La Jolla’s Real Estate Trend…inventory is down! But trend still indicates it’s a Buyer’s Market!

Last week’s median list price in LA JOLLA, CA 92037 was $2,372,000. These 200 properties have been on the market for an average of 218 days.

From the chart you can see Inventory has been decreasing lately and the Market Action Index has been trending up.  These are mildly positive indications for the La Jolla market even though days-on-market are increasing. It is still a Buyer’s market. One can look for a persistent shift in Market Action before prices plateau or begin to rise again. Since the inventory and sales conditions have not changed much it is still a Buyer’s Market!

Median Price in La Jolla’s zip code this week saw relatively little price change from last week. However, we continue to demonstrate a nice up trend over the last several weeks.

Inventory of Properties Listed for Sale has been falling in recent weeks. Note that declining inventory alone does not signal a strengthening market. Look to the Market Action Index and Days on Market trends to gauge whether buyer interest is changing with the available supply.

Market Action Index — The LA JOLLA, 92037 market is currently quite strongly in the Buyer’s Advantage zone (below 30). The 90-day Market Action Index stands at 14.64. With several months of inventory available at the current sales rate, buyers should find ample choice.

The market trends from these charts show that it is still a very strong Buyer’s market. So if you have been undecided about buying your first home or moving up from your current home in La Jolla, all indications are still in your favor.

If you need a current market analysis or have real estate questions please give me a call 619-980-2738 or visit my website.