Current Real Estate Market Trends for La Jolla Single Family Homes, Condos & Town Homes

Whoa...what an amazing weekend, the sunshine came out and for the day the May gray went bye-bye. We hosted open Avenida Chamnez and seriously had droves of groups through! No doubt in my mind that home will go into contract this week and many buyers will miss out...who you work with matters!

I love hosting Open houses for many reasons, but mainly to help a home buyer who needs guidance on making an offer when they find their dream home, with great hopes that it happens to be the one I'm sitting in. I got some interesting remarks yesterday, that quickly reminded me consumers don't fully understand the concept of real estate. There is a listing agent and a selling agent, the selling agent is the one representing the buyer and the listing agent is the one representing the seller. Some may disagree with me...but I have a strong opinion about dual agency and the agent representing both the buyer and seller....You can see that post HERE:
Important Reasons Why You Need A Buyer's Agent To Purchase Your Home

Carrying On....the stats below will help give you a better understanding of the real estate market in La Jolla and if you are a buyer or seller, might give you insight on how to approach the purchase or sale of your home.

Condos/Townhomes in La Jolla, California 92037

The median list price in La Jolla, CA this week is $922,450. The 120 properties have been on the market for an average of 176 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 continue to outstrip supply and the Market Action Index has been moving higher for several weeks. This is a Seller's market so watch for upward pricing pressure in the near future if the trend continues.

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 - 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.

Market Action Index - The La Jolla market is currently in the Seller's Advantage zone (greater than 30). The 90-day Market Action Index stands at 31.27 which indicates that demand is strong and available supply of homes gets snapped up relatively quickly.

Have you seen our new 3-bedroom condo listing in the Village?!? We will be Open today and tomorrow in the afternoon, if you are a home buyer looking for a deal, you won't find anything like it on the market under $1M. See it here:
New Listing | Elegant Upgraded 3-Bedroom Condo In The Village

Single Family Homes (Detached) in La Jolla, California 92037

The median list price in La Jolla, CA this week is $2,949,500. The 206 properties have been on the market for an average of 140 days. Inventory and days-on-market are climbing, while the Market Action Index has been flat recently. The trends point to a weakening market.

Currently living in a condo?!?! Now might be the time to upgrade, you have a seller's market on the attached condo market and a buyer's market on the single family residence market....CONTACT US...we can help!

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 - 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 - Despite recently falling prices, the price per square foot has stayed reasonably flat. This implies that there's a portion of the market being priced at a premium. You can investigate this condition in the quartile details.

Market Action Index - 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 25.27 so buyers should expect to find reasonable levels of selection.

There we have it my friends...stats to back up the words...If you are home searching or selling in La Jolla be sure to align yourself with the right agent that will go to work for you!

If your buyer's agent is telling you to go tour open houses and let them know when you find your dream home it's time to change it up, especially if you are serious about buying a home this year. La Jolla is a special real estate market, often homes sell behind the scenes, Zillow doesn't even know it hit the market, by the time they catch up the home is already in contract. Has this happened to you?!? Don't want it to happen again...

HIRE TEAM SCHUCO

Team SchuCo Of La Jolla
Teresa Schumacher - REALTOR®

Marc Coleman - Marketing/Business Development
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.
I “LOVE” my career! Hire me to help you navigate through the home buying or home selling process.
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