Real Estate Trends for La Jolla Single Family Homes, Condos & Town Homes
The buyer's market is looking strong for both condos and single family residences...and here's my thoughts..this is the first week all year I have seen the median list price of condos drop under $900,000. The 124 properties have been on the market for an average of 127 days (that seems like a long time...) I'm sure there are some pretty antsy seller's out there looking to open escrow. So I will ask you my friends...What has your Buyer's Agent done for you lately?!?
Now is the time we put our nose to the grindstone and find your dream home, one that meets all of your needs, make your offer sing and you never know the price could be just right!
Condos/Townhomes in La Jolla, CA 92037
The median list price in La Jolla this week is $880,500. The 124 properties have been on the market for an average of 127 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
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 level. 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 32.26 which indicates that demand is strong and available supply of homes gets snapped up relatively quickly.
This week 25% of condos had a price decrease and 18% were re-listed.Have you seen a condo sitting on the market for awhile? Have you been thinking about making an offer?!? Now might be the perfect time. If you are pre-approved to buy then may I ask....what are you waiting for?
Single Family Homes in La Jolla, CA 92037
The median list price in La Jolla this week is $2,985,000. The 249 properties have been on the market for an average of 146 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.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. Look for a persistent change in the Market Action Index before we see prices deviate significantly from here.
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 market is currently in the Seller's Advantage zone (greater than 30). The 90-day Market Action Index stands at 32.26 which indicates that demand is strong and available supply of homes gets snapped up relatively quickly.
This week 44% of homes had a price decrease and 21% were re-listed.What do you think about today's update? We have been getting a lot of inquiries about how the election year will affect real estate and values...thoughts?? Leave your comments below or tweet at us your thoughts on what real estate will do next year?!? @TeamSchuCo1
HIRE TEAM SCHUCO
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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