La Mirada, North of Foster, West of Ocaso (NFWO) 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: $1,004,000
Compared to the previous 12 months’ average price: Loss of $88,000
Highest average price for a month: $1,275,000
Lowest average price for a month: $$860,000
Difference between the highest and lowest month: $415,000
Highest price home sold in the last 12 months: $1,275,000
Lowest price home sold in the last 12 months: $925,000
The $88,000 loss was $103,000 below the city average gain of $15,000 for the last 12 months. You can see how this loss compares with the other neighborhoods in the price table below. As you can see from the price graph below, prices in the (NFWO) Neighborhood have remained relatively stable over the past 12 months. This neighborhood has one of the highest monthly average prices, like the Hillsboro neighborhoods. Even with the $88,000 loss over the last 12 months.
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.
Over the past 12 months, sales averaged 1 per month in months with sales, and listings averaged 2 per month. This means that 50% 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 (FWO) Neighborhood average only 24 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, the (NFWO) neighborhood is doing very well. The demand for this area has always been strong. It will remain so due to the neighborhood’s proximity to Regional Park, Biola University, several churches, the golf course, Benton Middle School, and La Mirada High School. Given the area's demand and the limited number of listings, prices should rise this spring or summer.
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 (NFWO) neighborhood will do well this year
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