La Mirada Home Prices Are Declining
For the first time in many years, the average price of real estate in La Mirada is declining.
In the first table, we can see that the average price for La Mirada over the last 6 months is down by $12,000. In 4 of the 12 neighborhoods I analyzed, the average 6-month prices are down over $100,000
Looking at the second table below, we can see that sales are down as well. We have 2 neighborhoods with no sales in the last 6 months, 2 with only 1 sale in the previous 6 months, and 1 with only 2 sales in the last 6 months.
How long will this continue?
How far will they drop?
How long will this continue? How far will they drop? This shouldn’t last long, and I don’t think prices will drop that much. Barring any major event, this might last only a few months or until summer. Right now, prices are falling in cities all around La Mirada. Before we had this run-up in prices over the last few years, the months of November through February were the slow months for real estate sales. And during that time, prices might go down a little. This seems like we are getting back to a more normal real estate market.
What we should see is prices stabilizing or going down a little in the next few months. Then, depending on the number of homes that come on the market, prices should adjust up or down based on the inventory of listings for sale. A lowering of interest rates would help sales and push prices up, but I don’t think interest rates will move down enough to make a significant difference.
If you have any questions, feel free to contact me.
714 342 7270
tysutherland@firstteam.com
Click on the neighborhoods below to get the write-up on that neighborhood.