By Sara Huebener
These tidbits on the Savage marketplace were compiled by our local REALTOR(r) Association and are noteworthy. They seem to point to what we are seeing in the flesh in our day-to-day Savage marketplace.
The indicators continue to point to why now is a great time for buyers to purchase a home. Interestingly, buyers are not incredibly rushed to act right now, but they are still out there. Spring/summer IS the busiest time of year and it only takes one buyer to write an offer. AND... the typical uptick in fall activity is still predicted.
Excluding Townhomes, the Median Sales Price for Single Family Homes in Savage:
- for Traditional transactions was $306,450 in June 2008, $244,000 in June 2009 (20.4% decline), and $225,000 in June 2010 (7.8% decline). Appraisers are requring that traditional homes compete with the comps in the marketplace.
- for Foreclosures was $309,900 in June 2008, $179,500 in June 2009, and $202,500 in June 2010. This can be attributed to steep foreclosure inventory in the winter of 2008-2009 drivng prices downward, and the recent decline in foreclosures, allowing home prices in Savage to breathe. (The reduction in foreclosures in West Savage is readily apparent and a refreshing change for 2010.)
- for Short Sales in was $258,000 in June 2008, $215,000 in June 2009 and $192,450 in June 2010.
Pending Sales in the predominant (new) average price range in West Savage stayed steady throughout June 2008, 2009 and 2010. Pending sales for homes over $347,900 fell steeply compared to June 2009. The tax credit ending in May was a significant factor in purchase agreement activity in June 2010.
Closed Sales in Savage took place in a majority of two pricepoints - $199,900 to $259,899, and $259,900 to $347,899. Not surprisingly, the two lowest price ranges in Savage are seeing the highest number of pending sales - homes under $250,000.