Inventory is at an all-time low of six available homes for sale, all two stories. All are traditional sales except for one foreclosure. Market times on the active properties are creeping up, from an average of 70 days last month to 94 this month. This is the time of year when the benefit to sellers is clearly reduced competition. It might require some patience, but homes can and do sell in the fall and winter. Sellers who want to be more aggressive can adjust the price to spur action quicker.
The pending sales have moved at a nice clip with most of them averaging three weeks or less of market time. The two closed sales in Heatherton Ridge this year are just part of the strong sales activity in that neighborhood throughout the season: Heatherton Ridge has experienced 7% of its homes turn over this year (meaning closed sales.) This is a considerable amount, compared to less than 1% in The Pointe, and 2.6% in Woodhill. One of the reasons this neighborhood experiences low market times is that it has a nice mix of features that attract move-up buyers, including large and/or private backyards, numerous cul de sac lots, and open floor plan layouts with 9-foot ceilings and oversized windows.
This month, both single family and townhome inventory in Savage has remained consistent. Single family inventory in Scott County has a whole has risen considerably, and much of this inventory is new construction “To Be Builts.” The West Savage absorption rate is 1.28. That means if zero new homes come on the market, it will take 1.28 months to sell our existing inventory.