West Savage distressed inventory is keeping pace with the market average, with 43% of active listings in this category (the market average is 40%). This goes to show that foreclosures and short sales in our current market are very common, and frankly, have become realities in our market. The Pointe is a noteworthy exception, with a very low 19% of total 2010 inventory in this category. (Pointe residents: Watch for our Pointe article coming out in your association’s winter edition newsletter discussing this topic.)
Active West Savage inventory this December is higher than it was in December 2009 (21 today vs. 11 last year at this time.) Yet, inventory is down in general compared to the warmer months of 2010. Sales are sluggish overall, as few buyers are house hunting in bitterly-cold, post-blizzard weather.
Single family/townhome inventory in Savage and Scott County as a whole is falling. Our West Savage absorption rate is 10.5. That means if zero new homes come on the market, it will take 10.5 months to sell our existing inventory.
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