New inventory in West Savage is climbing on paper, but many of what is hitting the market is relisted inventory from previous contracts. December 31 is a popular date for the expiration of listing contracts, and total inventory numbers in West Savage, Savage as a whole, and Scott County all reflect this norm. A number of sales have closed this month, including three in The Pointe. 40% (two) of the five total closed transactions in West Savage were foreclosures.
Interest rates climbed a bit this month, and this could be the cause of a sudden increase in showing activity metro-wide. Many buyers held off on purchasing a home last year, waiting for rates and home prices to continue to fall..... i.e. waiting for the bottom to hit. In recent weeks, the interest rate increase has been termed one of the best things that could happen to the market, at least in the short-term, as it may spur many buyers-in-waiting to get out and begin their home search, lest rates go higher. The rates, still in the mid-4%'s, are still very competitive.
REALTOR® Magazine just published its report comparing the cost of various remodeling and repairs to how much is recouped during resale. Links to our previous posts on this subject can be found here.
Single family/townhome inventory in Savage and Scott County as a whole is down. Our West Savage absorption rate is 9.29. That means if zero new homes come on the market, it will take 9.29 months to sell our existing inventory.
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