Two Year Supply of Upper Bracket Homes in Plymouth, MN – Homes Over $700,000
While the city of Plymouth, MN overall is holding up reasonably well in this real estate downturn, the upper bracket is showing signs of continued deterioration.  Average prices appear to be holding up as they are only down 1.5% from a year ago, however, transaction volume is off significantly and supply remains very high.
# of homes sold in 2007:Â 30
# of homes sold in 2008:Â 21 (down 30% from last year)
Average sale price 2007:Â $920,753
Average sale price 2008:Â $906,922 (down 1.5%)
Days on Market 2007: 177
Days on Market 2008:Â 209
# of homes for sale 2008:Â 42
Source: RMLS 13 County metro – search and analysis conducted by John Murphy, Re/Max Results.
We are averaging 2 home sales per month in Plymouth for properties over $700,000. With 42 properties for sale, that means there is a 2 year supply of homes for sale provided nothing new comes on the market. If anything new comes on the market, the supply will only increase. Many of these homes are in the highly rated Wayzata School District.
