October 2009 – Sherwood Real Estate Market Update
Here’s a quick, to-the-point overview of the Sherwood residential real estate market’s most active criteria…
- Single Family Residential
- Detached Homes
- Lot Size NOT Exceeding 9,999 SF
Active Listings: 97 (Low $169,000 – High $796,000 | Of the 97 listings, 32 are short sales
- Average Days on Market (DOM): 103
- Average SF: 2195
- Average List Price: $339,058
Summary: The majority of current Sherwood listings on the market that make up nearly half of the inventory in this criteria are homes under $300,000 – the first-time home-buyer range. Of those, over half are listed as short sales. This means a couple things – there’s a smaller handful of first-time homes to select from that are not short sales which more buyers are seeking for both security and a smoother transaction process to close in time for the tax credit. Sellers in this price range are seeing more demand than supply along with firmer purchase prices. The short sale market in this criteria is creating a great opportunity for investors to come into the market and pick up some great buys for future flips or rental properties as well.
Pending Listings: 22 (Low $199,900 – High $612,335)
- Average Days on Market (DOM): 95
- Average SF: 2317
- Average List Price: $340,847
Summary: GOOD NEWS - Pending sales in Sherwood are up again from last month! The National Accosiation of Realtors (NAR) Chief Economist Lawrence Yun said today that Pending home sales have also rose again, marking eight consecutive market gains – the longest streak since measurement began in 2001. The gain compared to a year ago is the largest annual increase on record and the Pending Index is at the highest level since December of 2006. We all agree that what we’re seeing is a rush of first-time home-buyers looking to beat the deadline for the first-time home-buyer tax credit before it expires at the end of this month. Yun also stated, “Home values will stabilize sooner rather than over-correcting. That, in turn, will mean wealth stabilization for the vast number of middle-class families and lay the foundation for a durable economic recovery.”
SOLD Stats: 14 (Low $220,000 – High $384,500)
- Average Days on Market (DOM): 86
- Average SF: 1990
- Average List Price: $291,918 | Average SOLD Price: $ 279,485
- Average SOLD $ Per SF: $143
Summary: What’s selling in Sherwood paints a clear picture of how the first-time home-buyer criteria is high in demand and at the same time creates a hot move-up market opportunity for those who want to sell their current homes and buy bigger while “good deals” are still available. With the right representation sellers are seeing top results. As an example, of the 14 Sherwood homes SOLD in October, one in particular was listed on Friars Lane by The Gardner Team and SOLD for FULL PRICE ($314,900) in just 4 days of being on the market!
View the September Market Action Report for the entire Portland Real Estate Market or request a personal market analysis for your home in Washington County, Yamhill County or the greater Portland Metro area here
