The Only $500,000+ Homes in Plymouth MN That Are Currently Under Contract are New Construction Homes

Given the explosion in new construction in Plymouth, MN this year, and particularly in the northwestern part of Plymouth, it has become quite a challenge to sell the large, older homes in Plymouth.  If you own one of those older homes in Plymouth that might be 10,20, or 30+ years old and your home is for sale in Plymouth and priced over $500,000, you are well aware of the challenges and pain.  (Note: I have started a new blog dedicated to covering the new construction trends in Plymouth, Maple Grove and Medina.  You can find it at Northwest Plymouth).

I just ran some numbers in the NorthstarMLS system for homes for sale in Plymouth Minnesota looking only at homes priced over $500,000.  While what I found wasn’t all that surprising as I’ve been watching this develop over the past 18 months, nonetheless, when you see it, it’s still a little strange.  There are currently 81 homes for sale in Plymouth that have an asking price of at least $500,000.  There are 12 homes that are pending given this market segment a 6.75 month supply of homes – not bad considering where we’ve been the past few years.  However, that number is misleading because THE ONLY HOMES that are pending (i.e. under contract and waiting to close) are new construction homes built in 2011.  Nothing else.  Nope, not even something built in ’07, ’08, or ’09…not even ’10.

Here’s how they stack up.  All of the data are averages.

Active Listings: 81

• Price: $798,000
• Days on Market: 156
• Cumulative Days on Market: 220
• TFSF: 4507
• Price per TFSF: $175
• FSZ: 1811
• Bedrooms: 4.57
• Baths: 4.48
• Year Built: 2001

Pending Listings: 10

• Price: $617,000
• Days on Market: 3
• Cumulative Days on Market: 3
• TFSF: 4276
• Price per TFSF: $147
• FSZ: 1840
• Bedrooms: 4.58
• Baths: 4.75
• Year Built: 2011

Demand clearly remains strong for Plymouth MN new construction.  If you’re selling an older home, you really need to think that through on home preparation, staging, improvements, positioning and pricing the property.  Unfortunately, you home is likely worth less than you think…or what your agent thinks.

Be sure to request your FREE COPY of the Plymouth MN New Construction Report.  It has important details especially if you are considering building in Plymouth, MN.