La Mirada, Lemon 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: $1,040,000
Compared to the previous 12 months’ average price: Loss of $77,000
Highest average price for a month: $1,225,000
Lowest average price for a month: $$900,000
Difference between the highest and lowest month: $325,000
Highest price home sold in the last 12 months: $1,225,000
Lowest price home sold in the last 12 months: $940,000
The $77,000 loss was $92,000 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 Lemon Hills Neighborhood have remained 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 in months with sales, and listings averaged 1 per month. This means that 100% 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 Lemon Hills Neighborhood average 42 days on the market before going into escrow. This is considered a long time and was worse than the city average of 27 days. This shows that the neighborhood was trying to get the maximum price from the sale of their homes.
Neighborhood Price Forecast
Overall, Lemon Hills is doing very well. The price decrease is expected, and I also expect prices to stabilize, given the area's historically high demand and its expected persistence due to the neighborhood's appeal. Family time at Creek Park is a big selling point. This tract is similar to a tract of homes in Orange County, but at better prices than you can get in Orange County. Given the area's demand and the limited number of listings, prices should increase by 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 Lemon Hills neighborhood will do well this year
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