The Sherwood real estate market finished February with 28 closed sales, which is between the 37 & 18 closed sales recorded during the prior months of December and January respectively. Of the 28 closed sales in February, 4 were distressed properties (foreclosures/short sales) representing 14% of the closed sales for the month. As of the end of February, distressed properties accounted for 23% of the active listing inventory. There was 1 closed sale of homes valued over $500K during February and a total of 8 sales over the three month period of December – February.
The inventory level is lowest in the $251-500K price bracket at 1.6 months and overall it is at 3.1 months worth across all price brackets based solely on the February closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture increases just slightly to 3.2 months worth across all price brackets.
The average sold price in February was $342K which is an increase from the $338K recorded in the prior month of January. Meanwhile, the median sold price in February increased to $370K, up $53K from the month prior. The average price of the active listings was $874K as of the end of February while the median price for the active listings was at $474K at the same point.