The Newberg real estate market finished September with 56 closed sales which is between the 54 & 59 closed sales in the prior months of July and August respectively. Of the 56 closed sales in September, 4 were distressed properties (foreclosures/short sales) representing 7% of the closed sales for the month. As of today, distressed properties accounted for 1% of the active listing inventory. There were 12 closed sales of homes valued over $500K during September and a total of 26 during the three month period of July – September.
The inventory level is lowest in the up to $250K price bracket at only 0.8 months and overall it is at 1.5 months worth across all price brackets based solely on the September closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture remains steady at 1.5 months worth across all price brackets.
The average sold price in September was $404K which is an increase of $40K, compared to $364K in August. Meanwhile, the median sold price was $360K in September, up $17K from the prior month. The average price of the active listings was $822K while the median price was $490K as of today.