Current Real Estate Market Trends in La Jolla

Luxury Real Estate Market Trends in San Diego

Parents and students alike are getting back into the groove of things. Bye Summer Fun...hello homework and schedules! Did you catch your local Bishop Knights in action this Saturday at La Jolla High? They pulled off a win and what a tough group this year, they look great!
Did you know that the Bishop's School was founded in 1909?!? Read more about Bishop's and their mission here.

Now that you are back into the swing of the Fall season...I'm wondering...did you find your dream home over the summer?!? The real estate myth that all of the "real estate action" happens during that season...so if you haven't been paying attention to the trends we have a real estate alert for you today.

NOW is the TIME to BUY luxury real estate in La Jolla. The last quarter of the year has shown us that deep discounts for motivated sellers can be gobbled up NOW. Let me show you a quick example of recent solds (last 7 days), take a look at the listing price and the sold price:

In the last 7 days we have had 19 total properties close escrow, the average day on market for those listings was 47 days. The average sold price (both attached and detached in this report) was $1,857,933, the highest sold property was for $11,000,000 and the lowest priced was $290,000. But take a look at these (7) solds (They sold under asking and some...significantly under):

A total of 16 out of those 19 sold listings where sold under asking price...so I ask you, have you seen something that you like but feel it's overpriced?? Contact us, we aren't afraid to submit an offer on your behalf under asking price. Let's carry on to today's Monday Market Update for the La Jolla Real Estate market.

Condos/Townhomes (Attached) for La Jolla, California 92037

The median list price in La Jolla this week is $849,000. The 117 properties have been on the market for an average of 137 days. Inventory has been decreasing lately but the Market Action Index is falling also. With days-on-market climbing, these are relatively negative implications for the market.

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 List 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 condo market is currently in the Seller's Advantage zone (greater than 30). The 90-day Market Action Index stands at 34.25 which indicates that demand is strong and available supply of homes gets snapped up relatively quickly.

42% of properties had a price decrease this week and 18% were re-listed (resetting the days on market to zero).

Single Family Homes In La Jolla, California 92037

The median list price in La Jolla this week is $2,995,000. The 244 properties have been on the market for an average of 163 days. The Market Action index has been trending down lately, while days-on market is climbing, providing mostly bearish signs for the market.

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 List Price - The market is hovering around this plateau. Look for a persistent change in the Market Action Index before we see prices deviate from these levels.

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 detached homes 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 24.02 so buyers should expect to find reasonable levels of selection.

45% of properties had a price decrease this week and 24% were re-listed (resetting the days on market to zero).

Are you excited to find your new home before the holidays come rolling in?

HIRE TEAM SCHUCO

We love working with home buyers, contact us today!

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

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