If you have noticed a general decrease in for sale signs lately, you're perceptive! With only 12 listings on the market in West Savage, 2 sales and ZERO cancelled /expired listings, in the past 45 days one might think the market is quiet. When considering only the inventory, it’s true. Inventory is WAY down.
But the buyers are out there….and early. We did an Open House in The Pointe yesterday (Jan. 15) and had 9 groups of people through – somewhere in the ballpark of 25 people in all. And it’s only January. If we had to pinpoint a reason for all this scuttle, we’d attribute it to low interest rates and the weather. One thing is unchanged though: Urgency. While they are out looking, buyers are not rushing.
Let’s do quick breakdown on the ACTIVE West Savage inventory: 9 of the 12 are TRADITIONAL. 3 of the 12 are DISTRESSED. The pending sale in your Update this month is distressed. Of the two sold properties, one is a foreclosure and one was traditional.
We have enclosed an additional letter in your packet this month. This letter is going out to people we know, and discusses our predictions for the 2012 market. Of particular interest to you might be the notes on foreclosures and what we are hearing “on the street” in our industry.
Single family and townhome inventory in Savage has remained virtually unchanged, while Scott County (as a whole) inventory is on the rise. Our West Savage absorption rate is 3.79. That means if zero new homes come on the market, it will take 3.79 months to sell our existing inventory.
More on http://wwww.WestSavageBlog.com!