By Nef Cortez
Homes Sales Down! Home prices up! Usually when sales volume goes down, so do home prices. The fact that the number of homes sales in Diamond Bar decreased for a second consecutive quarter is not an indication that there is a lowering of demand for homes in this community. It is more of a reflection of low inventory, or fewer choices for those looking to buy a home. The 3rd Quarter 2017 report for Diamond Bar home sales noted that there were 103 closed transactions (as reported by the California Regional Multiple Service). The median sales price (Median Sales Price is the point in which half of the homes sold for more and half sold for less) in the 3rd quarter was $725,000 for a single family residential (SFR) property. The 4th quarter saw a rise of that figure up to $745,000, an increase of 2.76%, or an annualized increase of 11%! That is Huge! The number of transactions, however, was down to 90 in the 4th quarter (October to December 2017), representing a drop of 12.6 %, which is also substantial.
The seasonal housing market cycles are not as pronounced in Southern California, and more specifically, in Diamond Bar, as they are in other parts of the U.S. It is, however, not very unusual for the market to slow down at this time of the year because it covers a period which includes major holidays like Thanksgiving, Christmas, and the New Year’s Holiday. The Los Angeles county recordings also show that the condo and townhome markets slowed similar to the SFR market. Diamond Bar Condo and Townhome sales dropped from 81 to 70 in the 4th quarter, a drop of 13.5%. Unlike the rise in the median sales price for the SFR market, the Condo and Townhome median sales price dropped by 4.4 % quarter over quarter, an annualized drop of 16%! For the Diamond Bar Condo and Townhome market, the 4th quarter of 2017 saw both a sales volume and a median sales price drop from the previous quarter.
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 email@example.com, or website www.nefcortez.com. Please feel free to email any questions regarding real estate.