Plymouth and Northville Real Estate Values – 2017 Continues the Trend

The Super Bowl and Olympics are over, Spring Training has begun and that means only one thing: Real Estate Season is here! Buyers and Sellers are emerging from their winter hibernation and preparing and planning their next move.

Our markets of Plymouth and Northville, both City and Township, remain strong and steady. The charts are fairly self-explanatory and locals know how intense the market is around us. The City of Plymouth continues to increase in value as the downtown area flourishes with busy shops, restaurants, and events.  The City of Northville has also seen significant increases in value.  The Townships of both Plymouth and Northville have also shown steady price increases in addition to growing new development activity – especially in Northville Township. The lack of inventory as shown below illustrates that in an area where there is limited opportunity for new development, the price of existing homes will appreciate in a strong market.

 

 

Plymouth and Northville Real Estate Values – the First Six Months of 2016 were Good!

It’s mid-summer and we now have data for the first six months of 2016! Our markets of Plymouth and Northville, both City and Township, remain strong and steady. The charts are fairly self-explanatory and locals know how intense the market is around us. The City of Plymouth continues to increase in value as the downtown area flourishes with new shops including the opening of Westborn Market. It’s heartwarming to see people walking downtown with their folding shopping trolleys on their way to do their grocery shopping! The City of Northville has also seen significant increases in value – especially in the downtown area where new businesses like Red Dot Coffee and the Center Street Grille have created a lot of excitement. The Townships of both Plymouth and Northville have shown very steady pricing and new development activity is on the rise once again in Northville Township.

Northville City Real Estate Values Northville Township Real Estate Values Plymouth City Real Estate Values Plymouth Township Real Estate Values

 

Just Sold: 15412 Bay Hill Drive, 3 Bedroom, 2.5 Bath Northville Hills Golf Club Home Backing to Course

15412 Bay Hill, Northville Hill Golf Club
15412 Bay Hill, Northville Hill Golf Club

In an age where luxury is no longer by defined solely by sheer size, we’re especially pleased to announce the sale of our listing at 15412 Bay Hill in Northville Hills Golf Club.  This 3 bedroom, 2 car garage home backing to the 16th fairway and walking distance to the clubhouse, pool, and tennis courts sold at a price usually reserved for much larger homes. This reinforces the fact that time and resources spent on creating a better home is a worthwhile investment. And the best part is, you also get to enjoy your investment while you live there!  

Bay Hill is an excellent example of a Northville Hills Golf Club colonial with fabulous views overlooking the 16th fairway. The home has been meticulously updated and maintained with recently installed Brazilian teak hardwood flooring in most of main floor and 2nd floor including all the bedrooms, new stainless steel appliances, finished bonus room with built-in book shelves, crown molding & wainscoting, an upstairs loft, Trex deck, stamped concrete patio, walk-up daylight basement with rough-in plumbing, 2 furnaces/AC, short walk to the pool & clubhouse or tennis, spacious, flat grassy backyard space for outdoor activities, light-filled rooms & professional landscaping!  See the virtual tour at www.bobbake.com.

If you have a home to sell in the Plymouth or Northville, please visit our Plymouth and Northville Real Estate homepage at  www.bobbake.com or simply contact Carrie,  Associate Broker, at (734) 788-2398 – carrie@bobbake.com, Patrick,  Associate Broker, at  (734) 272-8375 – patrick@bobbake.com, or Stephanie, REALTOR, at (734) 620-4536 – stephanie@bobbake.com.  If you have a home to sell in the Plymouth and Northville area and would like a private consultation, please feel free to contact us to discuss your needs in confidence. We are specialists in the local area with the experience and knowledge to assist you throughout your home buying and selling process.

Just Listed: 15412 Bay Hill Drive, 3 Bedroom, 2.5 Bath Northville Hills Golf Club Home Backing to Course

15412 Bay Hill, Northville Hill Golf Club
15412 Bay Hill, Northville Hill Golf Club

(Update – this home has been sold) The Northville real estate market continues to build momentum as more buyers and sellers enter the market.  Good homes sell quickly – often with multiple offers, so pricing is crucial. If you are buying, knowing the market has never been more critical given how fast you need to act when the right house comes on the market.  

Staircase

We are excited to announce our latest new listing: Bay Hill is an excellent example of a Northville Hills Golf Club colonial with fabulous views overlooking the 16th fairway. The home has been meticulously updated and maintained with recently installed Brazilian teak hardwood flooring in most of main floor and 2nd floor including all the bedrooms, new stainless steel appliances, finished bonus room with built-in book shelves, crown molding & wainscoting, an upstairs loft, Trex deck, stamped concrete patio, walk-up daylight basement with rough-in plumbing, 2 furnaces/AC, short walk to the pool & clubhouse or tennis, spacious, flat grassy backyard space for outdoor activities, light-filled rooms & professional landscaping!  See the virtual tour at www.bobbake.com.

Living Room

If you would like to schedule a private viewing of this home or are searching for a home in Northville, please visit our Plymouth and Northville Real Estate homepage at  www.bobbake.com or simply contact Carrie,  Associate Broker, at (734) 788-2398 – carrie@bobbake.com, Patrick,  Associate Broker, at  (734) 272-8375 – patrick@bobbake.com, or Stephanie, REALTOR, at (734) 620-4536 – stephanie@bobbake.com.  If you have a home to sell in the Plymouth and Northville area and would like a private consultation, please feel free to contact us to discuss your needs in confidence. We are specialists in the local area with the experience and knowledge to assist you throughout your home buying and selling process.

2013 Northville Township Real Estate Value and Sales Summary

Screen Shot 2014-01-08 at 11.43.55 AM

2013 Northville Township real estate values reflect what the entire region has been seeing – steadily increasing prices. Since 2009, values have been  improving year over year. There are far fewer bank-owned homes and short sales impacting the market.  And, with the local economy improving dramatically, the annual cycle of new buyers combined with buyers who delayed buying during the recession, have created a very competitive real estate market.

If you are considering buying or selling a home in the Plymouth/Northville area in 2014, feel free to contact us and we’d be happy to discuss your plans and offer our help.  Please also visit our homepage at www.bobbake.com.

2013 Plymouth Township Real Estate Value and Sales Summary

Screen Shot 2014-01-08 at 11.37.59 AM2013 Plymouth Township historical real estate data verifies what we’ve seen all year – values have continued to increased steadily due to limited inventory of available homes. Prices are comparable to historical highs and the recovery has been swift.  With the local economy improving dramatically and the annual cycle of new buyers combined with buyers who delayed buying during the recession, the result is a seller’s market. Recently, supply has improved slightly and homes aren’t as likely to sell instantly but time on market is always more dependent on pricing than supply/demand dynamics.

Both median sales prices and sales volume have recovered strongly to pre-recession levels. The number of sales has been increasing steadily for the past several years. If you are considering buying or selling a home in the Plymouth/Northville area in 2014, feel free to contact us and we’d be happy to discuss your plans and offer our help.  Please also visit our homepage at www.bobbake.com.

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2013 City of Northville Real Estate Value and Sales Summary

City of Northville Median Sales Price - 10 Year Trend
City of Northville Median Sales Price – 10 Year Trend

Last week we published price and sales data for the City of Plymouth.  This week, we turn our attention to the City of Northville just up the road.  In 2013, sales data for listed homes showed steady increasing values but also limited inventory. While prices have recovered, sales volume has not which reflects the lack of inventory buyers are faced with when shopping for homes in the City of Northville.

With the local economy improving dramatically, the annual cycle of new buyers combined with buyers who delayed buying during the recession, have created a seller’s market. Recently, supply has improved slightly and homes aren’t as likely to sell instantly but time on market is always more dependent on pricing than supply/demand dynamics.

If you are considering buying or selling a home in the Northville area in 2014, feel free to contact us and we’d be happy to discuss your plans and offer our help.  Please also visit our homepage at www.bobbake.com.

Patrick Wong, REALTOR

Happy New Year! 2013 City of Plymouth Real Estate Sales Summary

2013 historical real estate data verifies what we’ve seen all year – values have continued to increase steadily in the City of Plymouth due to limited inventory of available homes. Prices have rebounded to near historical highs and the recovery has been swift.  With the local economy improving dramatically, the annual cycle of new buyers combined with buyers who delayed buying during the recession, have created a seller’s market. Recently, supply has improved slightly and homes aren’t as likely to sell instantly but time on market is always more dependent on pricing rather than supply/demand dynamics. We have also seen a dramatic increase in tear-down/new construction activity which is changing the area but also improving the tax base for the city.

While median sales price have recovered, sales volume continues to lag due to lack of inventory. The trends for number of sales and total sales volume have been increasing steadily for the past several years so if you are planning to buy, the momentum is with you. If you are planning to sell, there are still plenty of buyers out there. The charm of Plymouth continues to attract more and more buyers form the local area and out-of-state. We are even seeing international transferees shop the City of Plymouth to immerse themselves in a quintessential American small town setting.
If you are considering buying or selling a home in the Plymouth/Northville area in 2014, feel free to contact us and we’d be happy to discuss your plans and offer our help.  Please also visit our homepage at www.bobbake.com.
Patrick & Carrie

Just Sold: 48029 Colony Farms Circle – 2 Bedrooms Waterfront Condo in Plymouth Township

Exterior 2.JPGColony Farms Association in Plymouth Township is one of this area’s unique treasures with a storied history and a gentle balance of single family residences and condominiums – all enjoying the pastoral common areas, pond, and walkable streets. Some of the condos, like this one our client recently purchased, enjoy serene views of Walden Pond and the surrounding Willow trees.

Originally established in 1927 by a prominent Detroit doctor, the property developed as a vertically integrated weaving colony for shepherds, weavers, fabric designers,  interior decorators, distributors, and their families. In the 1970s, the property was  developed into the subdivision we have today. But elements of a farming past remain including the original barn, and Walden Pond mentioned above. Since the farm was not mechanized, the pond was dug using animal and human power to feed the crops and inhabitants of the farm. Looking out from the balcony of this condo, you would never realize that a thriving weaving and farming operation once took place here.

Just Sold: Andover Lakes Colonial with Walkout Finished Lower Level – 12755 Essex Ct, Plymouth MI

photosThe Plymouth and Northville real estate markets continue to be driven by high demand and low supply resulting in increasing prices, multiple offers, bidding wars, and some frustrated buyers. It’s a fiercely competive market if you are buying but as prices rise, more sellers may start to appear so don’t lose hope!

Just sold to one of our clients, this is an Andover Lakes water front Colonial with a walk out finished lower level. Homes that possess this combination of location, cul-de-sac privacy, and functionality are rare prizes in today’s competitive real estate market. This particular home, which sold immediately, includes 4 Bedrooms, 3.5 Bathrooms, 2584 Sqft, and plenty of yard space in addition to expansive views of the natural environment of wetlands and lake.

Plymouth and Northville Resale Housing Supply Remains Low

The Plymouth and Northville Real Estate markets have done better than most over the past several years.  And now with the local Automotive industry recording robust profits and paying out bonuses, combined with a more diversified local economic base, the residential Real Estate market has further strengthened.

Newly listed properties are often selling quickly near or at listing price while some properties are even receiving multiple offers – sometimes over list price. As usual, the homes with best locations, amenities, and updates will not only appeal to the most people, but also sell for the highest prices in the least amount of time.

Why is the recovery in Real Estate happening?  Low inventory and more buyers seems to be the answer or simply less supply and more demand. There just aren’t enough properties on the market to satisfy buyers who feel more financially secure or are moving to the area.  As a result, prices are improving and there’s more new construction/renovation activity. Here’s how Plymouth and Northville active real estate listings in May compare to the same time last year.

Number Active Listings Year over Year by Zip Code
Zip Code May 2011 May 2012 % Change
48167 –   Northville 78 48 -38%
48168 –   Northville 178 141 -21%
48170 –   Plymouth 218 181 -17%

For Buyers:  We recommend finding a local buyer’s agent who can identify new homes just listed or soon to be listed. You should also get a pre-approval letter from a lender.  And then you should educated yourself about the local market by seeing houses as they come on the market.  You may need to act quickly so the more you know now, the faster you’ll be able to make a decision when the right house does come along.

For Sellers:  If you’ve delayed putting your home on the market, this may be the time to sell.  While other areas of Southeast Michigan may not be as strong as ours and prices were lower a couple of years ago, things have definitely changed.  It’s a good time to sell right now in Plymouth and Northville. Of course, you’ll want the advice and assistance of an experienced local REALTOR since selling a home in today’s market can be a complicated and time-consuming process.

If you are planning to buy or sell a home in the Plymouth or Northville area and would like a private consultation, please feel free to contact us to discuss your needs in confidence. We are specialists in the local area with the experience and knowledge to assist you throughout your home buying and selling process. You can reach me at 734-788-2398 or carrie@bobbake.com.

Just Sold! Loft Condo in Downtown Plymouth: 101 S. Union St. Unit 309 Daisy Square Lofts

Just sold in a private sale, this extremely rare top floor unit with City views.  Built on the site of the old Daisy Air Rifle factory, the Daisy Square lofts combine spectacular downtown location, historically inspired architecture, and modern living spaces.  This particular top floor unit provides 1094 sqft of living space, a spacious kitchen and great room, 1 bedroom, and 1.5 bathrooms. This home also has many desirable upgrades including granite countertops and breakfast bar, stainless steel appliances, 42″ cabinets, hardwood floors, Berber carpeting, 2 ceiling fans, and even an expanded tile shower. Other features include heated underground parking and storage, a great view of downtown Plymouth from the balcony, and easy walking distance to Main St. shops, restaurants, and entertainment. If you are looking for comfortable, sophisticated downtown living in Plymouth, this loft is ideally suited to meet your needs. Please visit our homepage at www.bobbake.com. You’ll also find other homes for sale in Plymouth and Northville so just give us a call or email at carrie@bobbake.com 734-788-2398, or patrick@bobbake.com 734-272-8375 if you’d like to discuss.