Inventory remains unchanged in West Savage in the month of June compared to May, with 23 homes on the market. The typical spring inventory is 28-30 homes, so we are down relative to years past.
And that is GOOD. Sellers right now do not want a lot of competition!
Curiously, pending sales in June of 2010 hovered around 7, whereas this month, pending sales sit at 3. What is of particular interest is that June 2010 felt sluggish due to the tax credit (since all purchase agreements needing to be finalized by April 30 in order for buyers to receive either the $8000 or $6500 tax credits), whereas this year, buyers are active and looking at everything.
The newest listing activity in our market in the past month has cropped up in Oak Hills and Woodhill, with two new listings in each neighborhood. The Pointe also has had three new listings crop up....two in the past two days alone.
Summit Ponds/Vistas saw a home sale fall through (a foreclosure) and it is back on the market this month. Sales are occurring all over the board neighborhood-wise, with the highest concentration (2) in The Pointe. Two-story homes are moving much more quickly than the ramblers at this time, which is normal for spring market.
Single family and townhome inventory in Savage has remained virtually unchanged, while Scott County (as a whole) inventory is rising steadily. Our West Savage absorption rate is 9.85. That means if zero new homes come on the market, it will take 9.85 months to sell our existing inventory.
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