REAL ESTATE TRENDS EMERGING IN ORANGE COUNTY CA
There are some definite trends emerging in the Orange County, California real estate market. As with the surrounding cities of Yorba Linda and Placentia, the Brea, California real estate market seems to be normalizing, and possibly rebounding.
LITTLE INVENTORY FOR HOME BUYERS TO CHOOSE FROM IN BREA CA
As of today, March 12th, 2012, there were only 70 homes and condos for sale in Brea CA, which is extremely low, considering that there were nearly 15,000 total residences in the city of Brea, as of 2010. This leaves potential home buyers with very little inventory to choose from, and creates a multiple offer situation on many desirable Brea, California properties.
BREA CA PROPERTIES UNDER CONTRACT FASTER THAN SELLERS CAN GET THEM LISTED
While the number of active properties has remained fairly stagnant and low, the number of Brea, California properties in pending and back up status continues to increase. This would indicate that properties are under contract faster than they can hit the market.
The number of pending sales in Brea, California rose from 57, on February 1st, to 60 pending sales, as of March 1st, and stands at 67 as of today, March 12th, 2012.
HOMES ABOVE $500,000 SELLING QUICKLY IN BREA CA
Another important real estate activity fact is that Brea homes in the upper end of the market (above $500,000) are selling at a pace that is considered very "normal", or even "fast", given the above average price range. The highest selling homes in Brea, California, for the month of February, took an average of only 52 days to sell. Buyers definitely seem to be taking advantage of the great deals out there, and are buying as much luxury as they can afford.
POSITIVE CHANGE FOR THE BREA CA REAL ESTATE MARKET
While I wouldn't suggest breaking out the champagne and declaring an end to the housing nightmare, entirely, I would suggest that this is all positive news, and a welcome change for the Brea, California real estate market. This summer could be hotter than we thought in Southern California... and I'm not talking about the weather!
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