Current Real Estate Market Trends for La Jolla Single Family Homes, Condos & Town Homes
I'm guessing a developer will pick it up and in two years we will see it on the market again for a much higher price. Interesting fellow came in to visit and told us a story about how he almost bought this house 30+ years ago. The seller was asking $250,000, he offered $200,000, seller said no so he went and bought a different house. Today this same home is listed for $1,995,000. Let that speak volumes about the VALUE of La Jolla real estate.
Today we cover the Monday market update for condos and detached homes in La Jolla (92037). If you are house hunting in La Jolla these stats are extremely important as a guide to what type of offer you make.
Condos/Townhomes La Jolla, California 92037
The median list price in La Jolla this week is $892,000. The 125
properties have been on the market
for an average of 192 days. Inventory has been decreasing lately. With days-on-market climbing,
these are relatively negative
implications for the market.
Supply and Demand
Home sales have been exceeding new inventory for several weeks. Since this is a Buyer's market, prices are not yet moving higher as excess inventory is consumed. However, as the supply and demand trends continue, the market moves into the Seller's zone, and we are likely to see upward pressure on pricing.Median Price - The market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this trend.
Price Per Square Foot - The market plateau is seen across the price and value. The price per square foot and median list price have both been reasonably stagnant. Watch the Market Action Index for persistent changes as a leading indicator before the market moves from these levels.
The La Jolla real estate market is currently in the Buyer's Advantage zone (below 30), though not strongly so. The 90-day Market Action Index stands this week at 29.92 so buyers should expect to find reasonable levels of selection. Do you remember what it was last week? Check it out here: What the Future of Home Buying Looks Like in La Jolla | Real Estate Market Update
Single Family Homes
The median list price in La Jolla this week is $3,200,000. The 191 properties have been on the market for an average of 151 days. Inventory is tightening and days-on market is falling. But demand as measured by the Market Action Index is also trending down. The market is not giving strong up or down signals from these data.Supply & Demand
The market has shown some evidence of slowing recently. Both prices and inventory levels are relatively unchanged in recent weeks. Watch the Market Action Index for changes as it can be a leading indicator for price changes.Median Price - While this week the median didn't fluctuate much, prices continue to sit at all time highs. A persistent drop of the Market Action Index into the Buyer's zone will be a leading indicator of the price strength subsiding.
Price Per Square Foot - In a market where prices are rising fairly consistently, price per square foot is essentially flat. This often implies that new homes coming on the market are pricier, and also larger than older homes. As a result the value one can buy stays the same.
The La Jolla market is currently in the Buyer's Advantage zone (below 30), though not strongly so. The 90-day Market Action Index stands this week at 24.96 so buyers should expect to find reasonable levels of selection.
This weekend was an active market in La Jolla, the Open House signs were out in droves and there are over 290 homes on the market. If you haven't been able to find what you are looking for, hire us! We can help simplify the process and work around your schedule to view homes.
Teresa Schumacher - REALTOR®
Berkshire Hathaway HomeServices California Properties
1299 Prospect Street
La Jolla, CA 92037
E: tschumacher@bhhscal.com
Ph: 619-995-2132
Make An Appointment
As your full service REALTOR® specializing in the beautiful city of La Jolla, California, it is my personal goal to provide you with exceptional service. Here is where you will find articles on my personal experiences and Real Estate resources. My local expertise backed by one of the few organizations entrusted to use the world-renowned Berkshire Hathaway name, brings to the Real Estate market a definitive mark of stability, strength, quality and innovation.
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