Plymouth, MA real estate update: Low inventory...

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Plymouth, MA real estate update

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We still have a very low supply of houses for sale in Plymouth as Listings Taken “Year to Date” are at a 5-year low: 305 listings so far this year; last year we were at 382 (a 20% drop). Currently inventory is 150 houses on the market, another 5 year low at this point in time. On the flip side, we have the highest amount of sales during the last 5 years so far “Year to Date”: 222 sales so far in 2020; we had 189 sales this time last year (a 17% increase). This is a Seller’s Market. If you are wiling and able to list your home for sale in this environment (pandemic) with precautions in place, this is the time to consider doing it as there are many more buyers than sellers right now, and your home should sell quickly if priced properly (Median days on market for offer acceptance is just over 1 month. See chart). Furthermore, the Median Sale Price in Plymouth is at a 5 year high so far in 2020. In fact, it is at an all-time high.


If you are looking to sell your home, please consider that Buyers looking to own a new home during the virus/health crisis are extremely motivated. If you are a buyer, please consider that sellers willing to open their houses up for showings, etc., (with precautions in place, of course, including more virtual showings) would have to be very serious as well. There are multiple agents in our office reporting a dozen plus requested showings when new listings hit the market, including multiple offers by the first weekend of viewings.


As we stand here right now, it is a fantastic time to sell (health crisis aside, of course). As mentioned in previous posts, If you are a buyer that needs to own a new home this year, please consider a long-term plan before you do as market conditions could change in the months/years ahead as we experience the full economic impact of the virus that ultimately could affect the real estate market.

 

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