Fourth Quarter 2024 $900,000 plus 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 include 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, 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 for this price range. 

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 Market Summary For The $900,000 Plus Price Range

Prices are not doing as well as the lower price range in La Mirada, but sales are doing much better.. Prices have decreased slightly in the last 2 years in this price range. There are many areas in Southern California where prices have remained the same or slightly decreased, like this price range in La Mirada for the last 1 to 2 years.  Inflation is lower but not low enough for the feds to reduce mortgage rates. Lower rates and housing demand are the key to keeping prices increasing. Rates should go down in 2025, but I don’t think we will have a big drop. So, we can’t depend on mortgage rates going down to help us with prices. However, La Mirada is still affordable compared to many areas in Orange County, and La Mirada borders Orange County. So, the people who can’t afford Orange County will continue to move into La Mirada. This will help keep the demand for La Mirada up.  Which will help keep La Mirada prices up.

The data numbers from the tables below show us that the economic influences of higher interest rates due to inflation have affected prices in this price range in a negative way in the last 2 years. In the fourth quarter of 2024, we had an average price of $1,085,000.  We are down $40,000 from 2 years ago, and we are down $-7,000(-1%) from a year ago. Interestingly, sales in this price range are much higher at an increase of 140% from a year ago and up 45% from 2 years ago. This shows us that the demand for houses in this price range in La Mirada is increasing very rapidly. What will prices do in this price range? Will demand continue to be high in this economy? We should continue to have a good real estate market in La Mirada because of the demand for the City. Prices in this price range have increased slightly over the last year. And days On The Market is up 140% from 1 year ago. This may be an indication that the La Mirada Market is starting to slow down.  If the new administration will help with inflation so mortgage rates go down, it will help us.  We will have to wait a few quarters to see how their policies affect interest rates.  

The support data shows that Price Per Square Foot has followed prices.  We are currently at $575 compared to $491 two years ago and $574 a year ago. Sales have increased over the last two years; we averaged 11 per month for the fourth quarter of 2024, compared to 3 per month two years ago and 4 per month a year ago. Listings have averaged about the same over the last year. For the fourth quarter of 2024, we had 15. But they are down from 13 from 1 and 2 years ago. Days On Market has gone up from 1 and 2 years ago.  We hit 32, which is an increase of 140% in the fourth quarter of 2024 compared to 13 1 year ago, and we had 22, up 45% from 2 years ago.

Support Data For Price Summary

The 2024 fourth-quarter monthly average price of $1,085,000 is $35,000(3%) higher than the 2024 third-quarter monthly average price of $1,050,000. Compared to the 2023 fourth-quarter monthly average price of $1,076,000, we had an increase of $9,000 (1.5%); compared to the 2022 fourth-quarter monthly average of$1,095,000, we had a decrease of $10,000 (-1%).

Price Per Square Foot

The 2024 fourth-quarter monthly average of $575 is $7(-1%) lower than the 2024 third-quarter monthly average of $582. Compared to the 2023 fourth-quarter monthly average of $574, we had an increase of $1 (1%); compared to the 2022 fourth-quarter monthly average of $491, we had an increase of $84 (17%).

Sales vs Active Listings (supply and demand)

When comparing sales and listings for the fourth quarter of 2024 to the third quarter of 2024, we had a monthly average of 11 sales in the fourth quarter of 2024, up 2(12%) compared to a monthly average of 9 in the third quarter 2024. When comparing listings, we had a monthly average of 15 listings in the fourth quarter of 2024 down 6(-26%) compared to a monthly average of 21 listings in the third quarter of 2024.

When comparing sales and listings for the fourth quarter of 2024 to the fourth quarter of 2023, we had a monthly average of 11 sales in the fourth quarter of 2024, up 7(200%) compared to a monthly average of 4 in the fourth quarter of 2023. When comparing listings, we had a monthly average of 15 listings in the fourth quarter of 2024, up 2(18%) compared to a monthly average of 13 listings in the fourth quarter of 2023.

When comparing sales and listings for the fourth quarter of 2024 to the fourth quarter of 2022, we had a monthly average of 11 sales in the fourth quarter of 2024, up 8(230%) compared to a monthly average of 3 in the fourth quarter of 2022. When comparing listings, we had a monthly average of 15 listings in the fourth quarter of 2024, up 2(18%) compared to a monthly average of 13 listings in the fourth quarter of 2024.

Days on Market

The 2024 fourth quarter monthly average of Days On Market of 32 is 13(71%) higher than the 2024 third quarter monthly average Days on Market of 19.  Compared to the 2023 fourth quarter monthly average of 13 we had an increase of 19(140%); compared to the 2022 fourth quarter monthly average of 22 we had an increase of 10(45%).