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

Good Morning and Happy Monday! The weekend was exciting as we hosted one of the most beautiful homes in the Muirlands on Saturday and Sunday. Did you see it? Check it out in this post: English Country Estate Designed by Don Edson, AIA For Sale In La Jolla. A great opportunity if you are looking for a private, massive estate with a detached guest house.

Homes in the Muirlands are on another level as one of the most exclusive neighborhoods of La Jolla. There are 16 communities in La Jolla and today's market report covers the 92037 zip code as a whole.

If you would like more specific statistics on a particular community you can email your request here.

As predicted last week we are seeing another dip in the market, will the condo market drop down into Buyer's Advantage zone soon?!? Be sure and get pre-approved now so you are prepared to make an offer. When the prices do drop you could find yourself in a bidding war with another patient buyer who waited as well and you want to be ready!

Condos and Townhomes (Attached) in La Jolla, California 92037

The median list price in La Jolla this week is $911,950. The 122 properties have been on the market for an average of 143 days. Demand measured by the Market Action Index is increasing and days on-market is trending downward. Even as more properties come available, these are positive trends for the market.

Supply & Demand

The market has been cooling off a bit in recent weeks, as more homes are available and demand is less. We'll be looking for a persistent downward trend. If we see a persistent trend, especially if the MAI falls from the Seller's Market zone to the Buyer's Market zone, expect downward pressure on prices. There is already some evidence prices moving lower.

Median Price - Again this week we see a downward notch for prices. Pricing has been weak in recent weeks and versus their absolute-high level. The Market Action Index is a good leading indicator for the durability of this trend.

Price Per Square Foot - The market's light downward trends are shared across both price and value. People are recently placing less value on homes (you can see the recent declines in price per square foot as evidence.) Look for significant changes in the Market Action Index as a precursor to price and value changes, possibly as inflection points for good investment opportunities.

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 30.94 which indicates that demand is strong and available supply of homes gets snapped up relatively quickly.

REMEMBER: The Market Action Index answers the question "How's the Market?" by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies a seller's advantage. Below 30, conditions give the advantage to the buyer.

This week 25% of condos in La Jolla had a price decrease and 18% were re-listed (resetting days on market to 0)

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

The median list price in La Jolla this week is $2,949,000. The 241 properties have been on the market for an average of 147 days. The Market Action Index has been trending down lately, while inventory is climbing. These trends imply a weakening market.

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 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 residence 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 24.03 so buyers should expect to find reasonable levels of selection.

This week 43% of single family homes in La Jolla had a price decrease and 22% were re-listed (resetting days on market to 0)

Based on those statistics it will pay off to work with a Real Estate team who knows the local niche market and trends of La Jolla. We can help guide you to the properties that are the best opportunities currently on market. Contact us today to help find your dream home!

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.
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