February 2009 Housing Update

Real Estate Agent with Edina Realty

By Chad Huebener

The opening date for Spring Market is February 1, and we are seeing the market come to life in Scott County and Savage as a whole.   We are beginnign to see heavier showing/open house activity as buyers begin searching for homes. 

In our West Savage community, inventory is virtually unchanged from last month.  There has been no increase in the percentage of new listings in the last 45 days compared to January 2009.   Total listings in West Savage are down by 4%, which is good for sellers because it equates to less competition.   Pending sales have also remained unchanged since January 2009, and total sales (closed listings) have declined as the pre-holiday sales finally closed on paper.  In West Savage in recent months, we are seeing an average of two homes sell each month.  The question potential sellers must ask themselves is:  Will  my home one of the TOP TWO choices for buyers in terms of price, location and condition?

Scott County and the City of Savage (as a whole), on the other hand, are seeing patterns common to spring market.    Inventory of single family homes in Savage is up 5% since last month, and single family inventory in Scott County is up 2%.  As predicted, last month's declines in housing inventory did not last long.        

Our current absorption rate for West Savage is 8.11 months.  This means that if zero new homes come on the market, it will take 8.11 months to sell the existing inventory. 

We look forward to tracking West Savage inventory as spring market heats up.  Keep watching our site for updates!

More info can be found on our blog at http://www.WestSavageBlog.com





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