The Sherwood real estate market finished March with 42 closed sales, which is up from the 18 & 28 closed sales recorded during the prior months of January and February respectively. Of the 42 closed sales in March, 11 were distressed properties (foreclosures/short sales) representing 26% of the closed sales for the month. As of the end of March, distressed properties accounted for 18% of the active listing inventory. There were 5 closed sale of homes valued over $500K during March and a total of 9 sales over the three month period of January – March.
The inventory level is lowest in the up to $250K price bracket at 1.0 months and overall it is at 2.2 months worth across all price brackets based solely on the March closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture increases just slightly to 3.1 months worth across all price brackets.
The average sold price in March was $341K which is a slight decrease from the $342K recorded in the prior month of February. Meanwhile, the median sold price in March decreased to $290K, down $80K from the month prior. The average price of the active listings was $883K as of the end of March while the median price for the active listings was at $502K at the same point.