Real Estate Market Trends for La Jolla
Today we will cover the market update for La Jolla (92037), provided by one of our favorite escrow teams at Pickford Escrow.
If you want to compare this week to last week, check out that post HERE (Feb 15th).
This is the report for the week of February 22, 2016, covering current real estate market conditions, trends in pricing and current levels of supply and demand.
Condos/Townhomes in La Jolla, California 92037
This week the median list prices for condos and townhomes in La Jolla is $939,495 (down from last week which was $975,000). The 136 properties have been on the market for an average of 190 days. Inventory is tightening and days-on market is falling. The Market Action Index shows demand heating up. These are relatively bullish signs for prices.
Supply & Demand
In terms of supply and demand, the market is getting cooler - more supply is coming on the market relative to the sales demand. However, in recent weeks prices have been moving higher. Since it is technically a Buyers market, this price trend may be a result of improve quality of the homes being listed.
The real estate market in La Jolla is a Buyer's Advantage Market with the Market Action Index at 26.6, a small movement from last week.
The market is warming up for Spring...Buyer's are out looking on the weekends and there might be more competition that you would think. When you are touring Open Houses...are you the only one there? or do you typically see more than one group?
We held open house Friday-Sunday. Yesterday we had over 9 groups through our Open House, considering it was a gated community and a gorgeous day to be at the beach.. this was a good turnout.
Median Price - Despite this week's down tic, price trends have been moving up in the last few weeks. We'll watch the Market Action Index for leading indicators of the durability of this trend.
The price per square foot is increasing fairly consistently recently despite the fact that overall price trends haven't shown a consistent upwardly push. This can imply that investment conditions are opportunistic. Watch the Remodel Index for a more detailed analysis of the investment opportunity in the area.
Want a complete report with other indicators and stats for 92037? Email us HERE with Altos Report in the subject line. (email: teamschuco@gmail.com)
Single Family Homes in La Jolla, California 92037
The median list price in La Jolla, CA this week is $2,995,000. The 192 properties have been on the market for an average of 153 days. For single family homes the inventory is up and Market Action Index is trending down recently, overall conditions are weakening a bit.
Supply & Demand
While prices have been at a plateau for a number of weeks, this is a Buyer's market and the supply of homes listed has started growing relative to demand. This indicates that prices could easily resume a downward trend in conjunction with the MAI. Prices are unlikely to move significantly higher until there is a persistent upward shift in the MAI.
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 25.69 so buyers should expect to find reasonable levels of selection.
Median Price - The market appears to be hovering around these current levels. The Market Action Index is a good leading indicator for the durability of this trend. Prices have settled at a price plateau across the board. Prices in all four quartiles are basically mixed. Look for a persistent shift (up or down) in the Market Action Index before prices move from these current levels.
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. Inventory has been climbing lately, so let's see if that means action in the market place...
Have you been thinking about selling your home?
Contact us for your complimentary home value report, or schedule an appointment HERE.Need help finding your Dream Home? Having a Realtor guided home tour is a way to get serious and intentional about buying a home. Contact us for your complimentary Home Buyer Consultation.
Team SchuCo
CalBre#01731418
Marc Coleman
Assistant/Marketing
Ph: 619-995-2132
Email: teamschuco@gmail.com
Office:
1299 Prospect Street
La Jolla, CA 92037
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