The Newberg real estate market finished February with 21 closed sales which is down from the 27 & 32 closed sales recorded during the prior months of December and January respectively. Of the 21 closed sales in February, 3 were distressed properties (foreclosures/short sales) representing 14% of the closed sales for the month. As of the end of February, distressed properties accounted for 19% of the active listing inventory. There was 1 closed sale of homes valued over $500K during February and a total of only 2 during the three month period of December – February.
The inventory level is lowest in the up to $250K price bracket at 2.7 months and overall it is at 6.3 months worth across all price brackets based solely on the February closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture decreases to 5.0 months worth across all price brackets.
The average sold price in February was $270K which is an increase of $29K, compared to $241K in January. Meanwhile, the median sold price was $239K in February, up $17K from the prior month. The average price of the active listings was $552K as of the end of February while the median price for the active listings was $386K during the same period.