Market Trends For La Jolla Single Family Homes, Condos & Town Homes
The warm weather was subsided by the cool ocean breeze and dipping our feet in the ocean. Can't beat that!! The Open House signs were out in full force this weekend and a true team player I love it when I see more Berkshire Hathaway signs than any other company.
Market share is a measure of the consumers' preference for a product over other similar products.Does this graph surprise you? It may or may not...but I enjoy being surrounded by the best of the best in the industry and each day we here at Team SchuCo strive to do our very best and be our very best for the benefit of our clients.
Today we compare the current market report with the first week of February 2016. This will help give you insight on pricing and trends compared to 6 months ago and see how things have changed. What do you think?!? Has the La Jolla real estate market changed DRASTICALLY? or MILDLY? This article will give you insight that hopefully saves you some sanity while home selling or shopping.
Condos & Townhomes in La Jolla, CA 92037
The median list price in La Jolla this week is $955,000. The 113 properties have been on the market for an average of 155 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.Compared to February 2016 - median list price is $870,000. The 143 properties have been on the market an average of 204 days. MAI has been trending down lately, while inventory is climbing. These trends imply a weakening market.So on that day, February 1st 2016 we wrote this little note to our blog readers: I don't have a crystal ball...but what I do know, if you find something you like and it meets most of your needs and you want to buy a home - GREEN LIGHT - GO! and do it now...we can't predict if they will come down or go up or if the bottom has been reached. But what we do know is the market ticks down (as it has been for the past few months) and then it creeps back up. See the POST HERE.
If you didn't buy then...Don't high five yourself in the face...it will be okay. We have great advice for our home buyers right now, just make your home buyer consultation appointment and see if we can help shed some light on your decision.
Supply & Demand
In the last few weeks the market has achieved a relative stasis point in terms of sales to inventory. However, inventory is sufficiently low to keep us in the Seller's Market zone so watch changes in the MAI. If the market heats up, prices are likely to resume an upward climb.Median Price - Despite this week's up 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.
Market Action Index - The La Jolla condo market is currently in the Seller's Advantage zone (greater than 30). The 90-day Market Action Index stands at 31.50 which indicates that demand is strong and available supply of homes gets snapped up relatively quickly.
This week 25% of properties had a price decrease and 19% were re-listed (re-setting the days on market to zero).
Single Family Homes (detached) in La Jolla, California 92037
The median list price in La Jolla this week is $2,950,000. The 237 properties have been on the market for an average of 150 days. Inventory and days-on market are both trending higher recently. However, the improving Market Action Index implies some increased demand will temper the negative trends.Compared to February 2016 - The median list price was $2,893,000 and the 175 properties have been on the market for an average of 156 days.
Supply & Demand
While prices have been at a plateau for a number of weeks, this is a Buyer's market and the supply of homes listed has started growing relative to demand. This indicates that prices could easily resume a downward trend in conjunction with the MAI. Prices are unlikely to move significantly higher until there is a persistent upward shift in the MAI.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.
Market Action Index - The La Jolla single family home 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 24.14 so buyers should expect to find reasonable levels of selection.
This week 45% of single family homes had a price decrease and 22% were re-listed (re-setting days on market to zero).
See February's MAI stats in this post: Monday Market Update | February 1, 2016
Perfect timing for those of you who own a condo and looking to transition into a single family home with a yard. Sell your condo while the market is in the Seller's Advantage Zone and buy your new home while the SFR market is in the Buyer's Advantage Zone. Win-Win Zone!
Need help?!?
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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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