How active is the Plymouth housing market? Is now a better time to buy a home or sell a home? What are most home buyers looking for in a home? And can you purchase your favorite home if you are competing with other Plymouth home buyers?
No matter if you’re buying or selling a home, it’s a good idea to research the current market conditions first. After all, a home is a major financial investment! You need to make a wise purchase or sale based on the best information.
What are Current Market Trends in Plymouth?
As we have discussed in our previous market reports, a good indicator of market conditions is the months of supply — how many months it would take to sell what’s currently on the market based on how quickly homes have sold in the past.
Currently, there are 114 homes on the market in Plymouth and Plymouth Township. Within the past 30 days, 55 homes were sold, giving us just over 2 months of supply. This means that it would take about 2 months to sell these 114 homes, provided that the rate homes were selling stayed the same as last month.
Let’s take a look at this graph of months of supply for all Plymouth homes and homes with special features.
It’s a Sellers’ Market for These Homes
Homes with pools have been popular this summer. There are about 2.5 months of supply for these homes this month, up from approximately 2 months in our May report and 1.5 months in our April report.
Another trending home search is walkout basements. Though this month there are just over 5 months of supply for homes with this feature, there were just over 3 months of supply in May.
Fewer months of supply, such as the case with homes with pools and walkout basements in Plymouth, indicate that it’s a sellers’ market for these properties. Low supply and high demand mean that sellers can earn more money for their homes.
It’s a Buyers’ Market for New Construction
When we look at new construction homes, however, we see that it is a buyers’ market for these homes.
Only 2 homes have sold in the last month compared with the 21 that are currently listed on the market. This gives us a higher number of months of supply: 10.5 months.
In May, only one new home had sold compared with the 19 on the market. In April, only 3 homes had sold compared with the 21 on the market. High supply and low demand mean that buyers can negotiate a lower price.
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Keep in mind that the best time to buy or sell a home in Plymouth is when you need to. But purchasing — or selling — a home at the best price means finding a real estate expert to help you negotiate the price.
We can take the stress out of your transaction. And we will keep you informed every step of the way.
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