Current Real Estate Market Trends for La Jolla Single Family Homes, Condos & Town Homes
Did you see my blog post about Why Spring Is The Best Time To Sell Your Home..? Zillow talks about that magic window from March Madness to the Masters and "data shows homes sold from mid-March to mid-April sell around 15% faster and for 2% more than the average listing." Of course that all starts with pricing it right from the beginning, an overpriced home will sit on the market for over a year...I see it happen often!
Buyer's if you saw my market update last week: Why Profitable Real Estate Investments Are Scarier Than Dating Taylor Swift, then hopefully you took my advice and put an offer on the home of your dreams. If not that's okay, but you might be kicking yourself today as the Market Action Index creeps up a bit higher, still a Buyer's Advantage Market, however, when we see it move into the seller's zone you will feel the upward pressure on pricing.
Condos/Townhomes in La Jolla, California 92037
The median list price in La Jolla this week is $889,000. The 126 properties have been on the market for an average of 198 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 been exceeding new inventory for several weeks. Since this is a Buyer's market, prices are not yet moving higher as excess inventory is consumed. However, as the supply and demand trends continue, the market moves into the Seller's zone, and we are likely to see upward pressure on pricing.Median Price - The market seems to have paused around this plateau. This week prices eased down a bit. Look for a persistent down-shift in the Market Action Index before we see prices deviate from these levels.
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.
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 29.65 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 $3,200,000. The 189 properties have been on the market for an average of 153 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 - Prices hit another all time high this week. Given current conditions, prices continue to march higher. A persistent drop of the Market Action Index into the Buyer's zone will be a leading indicator of the price strength subsiding.
Price Per Square Foot - The market appears to be placing a mildly increasing premium on homes. When list prices and price per square foot increase in tandem, as they're doing now, you can often find short-term investment opportunities. Watch the Market Action Index for persistent changes as a leading indicator for these trends to flatten or drop.
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.
As always you can request a full market report for La Jolla anytime, just email us and put in the subject line Altos Research Report.
Thinking about buying or selling? Let's meet for coffee at Brick & Bell to chat, put your plans in motion with Team SchuCo, we can help incorporate strategies that will help you meet your goals.
Teresa Schumacher - REALTOR®
Berkshire Hathaway HomeServices California Properties
1299 Prospect Street
La Jolla, CA 92037
E: tschumacher@bhhscal.com
Ph: 619-995-2132
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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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