Newberg Real Estate Market Update – September 2011
The Newberg real estate market finished July with 34 closed sales which is up from the 29 and 22 closed sales recorded during June and May respectively. Of the 34 closed sales in July, 10 were distressed properties (foreclosures/short sales) representing 29% of the closed sales for the month. As of the end of July, distressed properties accounted for 18% of the active listing inventory. There was no closed sales of homes valued over $500K during July and only 2 sales over the three month period of May – July.
The inventory level is lowest in the up to $250K price bracket at 3.2 months and overall it is at 6.3 months worth across all price brackets based solely on the July closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture increases to 7.5 months worth across all price brackets.
The average sold price in July was $219K which is a decrease of $68K, compared to $307K in June. Similarly, the median sold price was $185K in July, down $58K from the prior month. The average price of the active listings was $447K as of the end of July while the median price for the active listings was $305K during the same period.
