The Newberg real estate market finished January with 33 closed sales which is down from 42 & 52 closed sales in the prior months of November and December respectively. Of the 33 closed sales in January, only 1 was a distressed property (foreclosures/short sales) representing 3% of the closed sales for the month. As of the end of January, distressed properties accounted for 5% of the active listing inventory. There were 4 closed sales of homes valued over $500K during January and a total of 12 during the three month period of November – January.
The inventory level is lowest in the up to $250K price bracket at only 0.5 months and overall it is at 1.7 months worth across all price brackets based solely on the January Closed Sales Rate. Looking back over the last three months average closed sales rate, the inventory picture decreases slightly to 1.3 months worth across all price brackets.
The average sold price in January was $354K which is an increase of $12K, compared to $342K in December. Meanwhile, the median sold price was $310K in January, up $23K from the prior month. The average price of the active listings was $909K as of the end of January while the median price for the active listings was $529K during the same period.
New real estate listings in Newberg (last 3 days):