The hot topic this month: Rising PENDING inventory! Thirteen pended offers means a busy market for West Savage. We are noting low market times on the pending listings.
More good news: Of ALL Active, Pending and Sold listings this month, only TWO are distressed – one in The Pointe on Foxberry Road and the other in Oak Hills at 13431 Hillsboro Avenue. (We referenced both of these properties last month when they hit the market.) Both homes received multiple offers and sold quickly, leaving no remaining distressed inventory as of today. Both are waiting to close.
A quick note on a couple trends we are seeing this spring: 1) Multiple Offers. Buyers are clamoring for new inventory, and when it is priced right, they are moving quickly to offer. 2) No Inspection Contingency. We have seen five such occurrences this spring already, with buyers waiving inspections in order to make their offers more appealing to the seller. We can’t say we’d recommend it, but we’re seeing it happen.
Single family and townhome inventory in Savage is on the rise. Scott County (as a whole) single family inventory is rising and townhome inventory is declining. Our West Savage absorption rate is 3.0. That means if zero new homes come on the market, it will take 3.0 months to sell our existing inventory.
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