Town and Country, MO Market Report - August 2011
Market Profile & Trends Overview
August Property sales were 9, up 125.0% from 4 in August of 2010 and 30.8% lower than the 13 sales last month. August 2011 sales were at their highest level compared to August of 2010 and 2009. August YTD sales of 67 are running 19.6% ahead of last year's year-to-date sales of 56.
The Median Sales Price in August was $470,000, down 28.0% from $652,450 in August of 2010 and down 27.7% from $650,000 last month. The Average Sales Price in August was $493,389, down 37.9% from $795,100 in August of 2010 and down 31.6% from $721,231 last month. August 2011 ASP was at the lowest level compared to August of 2010 and 2009.
Inventory & MSI
The Total Inventory of Properties available for sale as of August was 130, down 1.5% from 132 last month and up 4.0% from 125 in August of last year. August 2011 Inventory was at its highest level compared with August of 2010 and 2009. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The August 2011 MSI of 14.4 months was at its lowest level compared with August 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
August was 63, down 8.7% from 69 days last month and down 26.7% from 86 days in August of last year. The August 2011 DOM was at its lowest level compared with August of 2010 and 2009.
Selling Price per Square Foot
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 August 2011 Selling Price per Square Foot of $160 was down 12.7% from $183 last month and down 1.0% from 161 in August of last year.
Selling Price vs Original Listing Price
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 August 2011 Selling Price vs Original List Price of 93.1% was up from 92.8% last month and up from 92.9% in August of last year.
Inventory / New Listings / Sales
This last view of the market combines monthly inventory of Properties for sale along with New Listings and Sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of New Listings in August 2011 was 20, up 17.6% from 17 last month and equal to 20 in August of last year.