The Plymouth Housing Market for September follows the same trend it did in August. New listings have increased by 11.9 percent, closed sales are down by 16.9 percent, but prices continue to go higher. The median sales price for September was $356,000, an increase of 6.3 percent over the same time last year.
With the month’s supply of inventory sitting at 2.6 months, down from last year by 3.7 percent, there is no indication the restraints on supply are loosening. With interest rates reaching 5 percent, many buyers that might want to get in on the Plymouth Housing market cannot. Buyers in the price ranges over $500,000 have far more inventory to choose from and are shopping in a balanced market.
While the market is said to be slowing down, the statistics so far don’t make that argument. Comparing year to date data for the Plymouth housing market, we see the same pattern when lined up to the same time frame in the previous year. The new listing is up 3 percent, closed sales are down 2.1 percent, and the median sales price is up 7.2 percent. Days on the market dropped, which indicates that the higher cost of purchasing a home was not a deterrent to buyers.
Effects of the Economy on the Plymouth Housing Market
September job numbers were good adding 250,000 jobs. National unemployment rests at 3.7 percent and local Twin Cities at 2.5 percent.
American confidence in our economy is at an eight-year high benchmark. However, it is important to note that in a Fannie Mae survey only 24 percent of those asked believed now was a good time to buy a home. Five years ago the number was 54 percent that was gong ho on housing.
Real Estate Market Summary
Thanks to home prices and mortgage rates climbing in conjunction with restraints on inventory levels, we may be headed into a slower moving market. For right now, homes in the Plymouth Housing market and the larger Twin Cities market, that are desirable are selling quickly at full price or higher at the lower price ranges.
We have every reason to expect the Federal Reserve Board to raise the borrowing rate when they meet in December. The anticipation of higher rates may fuel an increased desire to buy a home before that happens. We will soon find out how the last quarter of the year unfolds.
Plymouth Housing Market September 2018 compared to September 2017*
new listings up +11.9 %
closed sales down -16.9%
Median home price $356,000 up +6.3%
Average sale price $392,586 up +1.5%
List price percentage received is 98.8% up +1.3%
days spent languishing until sold was 41 down -36.9%
inventory of homes down -3.3%
month’s supply of inventory down -3.7%
Plymouth Housing Market October 2017 through September 2018*