Current Real Estate Market Trends for La Jolla Single Family Homes, Condos & Town Homes
Also referred to as PARADISE.. La Jolla is our absolute favorite town in San Diego. There are over 16 communities that make up La Jolla, if you are looking to buy a home here, it's important to work with a local agent. We hear and know of homes that aren't on the market yet and might just have what you are looking for in our "pocket" aka "off market sales". (It happens!!)
Condos/Townhomes in La Jolla, California 92037
This week the median list price in La Jolla is $909,000. The 138 properties have been on the market for an average of 189 days and a Buyer's Market Advantage is here again for another week.
Inventory has been tightening but days-on-market and the Market Action Index have been basically unchanged, not providing strong indication for market conditions.
Supply & 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.
Median Price - This week prices bumped up a bit but the trend of recent weeks is generally downward. A pickup in demand will be reflected in the Market Action Index, so watch that chart to try to identify a trough in the market.
If you have had your eye on a particular home but waiting for the price to drop...call us. Most times "Asking Price" can be compromised by writing a good or enticing offer. Both the buyer and seller meet in this happy place and each gets what they want or need. Our consultations are complimentary, of course we are working hard to earn your business, but don't be afraid to ask. That's what we're here for!
Price Per Square Foot - The market's light downward trends are shared across both price and value. People are recently placing less value on homes (you can see the recent declines in price per square foot as evidence.) Look for significant changes in the Market Action Index as a precursor to price and value changes, possibly as inflection points for good investment opportunities.
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 26.67 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 217 properties have been on the market for an average of 147 days.
The Market Action Index has been trending down lately, while inventory is climbing. These trends imply a weakening market. Currently over 300 homes (includes attached) are Active status on the multiple listing service, in December we hovered around 240 homes (includes attached) for sale inventory.
Inventory has increased and I have also seen an increase in Sold transactions, the demand is there, it just seems that the Buyers are picky (rightly so when spending over a million dollars) and PATIENT, they aren't quick to strike unless the price is right...and even then I have seen missed opportunities.
Supply & 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.
Price Per Square Foot - While prices have been basically flat, the price per square foot has been heading downward. While not a sign of broad strength in a market, larger homes are coming more available and buyers can see more home for their money.
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 24.30 so buyers should expect to find reasonable levels of selection.
That's it for this week. How many buyer's are out there ready to get your slice? If now is the time and you would like personalized home tours arranged during hours that fit your schedule, you can make an appointment with us.
Have a great rest of the week and Happy House Hunting!
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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