Overall La Mirada Real Estate Market
Fourth Quarter 2024 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 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 Overall Market Summary
La Mirada is doing well. Prices have continued to go up in the overall La Mirada Market. Where there are many areas in Southern California where prices have dropped or remained the same for the last 1 to 2 years. Inflation is lower but not low enough for the feds to decrease 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.
The data numbers from the tables below show us that the economic influences of higher interest rates due to inflation have not affected prices in a negative way in the last 2 years. In the fourth quarter of 2024, we had an average price of $946,000. We are up $111,000(13%) from 2 years ago and $69,000(8%) from a year ago. How much more can we go up in this economy? We should continue to have a good real estate market in La Mirada because of the demand for the City. All the data looks good except for one exception. Days On The Market is up 83% from 1 year ago. This may indicate 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 up. We are currently at $587(17%) compared to $502 two years ago and $555 a year ago. Sales are up; we averaged 22(34%) per month for the fourth quarter of 2024, compared to 17 per month two years ago and 14 per month a year ago. Listings have averaged about the same over the last 2 years. Days On Market has gone up from a year ago. We hit 28, which is an increase of 83% in the fourth quarter of 2024 compared to 15 1 year ago, but we had 30 2 years ago.
Price Trends
The 2024 fourth quarter monthly average price of $946,000 is $33,000(4%) higher than the 2024 third quarter monthly average price of $913,000. Compared to the 2023 fourth quarter monthly average price of $877,000, we had an increase of $69,000 (8%); compared to the 2022 fourth quarter monthly average of $835,000, we had an increase of $111,000 (13%).
Price Per Square Foot
The 2024 fourth-quarter monthly average of $587 is $15(-2%) lower than the 2024 third-quarter monthly average of $602. Compared to the 2023 fourth-quarter monthly average of $555, we had an increase of $32 (6%); compared to the 2022 fourth-quarter monthly average of $502, we had an increase of $85 (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 22 sales in the fourth quarter of 2024, up (-1%) compared to a monthly average of 23 in the third quarter 2024. When comparing listings, we had a monthly average of 40 listings in the fourth quarter of 2024 down (-10%) compared to a monthly average of 45 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 22 sales in the fourth quarter of 2024, up (56%) compared to a monthly average of 14 in the fourth quarter of 2023. When comparing listings, we had a monthly average of 40 listings in the fourth quarter of 2024, up (20%) compared to a monthly average of 34 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 22 sales in the fourth quarter of 2024, up (34%) compared to a monthly average of 17 in the fourth quarter of 2022. When comparing listings, we had a monthly average of 40 listings in the fourth quarter of 2024, down (-21%) compared to a monthly average of 51 listings in the fourth quarter of 2024.
Days on Market
The 2024 fourth quarter monthly average of Days On Market of 28 is 10(58%) higher than the 2024 third quarter monthly average of Days on Market of 18. Compared to the 2023 fourth quarter monthly average of 15, we had an increase of 13(83%); compared to the 2022 fourth quarter monthly average of 30, we had a decrease of -2(-7%).