La Mirada, Hillsboro Collection, 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: $1,548,000
Compared to the previous 12 months average price: Loss of $67,000
Highest average price for a month: $1,595,000
Lowest average price for a month: $1,470,000
Difference between the highest and lowest month: $125,000
Highest price home sold in the last 12 months: $1,595,000
Lowest price home sold in the last 12 months: $1,470,000
The $67,000 loss was $82,000 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 have been relatively stable over the past 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.
Over the past 12 months, sales averaged 1 per month, and listings averaged 1.2 per month. This means that 83% 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. A major factor in the limited supply of listings in the Hillsboro area is that many people who are moving from the Hillsboro neighborhood lease their Hillsboro home and have the money to buy the home they are moving into. Or pull money from their Hillsboro home for a down payment and use the lease payments from their Hillsboro home to make their new home payment.
Also, due to limited inventory, homes in the Hillsboro Collection Neighborhood average 64 days on the market before going into escrow. This is considered a long time and was much worse than the city average of 27 days. But that is because sellers are waiting to try and get a higher price due to a shortage of listings in the area.
Neighborhood Price Forecast
Overall, the Hillsboro Collection neighborhood is doing very well. The price increase is attributable to a strong neighborhood market. The neighborhood's historically high demand is expected to remain high given its appeal. We could have the next sale in this neighborhood go higher. It is one of the few exclusively gated tracts in the City of La Mirada, with only 213 homes in the Collection Area. This tract is similar to a tract of homes in Orange County, but at better prices than you can get in Orange County.
Prices in the neighborhood will remain strong over the next few months, and because it is a small, exclusive community, they should continue to rise. With strong demand for the city and the neighborhood and with a shortage of listings, barring any economic problems, the Hillsboro Collection neighborhood will do well this year.
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