July Property sales were 5, down -28.6% from 7 in July of 2010 and -64.3% lower than the 14 sales last month. July 2011 sales were at their lowest level compared to July of 2010 and 2009. July YTD sales of 55 are running -19.1% behind last year's year-to-date sales of 68
The Median Sales Price in July was $247,000, down -11.8% from $280,000 in July of 2010 and up 5.3% from $234,500 last month. The Average Sales Price in July was $243,780, down -24.4% from $322,271 in July of 2010 and up 1.6% from $239,993 last month. July 2011 ASP was at the lowest level compared to July of 2010 and 2009.
The Total Inventory of Properties available for sale as of July was 118, down -7.1% from 127 last month and down -10.6% from 132 in July of last year. July 2011 Inventory was at a mid range compared to July of 2010 and 2009.
A comparatively lower MSI (number of months needed to sell all the inventory) is more beneficial for sellers while a higher MSI is better for buyers. The July 2011 MSI of 23.6 months was at its highest level compared with July of 2010 and 2009.
The average Days On Market(DOM) shows how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer's market, a downward trend a move towards more of a Seller's market. The DOM for July was 78, up 25.8% from 62 days last month and up 129.4% from 34 days in July of last year. The July 2011 DOM was at a mid range compared with July of 2010 and 2009
The Selling Price per Square Foot is a great indicator for the direction of Property values. Since Median Sales Price and Average Sales price can be impacted by the 'mix' of high or low end Properties in the market, the selling price per square foot is a more normalized indicator on the direction of Property values. The July 2011 Selling Price per Square Foot of $152 was down -10.1% from $169 last month and up 7.8% from $141 in July of last year.
The Selling Price vs Original Listing Price reveals the average amount that Sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer's market exists, a ratio at or above 100% indicates more of a Seller's market. The July 2011 Selling Price vs Original List Price of 93.9% was down from 94.8% last month and down from 99.1% in July of last year.
The number of New Listings in July 2011 was 22, up 22.2% from 18 last month and up 37.5% from 16 in July of last year.
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