Under the Microscope: Real Estate in 2024

innapeshkova
Apr 3, 2024
2 min read

The real estate market has generated some interesting headlines lately and by all observations, the industry itself seems to be at a pivotal point.

Due to ongoing depressed home sales, some agents are giving up and finding work elsewhere. For those that remain, scrutiny awaits.

Recent real estate lawsuits and settlements have made it clear that real estate agents need to be worthy of their commissions. Whether they're representing you as a buyer or as a seller, your Realtor should instill in you a sense of confidence and that they have "got your back" during a very important, high-stakes financial transaction.

If your previous experiences with real estate agents left something to be desired, you're not wrong; there is no need to settle for anything less than excellence when there are still plenty of good Realtors out there.

And I'll be here - providing good info to you on a reliable basis. Keep reading for an update on the recent real estate market conditions right here in Brea, with data directly from the local MLS.

Local Real Estate Market Report: Brea, CA

We've closed out the first quarter of 2024, and the local real estate market here in Brea paints an interesting picture. Starting with the number of active listings, we see even fewer homes active on the market than in either of the previous years. And if it's true what they say about "two is a pattern," then this next year we can expect yet another market cycle of suppressed inventory.

Number of Active Listings in Brea, CA 2022-2024

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

When supply decreases and demand stays steady or increases, the price points of homes shift up, and we see that reflected with the average home sale price steadily increasing over the last three years. It wouldn't be a reach to say that if there are fewer homes for sale this year than last year, then we can probably expect prices to continue creeping upwards. Time will tell.

Average Home Sale Price in Brea, 2020-2024