Inventory in West Savage is down, as pending sales rise. The pace of new listings coming on the market has slowed this month, while the pending activity has strengthened. Last month we talked about all the listings coming on the market in the Pointe. As of today, there are just six active homes left, and nine are pending in that neighborhood alone. That is an incredible amount of sales volume for one neighborhood. The Heatherton Ridge neighborhood is seeing the second-highest level of listing activity.
In our February issue of the update we talked about the reasons surrounding this turn in activity for the better. We continue to attribute much of it to the movement going on in the $200,000-$250,000 market, as these sellers turn around and buy into the West Savage price points. These markets are continuing to see lower absorption rates.
There is much good going on in the market! Of course, every market has its frustrations too. This year, it's the inspections. They've been nutty. We are seeing anything and everything on inspections, from a 15-point laundry list of requested repairs to buyers asking for an inspection, then, after riding out the contingency period for a week, not doing one at all. There seems to be no rhyme or reason to them.
This month, single family and townhome inventory in Savage has stayed relatively consistent with last month, while inventory in Scott County as a whole has increased. The West Savage absorption rate is 3.00 this month. That means if zero new homes come on the market, it will take 3.00 months to sell our existing inventory.