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April 10, 2011

La Jolla Condo Market condition continues to improve!

The demand for La Jolla real estate continues to grow into the spring. The Median condo price has remained at or near $630,000 for several weeks. While the number of homes on the market, as is traditional for this time of year, has been increasing the demand has been out pacing the supply of condos entering the market.

The average time on the market for the most expensive condos is at 99 days, the lowest priced condos are selling in about 70 days on average, and the average time on market for all condos is now 90 days.

La Jolla Detached Home prices continue to rise with the median price for this week being $1,975,000. The demand for homes at the same time has remained steady, the price increases are seen as fragile and unless demand increases this trend can be short lived. Despite the increase in the asking price the market is still identified as a strong buyers market. (La Jolla detached home trend chart below)

While 2010 saw a steep median price decline of near 18% for La Jolla detached homes this upturn in pricing since January of this year can be seen as a tentative recovery. The recent predictions of a forecasted 23% increase in home appreciation by 2015 may have injected a bit of confidence into the market and the look of a gradual recovery trend appears to be a possible scenario for the market over the next few years. Whether it is in La Jolla, Del Mar, UTC/University City, Carlsbad, Scripps Ranch or Downtown San Diego contact the Ruth Mills at the Mills Team at 888-450-6691 or RuthMills@MillsTeam.com for specific Market information on the San Diego county area of your interest.

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