The Newberg real estate market finished January with 32 closed sales which is up from the 31 & 27 closed sales recorded during the prior months of November and December respectively. Of the 32 closed sales in January, 9 were distressed properties (foreclosures/short sales) representing 28% of the closed sales for the month. As of the end of January, distressed properties accounted for 18% of the active listing inventory. There was 1 closed sale of homes valued over $500K during January and a total of 5 during the three month period of November – January.
The inventory level is lowest in the up to $250K price bracket at 2.0 months and overall it is at 4.1 months worth across all price brackets based solely on the January closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture increases slightly to 4.4 months worth across all price brackets.
The average sold price in January was $241K which is a decrease of $24K, compared to $265K in December. Meanwhile, the median sold price was $222K in January, down $3K from the prior month. The average price of the active listings was $561K as of the end of January while the median price for the active listings was $381K during the same period.