The Newberg real estate market finished March with 37 closed sales which is up from the 32 & 21 closed sales recorded during the prior months of January and February respectively. Of the 37 closed sales in March, only 1 was a distressed property (foreclosures/short sales) representing just 3% of the closed sales for the month. As of the end of March, distressed properties accounted for 20% of the active listing inventory. There were 6 closed sale of homes valued over $500K during March and a total of 8 during the three month period of January – March.
The inventory level is lowest in the up to $250K price bracket at 1.9 months and overall it is at 3.2 months worth across all price brackets based solely on the March closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture increases to 4.0 months worth across all price brackets.
The average sold price in March was $317K which is an increase of $47K, compared to $270K in February. Meanwhile, the median sold price was $260K in March, up $21K from the prior month. The average price of the active listings was $604K as of the end of March while the median price for the active listings was $404K during the same period.