buyers although the increase in prices have limited those who can actually afford to live here. While prices aren’t rising like they were few years ago, well maintained homes with good locations and reasonable prices can still draw multiple offers and even sell over asking price.
Township of Plymouth Average Residential Home Sales Price Last 10 Years
In the Township of Plymouth, prices are still strong and rising slightly. With limited space for new development, existing homes sales are somewhat protected from new construction competition. Like Northville, the area has seen a lot of corporate relocation activity both in and outbound.
As always, homes with the best locations, in move-in ready condition, and with current materials/color choices will command the highest prices.
If you’d like to know how much your home is worth in today’s market, please contact BAKE Real Estate at 734-453-8080 and we’d be happy to come out and give you an expert assessment of the value of your home and how you can navigate the process of transitioning from one home to the next.