This market update is for May 2012 for the city of Brea, CA. Real estate statistics are taken from May 2012 and comparing them how they were at the same time last year, May 2011.
New listings fell 10.7% for the month of May. There were only 25 new listings. On the flip side pending home sales, those in escrow, rise a whopping 105.9% from 17 in 2011 to 35 this year. Actual closed sales, meaning buyer actually bought and now owns the property rose 10%.
One thing to look out for in the coming months and you will see is that closed sales in the summer will rise as there is an uptick in pendings, escrows open.
Here is more interesting information. Inventory of homes for sale in Brea and the supply of homes in Brea are down, way down. Again comparing to last year, the Brea’s inventory of homes dropped 58.9% to only 37. The months supply of inventory, meaning how long will it take to sell these 37 homes is 1.7 months or about 7 weeks.
In a low inventory market, the trend usually is that home prices will increase as the supply is low. As long as the demand is strong this may be the case. Home sellers in Brea received an average of an extra 4.7% profit meaning that the seller received 4.7% more that what they originally put the house up for sale for. Say you listed your home at $500,000, you’d receive an offer at $523,500. Not too bad. 🙂
Going into summer, Brea home sellers should be able to get a little more for their home. Don’t think you should price your home high now. No. Be competitive and downright aggressive in your price strategy and you will see the buyer traffic increase as well as the offers and ultimately the higher final sales price.
See the chart below for more details plus Brea condo and townhome information.
Contact us if you’d like specific information on your home or property. We’d be happy to send you the information.
Current as of June 5, 2012. Does not account for sale concessions and/or down payment assistance. Note: Activity for one month can sometimes look extreme due to small sample size. A Research Tool
Provided by the Pacific West Association of REALTORS®
Welcome to the City of Brea
Whether you’re visiting Brea on business or vacation, you are bound to discover many ways to may you stay worthwhile and enjoyable. In addition to being conveniently lo-cated near some of Southern California’s most popular tourist attractions, there is plenty to do and see right here in town.
Brea is known as North Orange County’s destination for dining and shopping. The City boasts a unique array of savory cuisine—whatever your taste or budget, Brea’s distinct mix of restaurants, offers something for everyone. The Brea Mall, Brea Marketplace, Brea Gateway Center, Downtown Brea, Union Plaza and East Imperial Center are some of the major shopping areas in Brea, along with the Imperial Highway and Brea Boule-vard retail corridors and a number of smaller neighborhood shopping centers.
Make sure to take some time for entertainment during your visit to Brea. Music, movies and comedy animate Brea’s nightlife. Brea Downtown is home to 22-movie screens, the world famous Improv comedy club and a lively mix of special events, including a weekly Farmer’s Market, annual Jazz Festival and seasonal holiday activities.
Brea…the City of Art, features nationally known Arts in Public Places sculpture collec-tion, the Curtis Theatre and Brea Art Gallery. Visitors can take a walk back in time and experience Brea’s rich history by touring the Brea Museum and Heritage Center and the Olinda Oil Museum and Trail.
Enjoy the outdoors at one of Brea’s two County regional parks, or 12 community parks. Get a tee time at one of two public golf courses. Before you finalize your plans, check to see if your trip coincides with one of Brea’s popular seasonal events.
From the City of Brea Website
Homes Currently For Sale in the City of Brea
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