By Sara Huebener
For our West Savage neighborhoods, August has marked the most notable changes of the entire year in terms of inventory and sales. These drastic changes are likely attributed to increased consumer confidence and a need to get families relocated prior to the start of a new school year.
West Savage has seen a 37.5% drop in total inventory in the past month. This is a tremendous decrease in competition for sellers in our local marketplace. The steepest declines in inventory have occurred in The Pointe neighborhood, which usually sees an average of 12 active listings at any given time, and now has only five. Following The Pointe in terms of inventory declines is the Woodhill neighborhood, which has seen a 40% drop in inventory, as two of its five active listings have sold in the past month. (One has no sign in the yard.) Hamilton HIlls has also seen significant changes in inventory. Furthermore, new listings in West Savage are down 60%.
Pending sales in West Savage have nearly tripled since last month, and sold listings have quadrupled. Whereas zero sales closed on paper during the time period covered by our last issue, four properties have closed on paper in the last 45 days. Expired and cancelled listings remain constant from last month.
In summary, the steep drop in inventory, sharp rise in pending activity, and increase in closed sales are a breath of fresh air for our local marketplace compared to what we were reporting in March and April of this year. In recent months, our marketplace typically sees an average of two listings sell from a pool of 28 active listings. Using that as a benchmark and comparing it to this month’s report, homeowners in West Savage finally have something to smile about!
Our West Savage absorption rate has dropped to 5.64%. That means if zero new homes come on the market, it will take 5.64 months to sell our existing inventory. This is the lowest absorption rate we have seen in well over a year!
Sign up for West Savage Home Prices
Chad & Sara
