Plymouth Market update through May 2019 (single family homes)
Taking a look at the figures from the local Realtor Association (PASS), Plymouth closed sales in May of this year were down 15.5% vs. last May. So far this year, total closed sales in Plymouth are down 12% vs. last year.
Median Sale Prices in May 2019 rose 1.1% vs. last May; and Median Sale Prices have risen 5.6% overall Year to Date vs. 2018.
Inventory in May was down about 13%, and the Months of Housing Supply (Absorption Rate) was also down apprx. 10% vs last year to 3.5 months. New Listings in May was down about 8%. Homes this May are taking less time to sell: apprx. 53 days (1-2 months) vs. last year: 72 days (or just over 2 months).
In conclusion, the market is mostly in balance, however it is still a strong seller’s market as we are close to an under-supply of listings in Plymouth based on the 3.5 months available Supply of Inventory (Generally speaking, anything under 3 months is considered a shortage or under-supply of listings). This still makes it an excellent time to sell a home (and please see the graph showing the Median Sale Price trend below), which is also reflected in the Percent of Original List Price received (99.4%). Buyers, in this type of market, most likely will have less leverage in negotiations.
Note: Market Data was obtained from MAR/PASS Realtor Associations using MLS data.
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