The Newberg real estate market finished October with 61 closed sales which is up slightly from the 60 & 57 closed sales in the prior months of August and September respectively. Of the 61 closed sales in October, none were distressed properties (foreclosures/short sales) representing 0% of the closed sales for the month. As of today, distressed properties accounted for 0% of the active listing inventory as well. There were 7 closed sales of homes valued over $500K during October and a total of 24 during the three month period of August – October.
The inventory level is lowest in the up to $250K price bracket at only 0.5 months and overall it is at 1.3 months worth across all price brackets based solely on the October closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture remains steady at 1.3 months worth across all price brackets.
The average sold price in October was $368K which is a decrease of $44K, compared to $412K in September. Meanwhile, the median sold price was $330K in October, down $30K from the prior month. The average price of the active listings was $855K while the median price was $534K as of today.