The Newberg real estate market finished May with 42 closed sales which is between the 55 & 40 closed sales in the prior months of March and April respectively. Of the 42 closed sales in May, 2 were distressed properties (foreclosures/short sales) representing 5% of the closed sales for the month. As of today, distressed properties accounted for 5% of the active listing inventory. There were 8 closed sales of homes valued over $500K during May and a total of 22 during the three month period of March – May.
The inventory level is lowest in the $251-500K price bracket at only 1.2 months and overall it is at 2.0 months worth across all price brackets based solely on the May closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture decreases slightly to 1.8 months worth across all price brackets.
The average sold price in May was $407K which is an increase of $40K, compared to $367K in April. Meanwhile, the median sold price was $342K in May, up $6K from the prior month. The average price of the active listings was $824K while the median price was $529K as of today.