Current Real Estate Market Trends for La Jolla Single Family Homes, Condos & Town Homes
Over the weekend we hosted: 936 Skylark Drive, in my opinion one of the most immaculate original condition homes I have seen on market. Truly a gem with 4 bedrooms, 2 bathrooms and plenty of outdoor living space priced under $1.5M. There isn't another one like it on the market and if you would like to see it.. email us for an appointment. Single family homes are currently a Buyer's Advantage market...keep reading for the proof.
Condos/Townhomes in La Jolla, California 92037
The median list price in La Jolla this week (4/4/16) is $955,495. The 120 properties have been on the market for an average of 200 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.In my opinion, condos are moving quicker because home buyers are simply priced out of the single family home option in La Jolla right now. It might be easier to get financing on housing under $1M, especially when working with Buyer's on a fixed income. We have great resources for mortgage companies, request them by sending us an email.
Supply & Demand
"Home sales have begun exceeding new inventory. While still a Buyer's market, prices seem to have already started to respond. If the trend continues, expect prices to keep marching upward."
Median Price - Price trends continued their recent uptrend this week. While still below the market's high point, we may be seeing the start of a good price stretch here.
Price Per Square Foot - In a market where prices are rising some, price per square foot is essentially flat. This often implies that new homes coming on the market are pricier, and also larger than older homes. As a result the value one can buy stays the same.
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 28.52 so buyers should expect to find reasonable levels of selection.
Single Family Homes in La Jolla, California 92037
The median list price in La Jolla this week is $2,950,000. The 203 properties have been on the market for an average of 154 days. The Market Action Index has been trending down recently, but as dayson-market decreases also, there are not strong signals for the direction of the market. As in...the crystal ball is broken! But we do know what the market is doing right now and what it has done in the past...so if you are looking to buy a home in La Jolla this year, my crystal ball says hire Team SchuCo.
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 appears to be hovering around this plateau. Look for a persistent change in the Market Action Index before we see prices deviate significantly from here.
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 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 24.04 so buyers should expect to find reasonable levels of selection.
So here it is...The best real estate advice You're Not Taking = Buy! Buy! Buy!
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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