Newberg Real Estate Market Update – April 2011
The real estate market in Newberg finished February with 11 closed sales which is down from the 14 and 24 closed sales recorded during January and last December respectively. Of the 11 closed sales in February, 5 were distressed properties (foreclosures/short sales) representing 46% of the closed sales for the month. There was no closed sales of homes valued over $250K during February and a total of 9 sales above $250K over the three month period of December – February.
The inventory level is lowest in the up to $250K price bracket at 9.1 months and overall it is at 19.8 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 improves to 13.3 months worth across all price brackets.
The average sold price in February was $168K which is a decrease of $46K, compared to $214K in January. Conversely, the median sold price was $175K in February, up $13K from the prior month. The average price of the active listings was $406K as of the end of February while the median price for the active listings was $275K during the same period.
