The Newberg real estate market finished December with 52 closed sales which is up from 49 & 42 closed sales in the prior months of October and November respectively. Of the 52 closed sales in December, 4 were distressed properties (foreclosures/short sales) representing 8% of the closed sales for the month. As of the end of December, distressed properties accounted for 10% of the active listing inventory. There were 5 closed sales of homes valued over $500K during December and a total of 11 during the three month period of October – December.
The inventory level is lowest in the up to $250K price bracket at only 0.4 months and overall it is at 1.1 months worth across all price brackets based solely on the December closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture increase just slightly to 1.2 months worth across all price brackets.
The average sold price in December was $342K which is a decrease of $5K, compared to $347K in November. Meanwhile, the median sold price was $287K in December, down $24K from the prior month. The average price of the active listings was $759K as of the end of December while the median price for the active listings was $458K during the same period.