Sherwood Real Estate Market Update – February 2012
The Sherwood real estate market finished December with only 10 closed sales, which is down considerably from the 25 & 22 closed sales recorded during the prior months of November and October respectively. Of the 10 closed sales in December, 5 were distressed properties (foreclosures/short sales) representing 50% of the closed sales for the month. As of the end of December, distressed properties accounted for 34% of the active listing inventory. There were no closed sales of homes valued over $500K during December and a total of only 3 sales over the three month period of October – December.
The inventory level is lowest in the up to $250K price bracket at 5.4 months and overall it is at 12.6 months worth across all price brackets based solely on the December closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture decreases to 6.6 months worth across all price brackets.
The average sold price in December was $226K which is a steep decrease of $68K, compared to $294K in November. Similarly, the median sold price in December decreased to $226K, down from $292K in November. The average price of the active listings was $471K as of the end of December while the median price for the active listings was at $320K at the same point.
