Plymouth, MA real estate update
Unbelievable time to sell a home, difficult time to buy.
The seller's market continues, with single-family active listings in Plymouth down 77% to 37 listings at this point in 2021 vs this time in 2020 (and at this time last year the pandemic was underway). From 2017-2019, the average number of listings on the market in Plymouth was 226 at this time (an 84% drop vs. today).
Homes available for sale are being sold at a staggering clip as the absorption rate is 195%(!), leaving only a half's month supply of listings on the market in Plymouth. Median Sale Price as a percentage of Original List Price is 102%!!
Median Sale Price so far year-to-date is $477,250, up 12% from last year at this time when it was $425,000.
If you are in the market to sell, there has been no better time (health situation aside). If you are interested in acquiring a new home, you will need to make some tough decisions, especially if you are a first-time buyer. With no real estate to sell, you don't get to cash out at these record prices before you purchase.
The current market dynamics are such that we have low inventory, high demand, low interest rates, and inflation on the rise. This is the ultimate recipe for skyrocketing prices. Supply and Demand are always subject to change quickly, and interest rates could rise if inflation becomes a more recognized problem. Either of these could change the upward trajectory of real estate prices. If you are buying, please take this into consideration and think long-term in case there is any drastic changes in the market in the future.