La Mirada, Landmark 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: $1,430,000
Compared to the previous 12 months’ average price: Gain of $60,000
Highest average price for a month: $1,525,000
Lowest average price for a month: $1,300,000
Difference between the highest and lowest month: $225,000
Highest price home sold in the last 12 months: $1,510,000
Lowest price home sold in the last 12 months: $1,100,000
The $60,000 gain was $45,000 above 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 Landmark Neighborhood have remained relatively stable over the past 12 months.
There was one home that someone put over $1 million into upgrades, and it sold for $3,000,000. Because it was so out of character for the neighborhood, I did not use that sale for this analysis.
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 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 Landmark Neighborhood average 71 days on the market before going into escrow. This is considered a long time and was worse than the city average of 27 days.
Neighborhood Price Forecast
Overall, demand in the Landmark neighborhood is very strong. The price increase is attributable to high demand in this area. Demand for this area has always been strong and is expected to remain so, driven by the neighborhood's appeal. Most of the homes in this tract have been updated. Making this tract similar to a tract of homes in Orange County, but at better prices than you can get in Orange County. It is also located near sports fields for children and the La Mirada Golf Course.
Prices in the area will continue to correct over the next few months, but should stabilize or possibly rebound towards the end of the year. With strong demand in the city and surrounding area and a shortage of listings, barring any economic problems, the Landmark neighborhood will do well this year
Do you Need a Real Estate Consultant?
Selling a home in today’s changing market is a complex process with many factors that will determine the best way for you to accomplish your goals. For most people, selling their home is a substantial financial decision, so there can be considerable concern just in deciding to sell. Then, once you decide to sell, you have the added concern with all the decisions to make during the home-selling process.
Let me offer you over 40 years of experience, backed by the #1 Real Estate company in Southern California, to help ease some of that concern. Take 15 minutes to show me your home, then let’s sit down so you can explain your needs, and I can answer your questions. Once I understand your needs, I can draw on my 40 years of experience and Firstteam’s resources to help you lay out a clear, concise plan we can follow to achieve them.
I will make you 2 promises.1 No sales talk, just a professional, informative conversation. 2 You won’t regret your decision.
Call, text, or email me to start a no-obligation discussion about your home.
Cell 714 342-7270
Email tysutherland@firstteam.com