Real Estate Article: Chino Hills Market is back in the Game?
01/07/2005

     The listing inventory of Chino Hills has decreased dramatically. Compared to the 360 houses listed last August, the inventory has dropped by 50 percent to 180 houses. Since the inventory has declined, prices have also finally stopped dropping.

      Last spring, around April and May, there were only about 50 homes listed. As a result, prices skyrocketed and many people who didn’t originally plan to sell their homes rushed to list their homes in the hopes of taking advantage of the market’s situation. This ultimately led to Chino Hills’ inventory building up and reaching numbers as high as 370 around August and September. During that period there was only an average of 60-70 homes being sold each month. That means that only 1 out of every 6 homes listed was sold. Compared to 2003, the number of transactions in 2004 decreased by 20 percent. The lower number of sales was due to increased prices. The median price of a home jumped 27 percent from $387,000 in 2003 to $487,000 in 2004. The affordability index dropped thus there were less sales.

      From June to September during 2004, as the inventory rapidly grew, prices of houses were constantly dropping. In October things started to change, inventory started to go back down and prices started increasing once again. Currently, prices of homes have already stopped falling and increased back up to a value similar to that of April in 2004, when the market was at its peak. This information is very beneficial for those of you who wish to sell your homes. As for the buyers out there, it may be a different story.

     When we review the sales of the past two years, the only months in 2004 that had sales exceeding the corresponding months of the previous year were January and December. Just last month, there were over 100 single family homes sold in Chino Hills. This is proof that there is currently a large demand for houses and inspires us to believe the prices of homes are done dropping and are shifting back

     How will the market turn out in the future? Will there still be a large demand from buyers? Questions as those require further investigation, however, I do know that one major factor in the demand for housing are lower mortgage rates and that the current market is unstable. The purpose of this article is to provide you, the residents of Chino Hills, information regarding any changes in the market and presently I believe the Chino Hills market has changed, it seems to be “back in the game”, for now that is.

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