By Nef Cortez
The “California Screamin’” Roller Coaster ride that is the housing market continues! Diamond Bar Condominium and Townhome sales dropped like the downward hurtle after the “loop” at the famous Disneyland ride. The number of recorded condominium and townhome sales in Diamond Bar dropped dramatically from 74 in the 4th quarter of 2017 to only 36 in the 1st quarter of 2018! The sharp drop in number of sales of more than 52%, however, has not impacted the median sales price in a negative way. As a matter of fact, the median sales price of condo and townhome sales continues to climb, very much like the rising median sales price of single family homes in Diamond Bar.
The drop in sales from the 1st quarter of 2017 as compared to the 1st quarter of 2018 was not as pronounced as the change in market activity from the 4th quarter of last year. Diamond Bar saw a decrease of 29% in the number of sales year over year, comparing similar time frames. There were 51 recorded sales in the 1st quarter of 2017, and only 36 in the 1st quarter of 2018. A 29% drop is substantial-just ask any person who depends on their livelihood on the commissions earned in the housing industry. Not only are real estate agents and their staff affected, but so are loan agents and loan processors, escrow officers, title representatives and other title industry employees, home inspectors, and pest control operators and their employees.
As mentioned previously in this article, the median sales price continues to climb. The median sales price of condos and townhomes in Diamond Bar in the 4th quarter of 2017 hovered around $374,000.00. That numbered climbed to $390,000.00 for the 1st quarter of 2018, an increase of $16,000.00, or 17% on an annualized basis. That is a huge increase! So, the fewer number of Sellers that have come on the market and sold have benefited from the continuing problem for the industry as a whole, that is, the housing inventory shortage. These sellers that were able to get on the market and sell and get out are not complaining!
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.