17 Oct La Mirada experiences sales and home value increases in 2Q
La Mirada experienced an increase in sales and home values during the second quarter of 2021 according to a report released by the City. Sales increased by 12.2% in the second quarter in 2021 compared to 2020. The median sales price of a home in La Mirada increased by 10.62% between January and August of 2021.
Despite a number of headwinds from the COVID Delta variant and labor shortages, the city is beginning to experience an increase in sales that is helping support the local economy. The hotel/restaurant sector welcomed sales increases as indoor dining returned in March and people began to travel again. Quick-serve restaurants increased by 19.3% and casual dining by 149.6%. Although supply chain interruptions created challenges for the business industry sector, new orders have grown and increased revenue. As consumers returned to in-person shopping, work, and leisure activities, local family apparel and building material stores experienced increases of 206.2% and 17.0% respectively. Grocery stores experienced a decrease in sales of -7.3%. This is most likely attributed to people returning to in-person dining. Other industries that benefited in the second quarter include medical/biotech at 81.9% and service stations at 46.8%.
In response to the report, City Councilmember and Chamber member John Lewis stated “The citizens of La Mirada have stepped up once again to help their fellow residents and businesses during the past year and a half of difficult times during the pandemic. The continued signs of recovery in the local business community and increase in sales tax revenue shows what La Miradans are made of!”
Lewis continued “La Mirada’s local sales tax rate is now the lowest in Los Angeles County, a distinction it shares with about half of the county’s 88 cities. La Mirada continues to add new businesses and restaurants as La Mirada was named the most business-friendly city twice in a row in Los Angeles County for cities under 50,000. The expiring in April 2018 of La Mirada’s Measure I sales tax has fueled more sales and dining within the La Mirada community. We hope residents continue to keep their spending local which will increase local tax revenue, which will be spent on capital improvements, public safety, and community services throughout the city for the benefit of every resident. So continue to #ShopLaMirada and #DineLaMirada La Miradans. It helps our local economy and our local businesses.”
Growth in home sales strengthened in the summer of 2020 with sales prices increasing in the second half of 2020. These price increases were driven by declining mortgage rates and decreasing inventory. These conditions have continued to cause home prices to grow during 2021. The median price of a detached single-family residence increased to $719,000 in the month of August. This represents a $69,000 or 1o.62% increase over 2020. To put this in perspective, the median price of a detached single-family residence in 2014 was $488,000. This represents a 47.33% increase in La Mirada home values between 2014 and 2021.
Increase your visibility in and support of the local La Mirada business community. If you have not yet a member, please visit https://www.lamiradachamber.com/join/.
Source: City of La Mirada