For Brea homeowners looking to sell, or simply those who were looking to see their Brea home’s value realize some of the worth it had seen prior to the housing collapse of five years ago, the real estate boom of 2013 has treated such homeowners extremely well. Trends for Brea homes have been even more exceptional, though, when compared with how the national market has fared. While home prices have dropped off in many markets in the U.S. since mortgage rates rose around May, all the signs indicating upward growth and a booming market have stayed strong in Brea, and values have continued to surge. A breakdown of the Brea home market can give better insight into this local phenomenon.
An August 2nd report by California-based real estate analytics tracking company Altos Research saw the median list price for Brea homes at $559,685 for the 90-day average. This is the highest 90-day average Brea has seen all year, and even week-to-week trends show the market continuing to perform at peak levels. Additionally, these numbers are up about $70,000 per home on average from the year’s market lows in March and April, and are also up about $40,000 from where 2013 started off with median list prices around $520,000.
Furthermore, inventory has stayed low in Brea, keeping demand high. Brea’s market action index (MAI) as of the August 2nd report was at 39.54, almost 10 points above the line that Altos uses to divide a buyer’s market and a seller’s market. The report saw only 79 Brea homes currently for sale, which is down from the beginning of the year, but also is a number that has been relatively steady throughout the last few months, showing some indications of market stability.
As for days on market (DOM) for Brea homes, the average listing has a DOM of 76 days. This is also a low number when compared with many local communities, and points to Brea homes being scooped up very fast. This number is also down from just under 100 at the beginning of the year.
If you’d like to hear more about Brea homes, please contact me. I’m a local agent who would love to assist you in finding your Brea dream home.