Median Sales Price For Homes in Diamond Bar Continues to Climb

The data is in, and real estate numbers for Diamond Bar are going up for the most part.

According to DataQuick, 49 homes were sold in Diamond Bar in February, with the median price $401,000. That’s an increase of 13.76 percent from last February, when it was $352,500. 

The median sales price for homes sold in Diamond Bar in February was also significantly higher than the median Los Angeles County price of $299,000.

Redfin reports that in February, 185 homes were for sale in Diamond Bar, down 11.9 percent from January and 22.6 percent from the previous year. The median list price in February was $485,000, up 4.3 percent from January and 9.2 percent from the previous year.

“The sales activity is good at this time, supply is balanced with demand,” said Steve Gomez with Coldwell Banker Tri-Counties in Diamond Bar. “Although, the market will not recover until the banks release their shadow inventory of distressed property.”

According to DataQuick, across the Southland, 20.5 percent of re-sales in February were of short sales, meaning the sale price fell short of what was owed on the property. That is down from 21.1 percent in January, but up from 19.7 percent in February 2011. Movoto reports that 20 percent of the total inventory of houses for sale in Diamond Bar right now are distressed - either in foreclosure, bank owned, or a short sale.

Gomez says that things seem to be moving along more smoothly now when it comes to short sales.

“Lenders seem to have a better system in place for dealing with short sales and they are progressing relatively well,” he said.

Gomez works alongside his wife, Gina, and the two are 13-year residents of Diamond Bar. The real estate team is hearing equally from interested buyers and sellers, and Gomez has one piece of advice for anyone interested in purchasing in Diamond Bar.

“Rates are low and everything is on sale, so now is the right time to buy,” he said.