If you have been monitoring the Plymouth real estate market to determine the best time to sell your home, you may want to consider selling now. The real estate market in Plymouth is favoring home sellers this month, since demand for homes is high and inventory is low. But before you list your home, it’s helpful to consider the real estate data first.
What Determines a Sellers’ Market?
Researching homes that have recently sold is a helpful tactic to learn about the current real estate market, especially when you are selling your home. By using what’s called months of supply data, we can determine whether it is a sellers’ market (high demand and low supply for homes) or a buyer’s market (high supply and low demand for homes).
To understand the market conditions over the past month, we can look at the total number of homes available and the number of homes that have sold in the past 30 days. Dividing the available homes by the sold homes gives us the number of months of supply, which is an estimated measure of how long it would take to sell off what is currently available on the market. If there are less than 6 months of supply, it’s a sellers’ market.
Months of Supply for Plymouth Homes
Taking a look at all homes for sale in Plymouth, there are approximately 2 months of supply, which indicates that it’s a sellers’ market. However, if we take a closer look at homes with special features (such as homes with pools and homes in a golf course community), that is not always the case.
Homes with pools have about 1.5 months of supply — also a sellers’ market — while homes with walkout basements have about 17 months of supply — a buyers’ market. Are you interested in learning what the market is like in your neighborhood? Request the Plymouth and Canton Neighborhood Sold Report here.
Sell Your Home with the Top Real Estate Experts
In last month’s Plymouth real estate update, the overall market was also a sellers’ market, but the market for homes with special features has changed slightly. In March, it was a buyers’ market for new construction homes (with 26 months of supply), but in April it’s a neutral market (with 7 months of supply).
Spring is a Great Time to Sell
Whether you are buying or selling a home, turn to your most trusted, most experienced real estate team: Bittinger Team, Realtors®. We cater to clients individually to make every real estate experience an extraordinary one. Please contact us anytime at 734.459.2600 or team@Bittinger.com. For starters, take advantage of our free guide to preparing your home for sale!
Until next time,
Noel
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