Have prices in La Mirada started to decline?
In the table below, you can see that of the 12 neighborhoods I analyzed, 6 have experienced a decline in their 6-month average. Because of these numbers, I thought we needed to look closer to see if this is a trend. If you look at the price-declining neighborhoods of Green Hills, two of the three Hillsboro neighborhoods, Knolls, Manors, and Landmark, each have very few sales over a six-month period. So they could have wide price swings. Their data has some influence on overall pricing, but isn't as reliable for pricing trends as neighborhoods with many sales and the city as a whole.
If we look at the neighborhoods with many sales, starting with the Biola Area and North La Mirada maps, they have many sales over the course of six months. And both of those neighborhoods have only gone up in price $1,000 over the course of six months. Also, South West La Mirada, which has a lot of sales each month, has had its average prices drop $62,000 over the past six months. And when we look at the city's average price, it has only risen by $12,000 over the last six months.
All of these numbers are pointing to prices stabilizing or starting to decline. It is smart to remember that real estate prices do fluctuate from month to month, but we are dealing with 6-month averages, which give us a more reliable feel of the market. The next few months will give us a better idea of whether La Mirada prices have started to decline.
But the numbers are showing that we need to look more closely at the market to see if we may be entering a declining market. My next newsletter, coming out in a few weeks, will delve into a more detailed analysis of the city and its neighborhoods, as well as surrounding cities. I will also take a look at the state and national economies, to hopefully give us a better understanding of where prices are heading.
Click the different neighborhoods below to view maps of their boundaries.
