October 2020 Plymouth, MA Real Estate Market Update
We are into the Fall season and the days are getting cooler, and the sunsets are coming earlier. Sunny days in October are just spectacular in New England.
The 2020 single-family real estate market in Plymouth could go down as one of the best if you talking the number of sales and the highest sale prices. We still have a complete shortage of listings (1 month’s supply of listings which means all of the listings on the market will be sold in one month based on the current sales volume). Single Family Pending Sales (Demand) and Closed Sales in Plymouth, MA year to date are at their highest point in 20 years, and most likely ever (however only checked back 20 years).
The story continues to be a complete lack of supply (listings) vs historically high demand. Currently we have 80 single family homes listed for sale in Plymouth; this time last year we had 268 listings (70% decline!). Pending sales year to date are up 13% year to date compared to 2019 year to date. Combine this, with Ultra-Low interest rates, and you have prices skyrocketing. The Medan Sale Price year to date in Plymouth is $440,500, up 11% from last year at this time when it was $396,500. We didn’t get near these price levels during the 2000’s real estate bubble (based on Median Price).
How long will this last? No one knows for sure, as market dynamics are fluid. Buyer demand and Buyer’s purchasing power are tied very closely to interest rates, which are at historic lows but are always changing, and many listings are probably not on the market this year due to fear of exposure to Covid-19. As said before on this blog, health crisis aside, this is an awesome opportunity to sell into this rising market. On the other hand, acquiring a home in this market is really just the opposite – lots of competition, little inventory, and record high sale prices. Please do your homework, exercise caution, and think more long-term if you are considering owning a new home... Especially if you are a first-time buyer.