Brea Market Update
Big Picture: As we step into spring, home buyers and sellers are preparing for a solid real estate market. Buyers are motivated by low interest rates and an attractive affordability while sellers are loving the increased home values and bigger pockets at the end of a sale. Sellers are definitely getting Top Dollar. Here’s how February shaped up.
The Details:
For Brea Single Family Homes and Condos
New Listings were down 36.1 percent for single family homes and down 25 percent for Townhome / Condo properties. There is a great shortage of homes for sale and a great number of buyers waiting to buy a home. If you’re a homeowner thinking about selling, you may want to consider right now! You’ll definitely get top dollar. Be prepared to sell your home quickly.
Pending Sales increased a 25.9 percent for single-family homes and 0 percent for townhouse-condo properties. No condos were sold in the month of February.
The Median Sales Price for single family homes went up a whopping 46 percent to $583,750 compared to $495,000 a month before. Prices will continue to rise as long as there is a strong demand for housing. There are many buyers wanting to live in the city of Brea.
Months Supply of Inventory decreased 80 percent for single-family units and 94.3 percent for townhouse-condo units. Only 22 single family homes were for sale in Brea in February and only 1 condo. Compared to 34 homes and 3 condos for sale in January. Months Supply of Inventory means how many months it will take to sell every home that is currently for sale in Brea. This is a very low number and is one of the main reasons home are starting to get up in price quickly. In a normal market, you would want to see about 3 months inventory.
A few consumers may feel less confident due to Washington’s latest self inflicted crisis. Others would advise not to read the news in the first place. The fact is, the economy continues to grow, but at a snail’s pace. Sequestration is more of a nuisance than a real threat to recovery; and there’s significant pent–up demand from renters, first-timers, parental basement dwellers and investors to counteract it.
I provided a chart and graph below with more information on the current real estate market in Brea.
If you are thinking of selling your property, contact me for a consultation I will tell you how much you can sell your property for and what is the best way to market your home. 714.989.6040. diego@ehomeliving.com
Buyers, let me know if you are looking to buy in Brea. We have a special priority list for new homes that hit the market. 714.989.6040 diego@ehomeliving.com
Current Homes For Sale in the City of Brea
To See Homes For Sale in Other Areas Search HERE
[idx-listings city=”Brea” minprice=”275000″ maxprice=”5000000″ statuses=”1″ propertytypes=”513″ orderby=”DateAdded” orderdir=”DESC” count=”12″ showlargerphotos=”true”]
