Plymouth, MN Sold Price per Square Foot Declined 8.6% in 2008
Plymouth, MN real estate has been holding up reasonably well the past couple of years. Certainly prices are down, but nearly to the extent we are seeing in some areas around the Twin Cities and the U.S.
I thought I would look at some sold analysis for Plymouth by quarter to smooth out some of the ups and downs we tend to see on month to month reports. As you can see by this table below, Plymouth had been selling fairly consistently between $145-$150/TFSF (total finished square foot) for much of the past two years. It’s only in 2008 that we’ve started to see a pretty good hit to prices based upon this kind of analysis. As a reminder, TFSF is the total amount of square footage finished in a property including basements…lower levels if your home was built after 1985 or if your property is worth more than $500,000 
.
All the data below came from the RMLS 13 County Metro. Click on any chart to enlarge in a new window.
Closed sales during this nearly 3 year period are seen below broken down by quarters. NOTE: Q32008 doesn’t look a whole lot different than Q32007 or Q32006. Interesting…
Average sales prices are starting to drop rather sharply in the past couple of quarters. This is consistent with what we’ve been seeing throughout the rest of the Twin Cities. The cheaper the house, the better the odds are it’s going to sell.
By mid January, I’ll have the data for all of 2008 and will post updated charts.
What this data tells us is that Plymouth is not down 12-15% like some other areas in the Twin Cities. Depending upon the neighborhood, it is likely down 8-10%…painful for sellers…yes, but not the end of the world.
