The Newberg real estate market finished April with 46 closed sales which is up from the 21 & 37 closed sales recorded during the prior months of February and March respectively. Of the 46 closed sales in April, 5 were distressed properties (foreclosures/short sales) representing 11% of the closed sales for the month. As of the end of April, distressed properties accounted for 20% of the active listing inventory. There were 2 closed sale of homes valued over $500K during April and a total of 9 during the three month period of February – April.
The inventory level is lowest in the up to $250K price bracket at 1.9 months and overall it is at 2.8 months worth across all price brackets based solely on the April closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture increases to 3.8 months worth across all price brackets.
The average sold price in April was $288K which is a decrease of $29K, compared to $317K in March. Meanwhile, the median sold price was $272K in April, up $12K from the prior month. The average price of the active listings was $593K as of the end of April while the median price for the active listings was $402K during the same period.