I’ve had a sense that properties over $400,000 have been difficult to sell in this current real estate environment. So, I thought I’d take a look at Plymouth. The data I pulled from the MLS really surprised me even though I am well aware that the market has been soft.
I evaluated the 3 month period of November 2007 through January 2008 vs. November 2008 through January 2009. This included all residential units – single family, townhomes, condos. Source: RMLS 13 County Metro. The table below tells the story: (Click table to enlarge in a new window)
Unit sales are down 53% and transaction volume (i.e. dollar volume) is down 60% for the past 3 months compared to the same period the previous year. The other interesting note is that the most expensive home to close in Plymouth in the past 3 months was only $679,000.
If you are thinking of selling your home this spring and it’s more than $400,000 you must be aware of how challenging it is and these data points only demonstrate the difficulty.