Diamond Bar Condo Market Update
The Diamond Bar Condominium and Townhome market continues to roll along! The Median Sales Price (MSP) of Diamond Bar condos and townhomes went up Year over Year by almost 11%. The increase of the condominium/townhouse MSP went up from $360,000 in the 2nd quarter (April-May-June) of 2017 to $399,000 in the 2nd quarter 2018 (The Median Sales Price is the price which was the mid-point between the highest and the lowest priced sale). The lowest priced condominium transfer was at $230,000, and the highest priced sale transaction closed at $855,000.00. In comparison, the lowest priced condo sale in the 2nd quarter of 2017 was at $200,000, with the highest sales price for the same period closing at $742,000. The MSP price increase paralleled the Single Family Residence (SFR) Medium Sales Price increase in Diamond Bar as well.
The sharp increase in the MSP was not accompanied by the same problem that has plagued the SFR market. Whereas there has been a decreased number of transactions in the SFR market in Diamond Bar for the 2nd quarter this year as compared to 2017, the condominium and townhome sales number saw an increase at the same time that the MSP increased. The sales transactions number went up almost 21%, with 64 closed sales in the 2nd quarter 2018 versus 53 for the same period in 2017. In comparison, the SFR market saw transaction numbers drop by 19%, going down from 120 for the 2nd quarter 2017 to 97 in the 2nd quarter 2018 (data drawn from the California Regional Multiple Listing Service-CRMLS). It appears that as the Diamond Bar Single Family Residential Median Sales Price became less affordable (exceeding $735,000 in the 2nd Quarter 2018), the buyers shifted over to purchasing the comparatively more affordable Condominium or Townhome. This is typical for fluctuations that occur in the residential housing market.
This article was written by Nef Cortez who is a licensed Real Estate Broker, Ca DRE lic # 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.