West Savage inventory is creeping downwards, and sales are holding steady. Look at our West Savage absorption rate this month – 1.83! This means if zero new homes come on the market, it will take 1.83 months to sell our existing inventory. For comparison, we pulled our Update from October 2010 when our market was stagnant. The absorption back then was 9.17. Talk about a strong signal for recovery, and in October, no less! (Five months of inventory is considered a balanced market. Anything above 5 is considered a buyers’ market and anything below 5 is considered a sellers’ market.)
If that is not enough, our chats with potential sellers are another sign. We are seeing two strong trends with regards to sellers this fall: Some are listing now in October, when the low competing inventory and low interest rates are a sure thing; Others are gearing up for spring. (Yes, already!) They will spend their winter painting, decluttering and of course, getting through the holidays.
West Savage now has ZERO active foreclosure listings, ONE active short sale, and the remaining listings are traditional. The foreclosure in Ridgewood/Boone Place (in the cul de sac on Connelly Place) just accepted an offer and is scheduled to close at the end of this month.
We are receiving a lot of inquiries about the (anticipated) foreclosure flood that was expected for 2013. Some unique trends have surfaced this year, like banks renting out properties, and so much remains unknown. We expect that foreclosures will continue to trickle on the market, but not nearly in the waves that they once were. Nothing major.
If you plan on selling in the future, please call us for a confidential interview. We are aggressive, knowledgeable about our local market, and we think outside of the box. We would appreciate any opportunity to earn your business.
Chad & Sara Huebener, Edina Realty, www.WestSavageBlog.com
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