Diamond Bar home prices. They’re everyone’s favorite indicator, and the headlines focus almost exclusively on this one metric. But prices leave much to be desired. They tell nothing about the market’s balance – whether overly saturated or in a competitive bidding environment. Historically-low mortgage rates, rising rents and strong investor activity have helped nudge certain areas and segments into stable or even seller’s market territory. Prices are already rising in some cases but it’s far from universal. At first glance, April looked pretty good but there’s more to it than that.
For Diamond Bar, New Listings were up 40 percent for single family homes and an astonishing 250 percent for condos and townhomes. But before you get too excited, Pending Sales only 6, were flat, 0.0 percent change for single-family homes and up 33.3 percent for condo and townhouse properties.
The Average Sales Price was up 46.8 percent single family homes and down a slight 9.1 percent for condos and townhouse properties. Months Supply of Inventory decreased 24.4 percent for single-family units and up 36.4 percent for townhouse-condo units. The heavy decrease in the supply of inventory of homes is a big sign that we should be or are in a sellers market as there are less houses to choose from thus increasing the demand for homes. The side effort is almost always a surge in home values but the diamond bar market has continued sideways. Up and down each month to month. Prices are up 46.8 percent. 6 new escrows were opened in April continuing the flat trend from March. This is why new pending home sales, escrows opened, a flat 0.0%. All this in Diamond Bar. With single family homes going into escrow at 6, the rest of sellers have to wait another month to try to sell their home. Compared regionally, the average price in Eastern Los Angeles County has increased 3.1 percent overall.
When monitoring residential real estate activity, it is always important to keep tabs on the overall economy and job growth. Preliminary Q1-2012 GDP growth came in at 2.2 percent, which, while disappointing to some observers and slower than Q4-2011, still signals economic expansion and not contraction. Expedited bank processing and easing lending standards are also encouraging developments.
Let’s Take Closer Look into Diamond Bar’s Housing Market for April 2012
In the month of April, Diamond Bar’s housing market.
City of Diamond Bar, Los Angeles County
Metrics from the Pacific West Association of Realtors serving Orange County / Los Angeles County
Housing market home values are for the city of Diamond Bar, CA. Zipcodes 91765
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Available Homes for Sale in the City of Diamond Bar – Current
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