*Plymouth trends have moved to the Blog section of website*
So far in 2019, the Median Sale Price in Plymouth for single family properties is up appx. 3.7% compared to 2018. The current Median Sale Price in Plymouth year to date is $391,250, up from $377,200 in 2018.
4/21/2016 Market Snapshot
A look back at the last 10 years in Plymouth through Average Sale Prices:
Looking at the graph above, you can clearly see the upward trend for single family homes over the last 4 years after the lows during 2009-2012. The market is now approaching 2007-2008 levels.
And also the last 9 years in Plymouth tracking Median Sale Prices (for single family and condos) below. This data is from PASS and MAR:
Condos have followed a similar pattern, albeit sporadic, but with a drop during the last year.
However, are these current prices sustainable? Remember, interest rates have been at historic lows for years. This is a major support for this market. Word from the Fed suggests they will stay low for some time after a quarter point raise last fall caused a shaky stock market at the beginning of the year. Locally, there is also a lot of demand and still low supply overall in Plymouth (except in the higher price points seen below). This has kept the single family market strong.
Side Note: If interest rates were to rise (again, may not happen this year), we would probably see a downward trend in prices as borrower's purchasing power is diminished. Yes, sellers would eventually have to lower prices. This would be bad news for sellers, but could be good news for buyers who cannot afford homes at these levels. Sure, if you borrow money to buy a home your interest portion of your payment will be higher, however at least its deductible. If the market were to correct (values drop), the principal portion of your payment would be lower since you paid a lower sale price. At the end of the day, this is what you are "on the hook" for when you borrow money, so you want this to be as low as possible. However, please be sure to speak to your financial advisor about financial matters.
This is meant as general information to consider whether you are buying and/or selling real estate in area. Rest assured, if you work with me, I will give you the most up to date real estate information to help you make informed decisions that are best for you and your family.
4/18/2016 Market Snapshot
Current absorption rates in Plymouth. This is months of available inventory based on prior year sales activity and current active inventory broken down into 100k market segments.
4/16/2016 Market Snapshot
March was certainly a busy month in the Plymouth real estate market. As you can see from this graph below, the # of sales this March vs. March of 2015 doubled. Weather wise, this March was certainly better than last year when we had snow on the ground until half way through the month. We will see if this fast start to the Spring 2016 continues....