La Jolla’s Real Estate Trend! Still indicate it’s a Buyer’s Market!

Last week median list price in LA JOLLA, CA  92037 was $2,372,000. The 204 properties have been on the market for an average of 223 days.

From the chart you can see The Market Action index has been trending down lately, while days-on market is climbing, providing mostly bearish signs for the La Jolla’s market. The market has shown some evidence of slowing recently. Both prices and inventory levels are relatively unchanged in recent weeks. However, The Market Action Index shows that the strong Buyer’s trend is down slightly. In terms of supply and demand, the market is getting cooler – more supply is coming on the market relative to the sales demand.

However, in recent weeks prices have been moving higher. Since it is technically a Buyer’s market, this price trend may be a result of improved quality (newer, larger homes) of the homes being listed.  Look at the descriptive statistics where you may notice the homes being listed are larger and younger than they have been in the past.

Median Price … In La Jolla’s zip code you can see very little price change from last week but note the nice up trend over the last several weeks.

Inventory of Properties Listed for Sale … La Jolla’s Inventory has been relatively steady around these levels in recent weeks.

Note how this Market Action Index per Quartile shows that the Residential house prices are a function of supply and demand.  By Analyzing those factors we can determine market conditions and by watching for sustained changes we will probably see a downward correction.

The market trends from these charts show that it is still a Buyer’s market but prices are slightly moving upwards. So if you have been undecided to buy your first home or move 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.