The weather has remained warm, and so has our market. New listings have spiked in the last 45 days, and although total listings are higher than last month, we are still well below average for listing inventory in West Savage, which typically sees an average of 25-28 listings in our market during any given month. Interestingly, we are seeing more sellers test the market “in private” (with no For Sale signs in the yard).
West Savage has seen a 50% drop in pending sales in the past month. Note that there are pending sales still waiting to close from April and May (short sales), and they are not included in this tally. The 50% decrease only pertains to recent activity. Sold inventory doubled in the last 45 days, as many sales closed on paper. If you look around our neighborhoods, some of the ever-familiar vacant properties now have residents, and it’s a wonderful sight.
Expired listings are down. This decrease is a good indicator that properties are (thus far) priced properly, as expired listings tell us a buyer is not willing to pay the list price for the home (i.e. it is overpriced).
Inventory is down for Savage as a whole and Scott County. This is typical of this time of year, and we expect to see a little rise again, after back-to-school activities die down a bit.
Our West Savage absorption rate has remained fairly steady, and is 5.71%. That means if zero new homes come on the market, it will take 5.71 months to sell our existing inventory. This is a nice, low absorption rate!
Comments