La Mirada Real Estate Market Trends For The Biola Neighborhood

Biola Neighborhood Six And Twelve-Month Comparison

Prices

Over the last six-months the average price in this neighborhood was $866,000, compared to $923,000 in the previous six months. This results in an average monthly price decrease of $57,000 for the Biola neighborhood over the last six months. As you can see from the graph below, prices in the Biola neighborhood have remained relatively stable over the previous six months, except for one month, when 2 fixer houses were sold to bring prices down.  The lowest monthly average over the previous six months was $678,000 (fixer), and the highest was $921,000. This yields a price spread of $243,000 for the neighborhood over the past 6 months.  The price difference will be due to factors such as property condition, added square footage, an added pool, and location.  In this case, the 2 fixers were sold at a much lower price. 

Over the Last 12-months the average price in this neighborhood was $894,000, compared to $882,000 for the previous 12 months. This results in an average monthly price increase of $12,000 for the Biola neighborhood over the last 12 months. As you can see from the graph below, prices in the Biola Neighborhood have remained relatively stable over the last 12 months. The lowest monthly average over the last 12 months was $678,000 (fixer), and the highest was $970,000. This yields a price spread of $292,000 for the neighborhood over the last 12 months.  The price difference will be due to factors such as property condition, added square footage, an added pool, and location. In this case, the 2 fixers were sold at a much lower price.

Price Summary

In the Biola Neighborhood, prices have declined by $57,000 over the last 6 months. When we examine the last 12-month average, prices have increased by $12,000. However, this increase should be reduced over the next few months. When we compare the Biola Neighborhood to the other neighborhoods for which we have stats.  4 of them had no sales in the last 6 months.  6, including the Biola Neighborhood, had a decrease in their average monthly price over the last 6 months.  3 had an increase in their average price over the last 6 months. This resulted in a citywide average loss of $26,000 over the last 6 months.  Like most cities in the surrounding area, prices are going down.

See the tables at the end of this report to see each neighborhood’s increase or decrease

Sales

Over the Last 6 months, we have observed a 1.0 decrease in monthly sales and a 1.5 increase in monthly listings.  This is based on the last 6-month average of 3.3 sales and 9.8 listings, compared to the previous 6 months, which averaged 4.3 sales and 8.3 listings. 

In the last 6 months, homes in La Mirada have sold quickly, with an average of 25 days before entering escrow. For the past 6 months, sales in this neighborhood have averaged 18 days on the market before entering escrow.  

Over the Last 12 months, we have observed a 0.5 decrease in monthly sales and a 0.8 increase in monthly listings.  This is based on the last 12-month average of 3.8 sales and 9.1 listings, compared to the previous 12 months, which averaged 4.3 sales and 8.3 listings. 

In the last 12 months, homes in La Mirada have sold quickly, with an average of 22 days before entering escrow. For the past 12 months, sales in this neighborhood have averaged 15 days on the market before entering escrow.  

Forecast

Overall, demand in the Biola neighborhood is very strong.  And will remain strong because Biola University faculty and students want to live in the area, allowing them to walk or bike to the University.  Families like Garden Hill School, a Blue Ribbon school, and the ability to have some family time at Garden Hill Park.

Prices in the area will continue to correct over the next few months, but should stabilize or possibly rebound by summer or towards the end of the year.   With strong demand in the city and the neighborhood, and a shortage of listings, barring any economic problems, the Biola neighborhood will do well this year.   

Thinking of Selling?

For most people, selling their home is their biggest Financial decision.  When choosing an agent to help you sell, every agent you talk to will tell you the same things, and they are #1.  But there is only one #1 Firstteam!  All I ask is that you show me your home and let me spend 20 minutes explaining how we are different from any other company you may speak with. Our difference enables us to consistently outperform other companies and secure the highest price for our clients. Start your biggest decision with your best decision.  Talk to Ty.

I will make you 2 promises: 1. No sales talk, just a low-key, informative conversation. 2. You won’t regret your decision. 

Why not use the Best?

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Firstteam Real Estate is #1 in selling homes for top dollar in Southern California, for the last 15 years

Call, text, or email me.

Cell 714 342-7270

Email tysutherland@firstteam.com 

A map of current active listings and sales in the Biola Neighborhood over the last twelve months was used in this analysis.

 The tables below list the prices used in the Biola Area analysis over the last twelve months.

Biola neighborhood Twenty-Four-Month Price Graph

Biola neighborhood Twenty-Four-Month Demand Graph: Sales vs Listings

Biola neighborhood compared to the city of La Mirada and the Individual La Mirada Neighborhoods

All data is from the CRMLS