04 Oct 2008

La Mirada Real Estate Report ~ September 2008

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September was a rough month for home sellers in La Mirada, while the inventory has declined, it’s been ditto for home sales and prices.

Single family activity for September: Home were priced from $299,000 to $1,095,000, all but one is under one-million dollars.

  • 108 re-sale homes currently for sale in the city, down approximately 30% from last few months, and far  fewer than the beginning of the year.
  • Average asking price is $475,000 for a 3 bedroom/2 bath home, 1,677 square feet.
  • 19 pending sales (in escrow) only about 1/3 of the sales of last month.
  • 20 homes closed escrow, also down from compared to 31 and 37 for the last two months.

Condominium activity for September: Condo prices ranged from $120,000 to $570,000.

  • 31 condos are currently for sale, compared to 26 last month and about the same as July and down around 18% from early 2008.
  • 4 pending sales, (in escrow) compared to 6 in August and 1 in July and a little higher than prior months.
  • 3 properties closed escrow, compared to 4 last month.

***The City of La Mirada has a 5.4 month supply of homes for sale, down exactly 30 days from last month and down 60 days from July. That’s the length of time it would take to sell the existing inventory of homes for sale, provided sales continue at the same pace this year as in 2007, and providing no new listings enter the market.

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About the Author

I maintains an active residential re-sale brokerage in Brea, CA, located in Orange County, about 20 minutes north of Disneyland. Contact Lynda directly at (714) 595-1494, or Lynda@PreferredHomeBrokers.com – CA License #00402040

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