La Mirada Real Estate Market Trends For The Biola Neighborhood

Jun 16

Price Summary

In the Biola Neighborhood, average monthly prices have increased by $14,000 over the last 6 months. When we examine the last 12-month average, prices have increased by $8,000. However, this increase should be reduced over the next few months. When we compare the Biola Neighborhood to the other neighborhoods for which we have stats. 4 of them had no sales in the last 6 months. 6, had a decrease in their average monthly price over the last 6 months. 3, including the Biola Neighborhood, 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, 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 Biola neighborhood is very strong. And will remain strong because Biola University faculty and students want to live in the area, allowing them to walk or bike to the University. Families like Garden Hill School, a Blue Ribbon school, and the ability to have some family time at Garden Hill Park.

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 the neighborhood, and a shortage of listings, barring any economic problems, the Biola neighborhood will do well this year.

Price Statistics

Over the last six-months the average monthly price in this neighborhood was $907,000, compared to $893,000 in the previous six months. This results in an average monthly price increase of $14,000 for the Biola neighborhood over the last six months. As you can see from the price graph, prices in the Biola neighborhood have remained relatively stable over the past six months, except for one month, when 2 fixer houses were sold, bringing prices down. The lowest monthly average over the previous six months was $870,000, and the highest was $924,000. This yields a price spread of $54,000 for the neighborhood over the past 6 months. The price difference will be due to factors such as property condition, added square footage, an added pool, and location. In this case, the 2 fixers were sold at a much lower price.

Over the Last 12-months the average price in this neighborhood was $899,000, compared to $891,000 for the previous 12 months. This results in an average monthly price increase of $8,000 for the Biola neighborhood over the last 12 months. As you can see from the price graph, prices in the Biola Neighborhood have remained relatively stable over the last 12 months, except for one month when 2 fixer houses were sold, bringing prices down. The lowest monthly average over the last 12 months was $678,000 (fixer), and the highest was $970,000. This yields a price spread of $292,000 for the neighborhood over the last 12 months. The price difference will be due to factors such as property condition, added square footage, an added pool, and location. In this case, the 2 fixers were sold at a much lower price.

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Sales

Over the Last 6 months, we have observed a 0.4 increase in monthly sales and a 1.0 decrease in monthly listings. This is based on the last 6-month average of 4.2 sales and 8.5 listings, compared to the previous 6 months, which averaged 3.8 sales and 9.5 listings.

In the last 6 months, homes in La Mirada have sold quickly, with an average of 30 days before entering escrow. For the past 6 months, sales in this neighborhood have averaged 31 days on the market before entering escrow.

Over the Last 12 months, we have observed a 0.5 decrease in monthly sales and a 0.4 increase in monthly listings. This is based on the last 12-month average of 4.0 sales and 9.0 listings, compared to the previous 12 months, which averaged 4.5 sales and 8.6 listings.

In the last 12 months, homes in La Mirada have sold quickly, with an average of 25 days before entering escrow. For the past 12 months, sales in this neighborhood have averaged 20 days on the market before entering escrow.

A map of current active listings and sales in the Biola Neighborhood over the last twelve months was used in this analysis.