How To Prevent Overpaying in a Buyers Market
It's kind of like Kim Kardashian capitalizing on every opportunity she sees fit when she can't find something to wear so posts a full frontal nude photo..I'm just saying (love you Kimmie). When numbers don't lie...buyer's should buy.
If you are buying a home this year these stats could be important to you, covering:
- Current Real Estate Market Conditions for Condos/Townhomes and Single Family Homes
- Trends in Pricing
- Current Levels of Supply and Demand
- Value Metrics
Condos/Townhomes in La Jolla, California 92037
This week the median list price in La Jolla is $872,000 (slight decrease from last week...buyer's do you hear me?) The 136 properties have been on the market for an average of 185 days. It won't remain a Buyer's Market Advantage forever...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 and Demand
In a Buyer's market, the relative stasis in inventory and sales conditions has allowed prices to drift lower recently. Expect that consistent up trends in demand will be required before price trends change significantly.
Again this week we see a downward notch for prices. Pricing has been weak in recent weeks and versus their absolute-high level. The Market Action Index is a good leading indicator for the durability of this trend.
Despite recently falling prices, the price per square foot has stayed reasonably flat. This implies that there's a portion of the market being priced at a premium. You can investigate this condition in the quartile details.
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 26.29 so buyers should expect to find reasonable levels of selection.
Single Family Homes in La Jolla, California
The median list price in La Jolla, CA this week is $2,950,000. The 201 properties have been on the market for an average of 151 days. Inventory and days-on-market are both trending higher recently. However, the improving Market Action Index implies some increased demand will temper the negative trends.
Supply and Demand
The Market Action Index has been trending lower for several weeks while prices have remained relatively stable. If inventory continues to grow relative to demand however, it is likely that we will see downward 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.
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. 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.
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 24.95 so buyers should expect to find reasonable levels of selection.
A full report is available by emailing Team SchuCo: teamschuco@gmail.com put La Jolla Altos report in your subject line.
We also have some pocket listings coming up...and buyer needs. If you are thinking about selling your home in La Jolla, we could have your buyer already. Contact us for your complimentary home value report.
Request Your Home Value Report through email, phone or schedule an appointment with Team SchuCo on our appointment page.
Thanks for reading and if you are looking to buy and get a deal in La Jolla, we have a special list for properties that have been on the market over 120 days. Let us show you how to prevent from overpaying in this real estate market.
Be like Kim Kardashian and capitalize on your opportunities!!!
Teresa Schumacher
CalBre #01731418
PH: 619-995-2132
Email: teamschuco@gmail.com
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.
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