The Sherwood real estate market finished May with 29 closed sales, which is between the 31 & 25 closed sales recorded during the prior months of April and March respectively. Of the 29 closed sales in May, 11 were distressed properties (foreclosures/short sales) representing 38% of the closed sales for the month. As of the end of May, distressed properties accounted for 39% of the active listing inventory. There were 2 closed sales of homes valued over $500K during May and a total of 6 sales over the three month period of March – May.
The inventory level is lowest in the up to $250K price bracket at only 3.3 months and overall it is at 4.7 months worth across all price brackets based solely on the May closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture increases slightly to 4.8 months worth across all price brackets.
The average sold price in May was $287K which is a slight increase of $1K, compared to $286K in April. Similarly, the median sold price in May increased to $256K, up from $235K in April. The average price of the active listings was $499K as of the end of May while the median price for the active listings was at $387K at the same point.
New real estate listings in Sherwood (last 7 days):