La Mirada Real Estate Market Trends For The Landmark Neighborhood

Jun 16

Landmark neighborhood Six And Twelve-Month Comparison

Price Summary

As you can see in the price graph, a Landmark home sold for $3,000,000 in December 2005. I left this house out of the data because it was so overbuilt for the neighborhood, which skewed the average numbers.

In the Landmark Neighborhood, the 6-month average price has increased by $120,000. When we examine the 12-month average, prices have increased by $208,000. However, this increase will be reduced over the next few months. When we compare the Landmark Neighborhood to the neighborhoods for which we have stats. 4 of them had no sales in the last 6 months. 6 had a decrease in their average price over the last 6 months. 3 had an increase in their average price over the last 6 months. This resulted in a citywide average loss of $38,000 over the last 6 months. Like most cities in the surrounding area, La Mirada prices are going down.

See the tables at the end of this report to see each neighborhood’s increase or decrease

Neighborhood 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 by summer or 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

Price Statistics

Over The Last six-months the average price for this neighborhood was $1,525,000, compared to $1,405,000 in the preceding six months. This results in an average monthly price increase of $120,000 in the Landmark neighborhood over the last six months. As you can see from the price graph, prices in the Landmark neighborhood have remained relatively stable over the last six months. The lowest monthly average for the last six months was $1,525,000, and the highest was $1,525,000. This yields a $0 price spread for the neighborhood over the last 6 months. The price difference is typically due to factors such as property condition, added square footage, an added pool, and location.

Over The Last 12-months the average price for this neighborhood was $1,445,000, compared to $1,237,000 for the previous 12 months. This results in an average monthly price increase of $208,000 in the Landmark neighborhood over the last 12 months. As you can see from the price graph, prices in the Landmark neighborhood have remained relatively stable over the last 12 months. The lowest monthly average for the last 12 months was $1,300,000, and the highest was $1,525,000. This yields a $225,000 price spread for the neighborhood over the last 12 months. The price difference is typically due to factors such as property condition, added square footage, an added pool, and location.

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Sales Statistics

Over the past 6 months, we have observed a 0.0 decrease in monthly sales and a 1.2 increase in monthly listings. This is based on the current 6-month average of 1.0 sales and 2.5 listings per month, compared to the previous 6 months, which averaged 1.0 sales and 1.3 listings per month.

In the last 6 months, homes in La Mirada have sold quickly, with an average of 30 days before entering escrow. For the last 6 months, sales in this neighborhood have averaged 84 days on the market before entering escrow.

Over the last 12 months, we have had an decrease of 0.3 sales per month and a decrease of 0.8 listings per month. This is based on the last 12-month average of 1.0 sales and 2.0 listings per month, compared to the previous 12 months, which averaged 1.3 sales and 1.2 listings per month.

In the last 12 months, homes in La Mirada have sold quickly, with an average of 25 days before entering escrow. For the last 12 months, sales in this neighborhood have averaged 66 days on the market before entering escrow.

A map of Landmark's neighborhood, current active listings, and sales over the last 12 months was used in this analysis.