The Newberg real estate market finished August with 59 closed sales which is up from the 40 & 54 closed sales in the prior months of June and July respectively. Of the 59 closed sales in August, 1 was a distressed property (foreclosures/short sales) representing 2% of the closed sales for the month. As of today, distressed properties accounted for 2% of the active listing inventory. There were 4 closed sales of homes valued over $500K during August and a total of 18 during the three month period of June – August.
The inventory level is lowest in the $251-500K price bracket at only 1.0 months and overall it is at 1.6 months worth across all price brackets based solely on the August closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture increases slightly to 1.9 months worth across all price brackets.
The average sold price in August was $364K which is a decrease of $56K, compared to $420K in July. Meanwhile, the median sold price was $343K in August, down $12K from the prior month. The average price of the active listings was $749K while the median price was $470K as of today.