Inventory in West Savage dropped 36% in one month, as a whole new crop of listings pended or sold in recent weeks, bringing us back to 21 homes on the market as of today. Last month produced 12 new listings and 2 pending sales, compared to only 7 new listings and 7 pending sales this month.
Now is also the time when some homes are starting to come off the market for the holidays: Perhaps many will elect to try the market again in the spring.
Analysts are predicting we are getting closer to returning to a normal market. Some Savage locals have expressed their concerns about whether that is true, much of it based on a comparison to last year, and the number of homes still on the market in their neighborhood(s.) The balance of inventory levels and sales rates suggests a more balanced market this year compared to 2013. And this too, varies by price point.
New construction remains a draw to the $400+ market, and for a time a couple builders were giving away a free basement finish with a new home. There is a new development slated for the land in the southwest corner of McColl Drive and Dakota (27,) with both single family and townhome home sites starting at $275K for townhomes and $350K-$400K for single family homes. So we do expect the new construction trend and competition for West Savage properties to continue.
This month, single family and townhome inventory in both Savage and Scott County has declined. The West Savage absorption rate is 3.93 this month. That means if zero new homes come on the market, it will take 3.93 months to sell our existing inventory.