By Nef Cortez
Home prices in Diamond Bar have softened for the first time since the upturn from the Great Recession. According to the California Regional Multiple Listing Service, the Median Sales Price for all homes, townhomes and condominiums Sold in Diamond Bar in the 3rd Quarter of 2017 stood at $580,000. (The Median Sales Price is the point in which half of the homes sold for more and half sold for less). The Median Sales Price for all homes including townhomes and condominiums for the 2nd quarter of 2017 was at $625,000. This represented a drop of $45,000 in the median price of all sales in Diamond Bar when comparing 2nd Quarter to 3rd Quarter results, a 7.2% drop.
The Median Sales Price of all sales in the 3rd quarter 2017, however, had an increase of $8,000 when compared to the same period in 2016 – a small increase of 1.4%. This small increase appears to be almost flat when comparing it to the previous year. The increase in other communities across the State of California, and the rest of the US, have seen annual increases in excess of 6%. The number of closed transactions also had a dramatic drop. There were 237 properties that changed hands in the 2nd quarter of 2017. In comparison, there were only 184 reported sales in the 3rd quarter of this year, representing a drop of 53 sales quarter to quarter. This reflects a substantial drop of 22% in the number of reported sales! That is a Big number in the industry! No one likes to see a drop like that, let alone a drop in the double –digits!
The numbers for Single Family Detached residences saw the bulk of the drop in numbers of reported sales, although the Median Sales Price saw a slight increase of $10,000 quarter over quarter. The Median Sales Price went from $715,000 to $725,000, a small increase of 1.4%. The number of sales of Single Family Detached homes went down from 162 in the 2nd quarter to 103 in the 3rd Quarter. This compares to a similar number of reported Single Family Detached home sales for the 3rd quarter 2016.
What does all this mean? Simply put, the Diamond Bar real estate market has seen an increase in the number of townhome and condominiums sold with a parallel drop in the number of single family detached homes. The Median Sales Price drop is more or a reflection of a higher proportion of Townhome and Condo sales than an actual drop of real estate prices in general.
This article was written by Nef Cortez who is a licensed Real Estate Broker, Ca BRE # 00560181, licensed since 1976. He can be reached for more information via e-mail at firstname.lastname@example.org, or website www.nefcortez.com. Please feel free to email any questions regarding real estate.
Broker CalBRE # 00560181
Certified REO Broker
Certified Distress Property Expert
ReMax Realty 100
1411 S. Diamond Bar Blvd.,
Diamond Bar, Ca. 91765