When the market is separated by price ranges the picture changes. There are 52 homes on the market priced below $500,000 last year 117 homes sold in that price range so there is a slight sellers market with about 5 month and 10 days worth of inventory.
The inventory for homes prices from $500,000 to One Million is 92 homes today. Last year 158 homes sold in this price range. For homes in that range there is almost a 7 month inventory or a slight buyers market. But in both cases pretty close to a balanced market with a 96% of asking price for sales price for all homes under $1,000,000. The caveat here is not to try to apply these numbers too closely to a specific home as these are average numbers to indicate the direction and flow of the market.
For homes priced from $1,000,000 to $2,000,000 there are 139 homes on the active market that price range sold at a rate of about 14 per month last year so that means about a 10 month inventory, last year this price home sold on average at 92% of the asking price. Buyer's market in this price range.
There are 85 Homes on the active market in the $2,000,000 to $5,000,000 price range in La Jolla. Fifty five homes were sold at 88% of asking price in the proceeding twelve months at an average rate of about 4.6 homes per month. There is more than 18 months of inventory in this price range, by the rule of thumb this price range is in a buyer's market.
There are currently 35 homes being actively marketed in the over $5,000,000 price point. In the last year 4 home in this luxury category sold for an average price of $9,540,000 in La Jolla, the average sale price was at 85% of the asking price, and with over an 8 year 9 month inventory, this could also be considered a buyer's market.
Call the Ruth Mills Team for a consultation and analysis of your particular La Jolla real estate interests, we are happy to get you all the numbers and values for your La Jolla dream home. The only real way of course to measure a home's value is in what the home seller and home buyer agree to be a fair price.
Toll free at 888-450-6691 or 858-459-9109 or Ruth@MillsTeam.com.
Search La Jolla Real Estate
