The seasonally slower real estate market was sleepier than usual as evidenced by the Brea Real Estate Report. Thankfully, activity has picked up in the New Year and the the forecast for the Brea Real Estate market is similar to last year’s numbers.
Year over year new listings were up 26.9% for single family homes and up 116% for townhouse-condo properties. However, pending sales decreased 54.4% for single family homes and decreased 100% for townhouse-condo units.
The median sales price dropped slightly by 1.5% to $670,000 for single family homes and dropped 68.8% to $548,499 for townhouse-condo properties. The supply of housing inventory remained flat for single family homes and decreased 29.5% for townhouse-condo units.
There are only 68 single family homes and 17 condo-townhomes on the market currently.
With a new president at the helm there will no doubt be changes on the market. However, the general feeling about prospects in residential real estate for the immediate future is optimism. Despite continued challenges in this market, like low inventory and higher competition, there are still opportunities for buyers who are prepared to be creative and diligent.
Source: Pacific West Association of Realtors
For the complete statistical Brea Real Estate Report please click here
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