Current Real Estate Trends for La Jolla Single Family Homes, Condos & Town Homes
The La Jolla real estate market was also active this weekend with plenty of Open Houses to choose from. Have you found your dream home yet? Here's a quick update on the market:
Price Per Square Foot - The market's 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 32.44 which indicates that demand is strong and available supply of homes gets snapped up relatively quickly.
Price Per Square Foot - The value placed on homes continues to increase, despite the fact that prices in general have remained basically flat. These conditions can arise when inventory is light and more, smaller homes have more influence on overall prices.
Market Action Index - The La Jolla real estate 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 23.62 so buyers should expect to find reasonable levels of selection.
Team SchuCo Of La Jolla
Teresa Schumacher - REALTOR®
Berkshire Hathaway HomeServices California Properties
1299 Prospect Street
La Jolla, CA 92037
E: tschumacher@bhhscal.com
Ph: 619-995-2132
Make An Appointment
Condos/Townhomes in La Jolla, CA 92037
The median list price in La Jolla this week is $841,500 (quite a difference from the first week in June at $924,900). The 128 properties have been on the market for an average of 125 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. Perhaps because they are lower price points than previously...or buyer's are getting off the fence and jumping into the market while they can...Supply & Demand
Home sales have been exceeding new inventory for several weeks. However prices have not yet stopped falling. Since the market is already in the Seller's zone, expect prices to level off very soon. Should the sales trend continue expect that prices could climb from there.Median Price - Again this week we see a downward notch for prices. Pricing has been weak in recent weeks and versus their absolute-high levels. The Market Action Index is a good leading indicator for the durability of this trend.
Price Per Square Foot - The market's 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 32.44 which indicates that demand is strong and available supply of homes gets snapped up relatively quickly.
This week 26% of properties had a price decrease and 17% were re-listed (re-setting the days on market to zero).
Single Family Homes in La Jolla, California 92037
The median list price in La Jolla this week is $2,949,500. The 252 properties have been on the market for an average of 148 days. Inventory and days-on-market are climbing, while the Market Action Index has been flat recently. The trends point to 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 appears to be hovering around this plateau. This week prices eased down a bit. The Market Action Index is a good leading indicator for the durability of this shift.
Price Per Square Foot - The value placed on homes continues to increase, despite the fact that prices in general have remained basically flat. These conditions can arise when inventory is light and more, smaller homes have more influence on overall prices.
Market Action Index - The La Jolla real estate 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 23.62 so buyers should expect to find reasonable levels of selection.
This week 43% of homes had a price decrease and 21% were re-listed.
Hire Team SchuCo
Whether buying or selling in San Diego, we can help. We are a social business, have you seen our Instagram account? IG: @LaJollaRealEstate we love when you heart our photos!
Teresa Schumacher - REALTOR®
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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