Newberg Real Estate Market Update – January 2012
The Newberg real estate market finished November with 20 closed sales which is between the 19 & 28 closed sales recorded during the prior months of October and September respectively. Of the 20 closed sales in November, 5 were distressed properties (foreclosures/short sales) representing 25% of the closed sales for the month. As of the end of November, distressed properties accounted for 22% of the active listing inventory. There was no closed sales of homes valued over $500K during November and only 1 sale over the three month period of September – November.
The inventory level is lowest in the up to $250K price bracket at 4.9 months and overall it is at 8.7 months worth across all price brackets based solely on the November closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture decreases to 7.8 months worth across all price brackets.
The average sold price in November was $228K which is a decrease of $17K, compared to $245K in October. Similarly, the median sold price was $205K in November, down $45K from the prior month. The average price of the active listings was $458K as of the end of November while the median price for the active listings was $315K during the same period.
