You may have heard about it on the news: The March 2015 real estate market exploded this year. The number of signed purchase agreements in the metro area rose 30 percent (for a total of 5,301 contracts) and new listings increased 21.4 percent. (That equates to 7,887 new listings in March.) In terms of pending sales for our metro area, it was the largest increase since August 2011, and the highest count since March of 2005.
Consistent with that, this March, West Savage pending sales more than tripled compared to February pending sales. New listings rose as well. While this is typical of the spring, it really is a testament to seller confidence. We have a complete article on the March 2015 market on our blog at www.WestSavageBlog.com if you are interested in reading more.
With higher inventory comes greater competition. The West Savage neighborhood that saw the highest number of new listings is The Pointe neighborhood, with nine (yes, 9!) new listings since the first of March 2015, followed by three in the Summit Ponds neighborhood and two in Heatherton Ridge.
This month, single family inventory in Savage and Scott County has decreased (due to all those new sales contracts,) while townhome inventory in both Savage and Scott County as a whole has increased. The West Savage absorption rate is 4.08 this month. That means if zero new homes come on the market, it will take 4.08 months to sell our existing inventory.