Summer 2024 Real Estate Market in Brea, CA

We're past the halfway point of the year now and summer is at its peak, just like the housing market. More than ever, I'm asked, "How's the market doing?" To answer this question, there are three things to consider: 1) supply 2) demand and how those two things determine 3) the price.

How's the supply doing? Supply is at record lows in many places. To really illustrate it, compare the number of homes for sale in Brea in June 2019, the last pre-Covid summer; there were 96 homes for sale then. By contrast, June 2024 closed out with 30 homes for sale. The pie in Brea is about a third of what it used to be. And you can see the seasonal difference too. This year, the line is mostly flat. But in June 2019, things were still looking up for the year.

Number of Active Listings in Brea, CA

For documented SFR sales records in CRMLS only. No condos. Data may not be statistically significant and are for informational purposes only.

Demand can be tricky to define, but one way of understanding it is by looking at how quickly homes sell. The logic is that if homes are "flying off the shelves," then people must really want them, suggesting higher demand. It's taking about 13 days to sell a house in Brea these days, vs. 40 days in 2019. This suggests that demand is still high.

For documented SFR sales records in CRMLS only. No condos. Data may not be statistically significant and are for informational purposes only.

Because supply is low and demand is high, prices are up too, 74% more than in 2019.

For documented SFR sales records in CRMLS only. No condos. Data may not be statistically significant and are for informational purposes only.

For the price of homes to come down, one of two things must happen. Either there needs to be more homes (more supply), or less demand from buyers.

So, how do YOU think the market is, based on this info? There are some new housing developments here in Brea (like at the Mall), which may help increase supply and ease prices. Will there be less people wanting to live in Brea (less demand)? My opinion - probably not - Brea is a great place to live.

So, prices seem like they will stay where they are for the foreseeable future. Note also, that the stats here in Brea are bucking current national trends, which is why it's so important to work with a local real estate agent when you're buying or selling.

I live here in Brea, right at the Tracks, providing timely info on the status of our local market. So if you need help buying or selling real estate, call me for a no-pressure consultation to discuss your real estate goals. And enjoy the rest of the summer!