Issuu on Google+

Plymouth – America’s Hometown!

Market Trends

The Town of Plymouth, a historic seaside community known as “America’s Hometown,” is rich in history and cultural heritage. Plymouth is home to not only Grand Federal-Style homes with gated driveways and Victorian Mansions with gingerbread gables, left over from the era when a wealthy population summered here, but also cozy, cottage Cape style homes with manicured lawns and natural landscaping. Plymouth is visited by thousands of tourists each year, travelling to view historic landmarks such as the Plimoth Plantation, Plymouth Rock, and the Mayflower II.

Our region’s close dependence on tourism, retail, and recreation – which brought the real estate recession home to us with special severity and speed – may also be the factor that rejuvenates the local market as conditions improve. It appears that the “bail out” mechanisms of the Obama administration and Congress have served to stabilize the banking sector, and the stock markets appear to have stabilized as well. The strength of the dollar, the value & desirability of U.S. Real Estate, and the emerging economic recovery continue to drive international interest in owning a home in this country. Add to this the resumption of mortgage lending by community banks, and mortgage interest rates that are historically low, and it can be argued that a framework of conditions and policies is in place to take advantage of any confidence-building turnarounds in the general economy that may occur such as lower unemployment and higher corporate earnings.

The largest town in Massachusetts, Plymouth has 36 miles of shoreline and 9 public beaches as well as 9 golf courses and 360 ponds. In addition to a number of art galleries, Plymouth’s artistic community can be witnessed in the soaring sound of the Plymouth Philharmonic Orchestra, or through free waterfront concerts put on by Project Arts. Countless experiences await at Plymouth Harbor, one of which being the awe-inspiring whale watch, and Plymouth’s Main Street hosts store fronts in historic buildings that are well worth the effort to stop, stroll, and browse for everything from British imports to new aged novelties, gourmet chocolate or fabulous breads and pastries and inviting coffee shops with outdoor seating. Boston lies just 50 miles to the north and 10 miles to the south lies the Sagamore Bridge – perfect access to beautiful Cape Cod.

Property & Price Range In our Town of Plymouth the buyer will find an extraordinary range of property being offered, from a simple 1,000 square foot three bedroom, two bathroom cape for $195,000 to a 6,370 square foot ocean front estate on 2.1 acres, with seven bedrooms and seven bathrooms offered at $3.9 million. Since the start of the New Year (through Q310) there were over 360 transactions for single family homes in the town, with a median house price that reached $279,900.

Recent Market Figures The average price per square foot for Plymouth is $168, which is an increase of 0.7% compared to the same time last year, and the number of single family homes and condos sold in September of 2010 was up 19.6% over the same time the previous year. This number is up significantly from the previous year and in our book this number of transactions represents a healthy long term trend that is far from the typical doom and gloom scenarios that are talked about during cocktail parties. And based on what we see in our day to day operations we are having a wonderful fall season of sales, with a stable and healthy market of purchases. The smartest individuals are now jumping off the fence to take advantage of a combination of historically low mortgage rates, and a nice selection of properties that when priced correctly, sell very quickly. If you are thinking of purchasing a home, now is the time to buy!

Price Table (Q310 SF Sales) Plymouth Market

Current Quarter

% Chg

Prior Quarter

% Chg

Prior Year Quarter

Average Sales Price Median Sales Price Number of Sales Days on Market Listing Inventory

$325,733 $297,000 121 141 503

-1.23% 3.48% -22.93% -3.42% -1.37%

$329,797 $287,000 157 146 510

-0.70% -1.00% -15.38% -4.73% 18.35%

$328,021 $300,000 143 148 425

Engel & Völkers Plymouth · 29 Main Street · Plymouth · MA 02360 Telephone 1-508-747-7755 · Telefax 1-508-747-7751 plymouth@engelvoelkers.com · www.engelvoelkers.com/plymouth


Market Report Plymouth MA USA - 2010 Q3