The Newberg real estate market finished July with 54 closed sales which is up from the 43 & 40 closed sales in the prior months of May and June respectively. Of the 54 closed sales in July, 2 were distressed properties (foreclosures/short sales) representing 4% of the closed sales for the month. As of today, distressed properties accounted for 1% of the active listing inventory. There were 10 closed sales of homes valued over $500K during July and a total of 22 during the three month period of May – July.
The inventory level is lowest in the $251-500K price bracket at only 1.2 months and overall it is at 1.9 months worth across all price brackets based solely on the July closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture increases slightly to 2.2 months worth across all price brackets.
The average sold price in July was $420K which is an increase of $62K, compared to $358K in June. Meanwhile, the median sold price was $355K in July, up $15K from the prior month. The average price of the active listings was $708K while the median price was $462K as of today.