Newberg Oregon Real Estate Market Update-March 2011
The real estate market in Newberg Oregon finished January with 14 closed sales which is down from the 24 closed sales recorded during last December and 17 in November. Of the 14 closed sales in January, 4 were distressed properties (foreclosures/short sales) representing 29% of the closed sales for the month. There was 1 closed sale of homes valued over $500K during January and a total of 2 sales over the three month period of November – January.
The inventory level is lowest in the up to $250K price bracket at 9.1 months and overall it is at 15.6 months worth across all price brackets based solely on the below average January closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture improves to 11.9 months worth across all price brackets.
The average sold price in January was $214K which is a decrease of $16K, compared to $230K in December. The median sold price was $162K in January, down $46K from the prior month. The average price of the active listings ($406K) increased $4K from the last reading in January while the median price for the active listings ($275K) increased $6K from the prior period.
