The Newberg real estate market finished May with 38 closed sales which is up substantially from the 25 & 23 closed sales recorded during the prior months of April and March respectively. Of the 38 closed sales in May, 17 were distressed properties (foreclosures/short sales) representing 45% of the closed sales for the month. As of the end of May, distressed properties accounted for 28% of the active listing inventory. There were 2 closed sales of homes valued over $500K during May and a total of 4 during the three month period of March – May.
The inventory level is lowest in the up to $250K price bracket at only 2.5 months and overall it is at 5.0 months worth across all price brackets based solely on the May closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture increases to 6.6 months worth across all price brackets.
The average sold price in May was $199K which is an increase of $6K, compared to $193K in April. Meanwhile, the median sold price was $182K in May, down $18K from the prior month. The average price of the active listings was $411K as of the end of May while the median price for the active listings was $315K during the same period.
New real estate listings in Newberg (last 7 days):