La Mirada, Biola Neighborhood Twelve-Month Real Estate Market Trends
Map and Statistics of Sales Used in This Analysis.
Price summary
Average price over the last 12 months: $909,000
Compared to the previous 12 months’ average price: Gain of $6,000
Highest average price for a month: $935,000
Lowest average price for a month: $$875,000
Difference between the highest and lowest month: $60,000
Highest price home sold in the last 12 months: $1,178,000
Lowest price home sold in the last 12 months: $670,000
The $6,000 gain was $9,000 below the city average gain of $15,000 for the last 12 months. You can see how this gain compares with the other neighborhoods in the price table below. As you can see from the price graph below, prices in the Biola Neighborhood have remained relatively stable over the past 12 months, except for 8-25 when 2 houses with deferred maintenance were sold, bringing average prices down. Because these 2 houses were not a true indicator of prices for this neighborhood, I left that month out of the analysis.
The price difference in the neighborhood 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 past 12 months, sales averaged 4 per month, and listings averaged 9 per month. This means that 44% of available monthly listings sell. This is a very high percentage, which helps keep prices high due to the lack of available inventory each month. Also, due to limited inventory, homes in the Biola Neighborhood average only 23 days on the market before going into escrow. This is considered a short time and was better than the city average of 27 days.
Neighborhood Price 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 having Garden Hill Elementary School, a Blue Ribbon school, available for their kids and appreciate the ability to have some family time at Garden Hill Park.
Prices in the area should continue to trend up over the next few months, but may stabilize, with small gains toward the end of the year. With continued 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
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