La Mirada Green Hills 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: $983,000
Compared to the previous 12 months’ average price: Loss of $90,000
Highest average price for a month: $1,120,000
Lowest average price for a month: $900,000
Difference between the highest and lowest month: $220,000
Highest price home sold in the last 12 months: $1,120,000
Lowest price home sold in the last 12 months: $975,000
The $90,000 loss was $105,000 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, over the past 12 months, prices in the Green Hills Neighborhood have gone up for the first 9 months, but have declined in the last 3 months. I expect prices in the Green Hills to start to go back up.
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 2 per month, and listings averaged 3 per month. This means that 63% 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 Green Hills 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, the Green Hills neighborhood is doing very well. There are only a few sales in the Green Hills neighborhood every twelve months. Given the neighborhood's appeal, demand in this area has historically been strong and is expected to remain so. Now that most of the homes have been remodeled, this tract has become similar to a tract of homes in Orange County, but at better prices than you can get in Orange County.
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, the Green Hills neighborhood will do well this year, barring any economic problems.
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