Homes in Brea are selling quickly. According to the Brea Real Estate Report homes are selling within 39 days of being put up for sale, and that includes the escrow period. That means that homes are selling on average within two weeks of going on the market. Even the higher priced homes are selling quickly if they are priced right. And sellers are getting full price or pretty close to it, averaging 98.6% of their original asking price. This is driven for the most part by the shortage of homes for sale, which does not seem to be improving, despite the fact that we are entering what is traditionally the “home buying and selling season”
Year over year new listings were up 1.8% for single family homes and down 35.7% for townhouse-condo properties. Pending sales decreased 51.5% for single family homes and were down 33.3% for townhouse-condo units. Percentages for townhouse-condo properties are skewed due to the minimal units.
The Brea Real Estate median sales price was slightly down from this time last year to -5.9% which is $677,500 for single family homes and up 20% to $498,000 for townhouse-condo properties. The supply of inventory is up 2.2% for single family homes and down 42.1% for townhouse-condo units.
For the full statistical report click here
Source: Pacific West Association of Realtors.