First Quarter 2025 Overall Market Report
La Mirada Real Estate Market Trends
Every three months, I will provide a detailed analysis to update you on the La Mirada Real Estate Market. To do this, I will create detailed quarterly market data tables. These tables will consist of data covering Market Prices, Price per Square Foot, Sales vs. Active Listings, and Days On Market. The data to create these tables will come from the Realtor multiple listing service. This report will have three categories: the overall market, Values of: 0 - $900,000, and $900,000 plus.
The following analysis is a detailed but easy-to-understand examination of these market trends. I will start with a market summary. If you want a more detailed look at the data, I have provided the data tables with a breakdown of the table numbers.
If you want to know what your Home is worth using this data, contact me for a more detailed market analysis considering the number of Bedrooms, Bathrooms, Square Feet, Lot size, Condition, Views, and location.
La Mirada Real Estate Overall Market Summary
Economic Update: We are still dealing with inflation. Because of this, mortgage interest rates will remain high for the foreseeable future. So far, the Trump administration has been working on tariffs to hopefully help improve the manufacturing economy in the long run. While this may be a good strategy for the long term, it takes several years for manufacturing to start production. In the short term, we need more action on inflation. Hopefully, that will be his next area of economic attention.
Fire Update: Because thousands of people have had their homes burned down, the Southern California rental market has been put under tremendous pressure, which is already short on supply. With over 20,000 homes burned to the ground, an estimated minimum of 50,000 people will need temporary housing for the next 1 to 3 years while the fire areas are being rebuilt.
Once people have worked through the details of rebuilding with their insurance, you can expect a significant boost to the Southern California economy for employment to rebuild the homes and businesses, but an even more substantial boost from all the material needed to build and furnish all those new homes.
Overall La Mirada Real Estate Summary: La Mirada is doing well. Prices have continued to go up in the overall La Mirada Market. However, prices in many areas of Southern California have dropped or remained the same for the last 1 to 2 years. There is a possibility that Inflation may go higher. This may slow down the La Mirada market, but so far, the numbers tell us that we are doing well and getting better every quarter. Let’s take a look at some of the numbers.
The data numbers from the tables below show us that the economic influences of higher interest rates due to inflation have not negatively affected prices in the last two years. They may have slowed down our price increases, but La Mirada continues to have price increases.
Our overall prices have increased in the first quarter of 2025. They have gone up $7,000 from last quarter and $50,000 from a year ago. While prices have continued to go up, sales have gone down from last quarter by 18%, but even with the short-term drop, sales are still up 16% from a year ago.
While the numbers look good, it wouldn’t take much for the national market to stall, which would affect us to some degree. We would actually have a type of buffer from a national slowdown because of the rebuilding of Southern California from the massive fire damage.
Price Trends
The 2025 first quarter monthly average price of $886,000 is $7,000(1%) higher than the 2024 fourth quarter monthly average price of $879,000. Compared to the 2024 first quarter monthly average price of $836,000, we had an increase of $50,000 (6%); compared to the 2023 first quarter monthly average of $821,000, we had an increase of $65,000 (8%).
Price Per Square Foot
The 2025 first-quarter monthly average of $596 is $9(-2%) lower than the 2024 fourth-quarter monthly average of $587. Compared to the 2024 first-quarter monthly average of $575, we had an increase of $21 (4%), Compared to the 2023 first-quarter monthly average of $517, we had an increase of $79 (15%).
Sales vs Active Listings (supply and demand)
Sales in the first quarter of 2025 averaged 23 per month, which is down 5(-18%) from the fourth quarter of 2024's average of 28 per month. Up 2(11%) from 2024 first quarter’s monthly average of 21. And up 6(32%) from 2023 first quarter’s monthly average of 18.
Listings in the first quarter of 2025 averaged 55 per month, which is down 4(-6%) from the fourth quarter of 2024’s monthly average of 59. Up 6(13%) from 2024 first quarter’s monthly average of 49. And up 2(4%) from 2023 first quarter’s monthly average of 53.
Days on Market
The 2025 first quarter monthly average of Days On Market of 22 is 9(-29%) lower than the 2024 fourth quarter monthly average of Days on Market of 30. Compared to the 2024 first quarter monthly average of 33, we had a decrease of 11(-34%); compared to the 2023 first quarter monthly average of 44, we had a decrease of 23(-51%).
