Trends for La Jolla Single Family Homes, Condos & Town Homes

Labor Day is the unofficial end to Summer and Fall is on its way. I have to admit I'm enjoying the slightly cooler weather, I actually had to put a sweater on for a few minutes this morning.  Just don't go below 60 degrees and we can be friends. One of the many benefits of living in Southern California is our dry Mediterranean climate, we enjoy mild, sunny weather throughout the year.


I suspect the La Jolla real estate market is going to heat up in the last quarter of this year. Prices are dropping and buyers are moving in for the kill. Check out our Monday Market update on a Tuesday and see the current market real estate conditions for the 92037 zip code.

Condos and Townhomes in La Jolla, California 

The median list price in La Jolla this week is $825,000. The 115 properties have been on the market for an average of 113 days. Inventory has been lightening lately and the Market Action Index has been trending up. These are mildly positive indications for the market.

Supply & Demand

Home sales continue to outstrip supply and the Market Action Index has been moving higher for several weeks. This is a Seller's market so watch for upward pricing pressure in the near future if the trend continues. 

Median Price - Despite this week's down tic, the market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this shift.

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.

Market Action Index - The La Jolla Condo market is currently in the Seller's Advantage zone (greater than 30). The 90-day Market Action Index stands at 33.70 which indicates that demand is strong and available supply of homes gets snapped up relatively quickly.

37% of Condos had a price decrease this week with an additional 16% of homes re-listed (re-setting the days on market to zero).

Single Family Homes in La Jolla, California

The median list price in La Jolla this week is $2,995,000. The 239 properties have been on the market for an average of 157 days. Inventory has been lightening lately and the Market Action Index has been trending up. Though days-on-market is increasing, these are mildly positive indications for the market.

Supply & Demand

Home sales have begun exceeding new inventory. This is a Buyer's market so prices are not yet moving higher as excess inventory is consumed. If the tightening continues and the market moves into the Seller's zone, we may see upward pressure on pricing. 

Median Price - The market is hovering around this plateau. Look for a persistent change in the Market Action Index before we see prices deviate from these levels.

Price Per Square Foot - The value placed on homes continues to increase, despite the fact that prices in general have remained basically flat. These conditions can arise when inventory is light and more, smaller homes have more influence on overall prices.

Market Action Index - 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 24.12 so buyers should expect to find reasonable levels of selection.

43% of Single Family Homes had a price decrease this week with an additional 21% re-listed (re-setting the days on market to zero). 

My personal take on the market...prices are coming down, slowly but surely and more affordable for all of those home buyers who couldn't afford to compete with buyers this summer. Be ready this last quarter of the year to swoop in and make an offer on your dream home. The time is NOW.

Be on your A game and hire a real estate team that goes to work for YOU, home buyers are savvy and seeing homes online and visiting Open Houses. Don't make the mistake of hiring the listing agent to represent you...after all...they were hired to get the seller's top dollar.

HIRE TEAM SCHUCO

Team SchuCo Of La Jolla
Teresa Schumacher - REALTOR®

Marc Coleman - Marketing/Business Development
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.
I “LOVE” my career! Hire me to help you navigate through the home buying or home selling process.
CONTACT USFollow Us on Twitter Follow Us on Pinterest Like Us on Facebook