Real Estate Market Trends for La Jolla
We held an Open House this past weekend in the beautiful community of Muirlands, I have to say...the buyers are out there, they are looking and excited to find their dream home. When all of the stars align:
Pre-Approved Buyer + Fall In Love at Open House + CMA Report from Team SchuCo = A Purchase Contract
If you have your house on the market and you are not holding Open Houses then I might ask you...Why Not? Open Houses (plural) are the key component to a successful sale. Carrying On....
Condo/Townhomes in La Jolla, California 92037
This week the median list prices for condos and town homes in La Jolla is $925,000. The 145 properties have been on the market for an average of 198 days. The Market Action Index has been trending down recently, the overall conditions are weakening a bit.
Supply & Demand
The market has been consistently cool for several weeks. Demand level are low relative to the available inventory. It's a Buyer's market and prices have begun moving lower. Look for a persistent shift in Market Action before prices plateau or begin to rise again.So you might be saying...but wait Teresa...this doesn't make sense...you said the buyer's were out there...
And they are, but they are hesitant, most have the opinion that the market is going to tank and that prices will move lower. And others are saying, it's my time to buy, when I find my dream home I will make an offer and go into contract to purchase the home. It just all depends on who you are having conversations with...and for us its home buyers at Open Houses.
Have an opinion about the housing market? Ping us on any one of our social media channels, we'd love to hear from you.
The real estate market in La Jolla right now is a Buyer's Advantage Market with the Market Action Index at 26.3 (last week 26.7) Aha...you might be thinking it is going to creep lower and lower...Oh Crystal Ball, Oh Crystal Ball...Where Are You? Lower prices coming? Plateau coming? Price Hike coming? If you are a buyer and really want to know if you should buy now...Contact Us...we take the consultation approach of what is best for you in this moment based on your personal home buying goals.
Median Price - this week prices bumped up a bit but the trend of the last few weeks is generally downward. The Market Action Index is a good leading indicator for the durability of this shift.
Single Family Homes in La Jolla, California 92037
The median list price in La Jolla, CA this week is $2,900,000. The 181 properties have been on the market for an average of 151 days.Inventory is up and Market Action is trending down recently. While dayson-market appears to be trending lower, the overall conditions are weakening a bit.
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 26.14 so buyers should expect to find reasonable levels of selection.
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.
Key word...COULD resume downward, this will depend on demand and if there are other buyer's who also think that La Jolla is paradise and want to live here too...by the way I'm totally bias because we LOVE La Jolla, that's my disclosure :-)
Hire a Realtor, who is familiar with representing a buyer's best interests, in the niche market of La Jolla.
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.
The value placed on homes appears to be on the upswing, 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.
Inventory has been climbing lately. Note that rising inventory alone does not signal a weakening market. Look to the Market Action Index and Days on Market trends to gauge whether buyer interest is keeping up with available supply.
That's it for this week...missed last week's report? Click the title below for access:
Monday Market Update | La Jolla Real Estate Market Conditions Week Of 2-1-16
As always...if you are a home buyer looking for your dream home in La Jolla or anywhere in San Diego county...we can help. Call or text 619-995-2132 or schedule an appointment HERE.
Cheers to all of the Denver Fans today!
And
Carolina Panthers...you'll be okay...there's always next year!
As your full service REALTOR® specializing in the beautiful city of San Diego, 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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