Newberg Real Estate Market Update – May 2011
The real estate market in Newberg finished March with 16 closed sales which is up from the 11 and 14 closed sales recorded during February and January respectively. Of the 16 closed sales in March, 6 were distressed properties (foreclosures/short sales) representing 38% of the closed sales for the month. As of the end of March, distressed properties accounted for 24% of the active listing inventory. There was no closed sales of homes valued over $500K during March and only 1 sale over the three month period of January – March.
The inventory level is lowest in the up to $250K price bracket at 9.4 months and overall it is at 13.5 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 to 15.8 months worth across all price brackets.
The average sold price in March was $236K which is an increase of $68K, compared to $168K in February. Similarly, the median sold price was $234K in March, up $59K from the prior month. The average price of the active listings was $402K as of the end of March while the median price for the active listings was $285K during the same period.
