Current Real Estate Market Trends for La Jolla Single Family Homes, Condos & Town Homes
Altos is a marketing research company that has the special formula, housing prices are a function of supply and demand and Altos hones in on those factors.
"The MAI illustrates the balance between supply and demand using a statistical function of the current rate of sale versus current inventory. An MAI value greater than 30 typically indicates a "Seller's Market" (aka Hot Market) because demand is high enough to quickly absorb available supply. A hot market will typically cause prices to rise. MAI values below 30 indicate a "Buyer's Market" (aka Cold Market) where the inventory of already listed homes is sufficient to last several months at the current rate of sales." -Altos ResearchToday's real estate market update covers the La Jolla community only (92037), if you would like these stats for your zip code/community contact Team SchuCo, include your city of interest in the email.
Condos/Townhomes in La Jolla, California 92037
This week the median list price in La Jolla is $895,000. The 131 properties have been on the market for an average of 183 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
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 seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this trend.
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.
Inventory has been falling in recent weeks. Note that declining inventory alone does not signal a strengthening market. Look to the Market Action Index and Days on Market trends to gauge whether buyer interest is changing with the 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 27.51 so buyers should expect to find reasonable levels of selection.
I'll ask you...have you found the one you love, but haven't made an offer? Is there something about the market right now that is affecting your interest? If its price, then contact us. The advice and opinion is free my friends!
Single Family Homes in La Jolla, California
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 - Again this week we see a downward notch for prices. Prices continue to pull back from the market's highs. The Market Action Index is a good leading indicator for the durability of this trend.
Price Per Square Foot - The market's 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 market is an interesting one...at a stand still right now when it comes to detached homes. Seller's aren't lowering prices and buyer's aren't offering asking prices...where do you stand? If you need help selling or buying property in La Jolla let's chat! Contact us for a complimentary consultation.
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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