Our low inventory is continuing to drop. Last month, West Savage saw six new listings come on the market, vs. only five in the month of March. And pending sales continue to rise, from three new pending sales in February to seven in March, as buyers come into the market and write offers. All of the pending sales in West Savage are traditional except for one foreclosure.
All West Savage active inventory is traditional in nature except for one short sale which just came back on the market. We’re seeing a clear trend here – shorter market times until contract, particularly on the homes that are new to the market.
This month, single family inventory in Savage saw steep declines, while townhome inventory had a slight rise. Both single family and townhome inventory in Scott County (as a whole) has decreased. Our West Savage absorption rate is 2.11. That means if zero new homes come on the market, it will take 2.11 months to sell our existing inventory. This number is continuing to fall.
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