Here is a quick breakdown of the current West Savage inventory for the past 45 days:
- Of the 13 ACTIVE properties, 8 are traditional and 5 are distressed (meaning foreclosure/short sale.) This balance seems high on the distressed range, but note that some of these homes have been sitting on the market for a long time.
- Of the 6 PENDING properties, 5 are traditional and 1 is distressed.
- Of the 5 SOLD properties, 4 are traditional and 1 is distressed.
In summary, the traditional seller is getting some market reprieve.
A couple other quick items of note: Closed sales are down (but more are coming!) and there are no canceled and expired listings this month. Inventory remains low, and once again, as of the time we write this, many neighborhoods have zero homes actively available for sale, including The Pointe, Oak Hills, Hamilton Hills, Summit Ponds and Windsor Pond/Ruth. Ridgewood/Boone Place is seeing higher than normal inventory.
Our West Savage absorption rate is 2.12. That means if zero new homes come on the market, it will take 2.12 months to sell our existing inventory.
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