Plymouth, MN real estate
Plymouth, MN Real Estate Monthly Market Update - July, 2008Plymouth is known here in the Twin Cities real estate marketplace as a community with a number of outstanding homes and neighborhoods. In today's blog entry, let's look at a market snapshot for this great city.
Let's first take a look at July of 2007 compared to the month of July in 2008. New listings put onto the MLS stayed very steady, with 164 properties being put on the market this past July, an increase of 0.6%. Closed sales however dropped by 20.2%, with 75 properties closing this past July. The average sales price did drop of course, but not to the level we have seen in many of the other suburbs here in the Twin Cities. The average sales price this past July was $327,153, a drop of 4.6% compared to July of 2007. Average days on market did increase from 91 to 110 days, an increase of 21.1%. The overall inventory level for single family homes in Plymouth rose slightly from 285 to 290 properties. The townhome and condo market saw an active MLS inventory level drop of 7.9%, with 267 properties on the market this past July. The percent of original list price received at the time of sale decreased by 0.7%, going from 96.2% to 95.6%.
Now when we take a look at January through July of 2007 compared to January of July in 2008, there has been an 8.2% drop in new listings put on MLS this year in Plymouth. There have been 1,185 new listings put on the market this year. Closed sales are down 16.9%, with 422 properties closing here in 2008. The average sales price in Plymouth has stayed very steady at $323,007. This is only a 0.2% drop over last year. The percent of original list price received at the time of sale dropped by 2.2%, going from 95.6% to 93.5%. Average days on market has increased 20% in Plymouth, going from 121 to 145 days.
In conclusion, these numbers are really some positive news for homeowners in Plymouth. Compared to many of the various suburbs, there has been very little year over year drop in the average sales price. Over the past few months, as we have taken a look at a number of communities from around the Twin Cities, we have seen some staggering year over year price drops. Plymouth however, with its great location, has not seen this take place.
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