Current Real Estate Market Trends for La Jolla Single Family Homes, Condos & Town Homes
The condo market is different from the single family residence market, although both indicating Buyer's Markets. My thoughts are the price points are more comfortable for condos, aligned with investment opportunities or second homes that are being rented in off-season, hence they are moving quicker. La Jolla is an expensive community, MOST visitors at our open houses are experiencing sticker shock.
Profitable real estate investments are important to home buyers and based on conversations with homes shoppers they are always surprised to hear that La Jolla is a buyer's advantage right now. The market is heating up and that opportunity could quickly shift to home seller's advantage, or plateau...this is when a crystal ball really comes in handy!
Either way, we know taking the plunge into home ownership can be daunting, but can also be exciting. Smarty Cents writes a great article: 5 Ways To Build Wealth Through Real Estate Investing
Condos/Townhomes in La Jolla, California 92037
The median list price in La Jolla this week is $931,995. The 118 properties have been on the market for an average of 196 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 - Despite this week's down tic, the market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this shift.
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 28.88 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 $2,997,000. The 195
properties have been on the market
for an average of 151 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
The market has shown some evidence of slowing recently. Both prices and inventory levels are relatively unchanged in recent weeks. Watch the Market Action Index for changes as it can be a leading indicator for price changes.
Median Price - The market appears to be hovering around these current levels. The Market Action Index is a good leading indicator for the durability of this trend.
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.
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We also have complimentary home value reports, request one via EMAIL and include Home Value Report in your subject line, with home address in the body of your email.
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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