High End Falters
The Real Estate market in Diamond Bar and Chino Hills are part of the higher end of the real estate market in the East San Gabriel Valley and the West San Bernardino County. The median home values of homes in these communities surpass by the thousands of dollars the median home values of many of the surrounding communities.
The media value of Diamond Bar homes is currently running at approximately $650,000, according to Realtor.com and other real estate data aggregators. That represents a median price increase of about 4% in the last 12 months. According to Realtor.com, the median listing price in Diamond Bar is currently $798,000, with the closing price of $575,000. The median home value in Chino Hills is about $629,000, and currently the median listing price of the 272 homes that are for sale in Chino Hills is $750,000, with a median closing price of $623,000. According to Realtor.com, home values have gone up approximately 8.0% over the past year and are predicted to rise 3.8% within the next year.
What does this all mean?
Generally, when there is such a disparity between the median listing price and the median closing price, it means that the homes in the lower end of the real estate market are dominating the sales transactions volume. As a matter of fact, the homes in the lower end of the range are selling so fast (when they are priced right) that the median days on the market has dropped from about 65 days a year ago to 38 days on the market this year.
This article was written by Nef Cortez, a licensed Real Estate Broker, Ca BRE # 00560181 since 1976. He can be reached via e-mail at firstname.lastname@example.org. Please feel free to email any questions regarding real estate.