Inventory in West Savage dropped 38% this month, which is pretty typical for around the holidays. Those sellers who have stuck with the market into the period between Thanksgiving and Christmas are hopefully seeing positive side effects as purchase agreements continue at roughly the same pace as last month.
In addition to the eight pending listings in West Savage, two of the active listings have purchase agreements on them (in The Pointe and Summit Ponds.) Both are waiting on lender approval before they can pend.
Of the eight closed properties this month, two were foreclosures (Amberwood and Heatheron Ridge) and six were traditional. Both foreclosures were in good, clean, condition. It’s also refreshing to see some closings in the higher price bracket over the past few months – from the mid-$400’s up into the near $500’s.
This month, both single family and townhome inventory in Savage and Scott County have declined. The West Savage absorption rate is 2.43 this month. That means if zero new homes come on the market, it will take 2.43 months to sell our existing inventory.
We hope you and your family have a wonderful Christmas and holiday season!