La Jolla Luxury Housing Market

California housing market trackers are breathing a sigh of relief as foreclosure levels have come down significantly in recent quarters. While this data is making some wary of a market flush with high-priced homes, luxury markets in communities like La Jolla are looking forward to a very busy buying season throughout spring and summer.

In a recent report released by DataQuick, a La Jolla-based housing data company, default notices as well as foreclosures throughout California have dipped to new low levels when looking at recent data sets.

DataQuick reported that the number of default notices that have been issued by lending institutions has floated around a level last seen eight years ago. January to March of this year yielded 19,215 default notices to property owners throughout the state, while the third and fourth quarter of 2013 yielded 20,314 and 18,120 default notices respectively. Although this year’s first quarter data was actually up 3.5 percent from the first quarter of 2013, it still managed to reveal a low value for the years since the housing crisis began in 2008.

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DataQuick also revealed that the number of foreclosures in California is down to pre-recession levels. The first quarter of 2014 showed a 43 percent decrease to 7,799 from 13,592 a year earlier.

While seeing distressed properties coming off the market more and more is a good indication of healthy market growth, many analysts are still wary of the situation facing California home buyers.

“It may well be that the foreclosure starts in recent quarters don’t reflect the ebb and flow of financial distress as much as they reflect a steady state of workload capacity on the part of the servicers. They may well be just working their way through a backlog, stacks of paper piled high on desks,” DataQuick analyst, John Karevoll, related to the Los Angeles Daily News.

La Jolla Luxury Market Making Great Gains

While market analysts worry that a decreasing foreclosure rate will drive prices up even further, luxury markets like La Jolla are seeing great benefits for buyers and sellers as homes on the market continue to appreciate.

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The La Jolla housing market is looking very stable when comparing various data sets provided by Altos Research, a California-based real estate analytics company. The company is reporting that La Jolla is seeing no major fluctuations in the median single family home price, which has hovered around $2,969,530 since the beginning of the year.

Unlike most markets across the United States and even in Southern California where exponential gains are being noted, La Jolla’s prices are remaining relatively stable as demand for homes in the community is amping up.

The Market Action Index is a value unique to Altos that measures from a neutral point of 30 whether trends are moving upward into seller’s territory or downward into buyer’s territory. As of May 16, La Jolla is looking at an index of 27.43 with data trending upward. This is indicating that demand for La Jolla homes is increasing, even though an influx of inventory is still keeping buyers in charge of the market action.

La Jolla is an exciting community for the luxury home buyer to invest in. If you are looking for a home in Southern California, please feel free to contact our team to help you find a home in this great community.

Check out these La Jolla homes priced from $2.5 million to $3.5 million

  1. 5 beds, 5 baths
    Home size: 3,883 sq ft
    Lot size: 20,872 sqft
  2. 5 beds, 5 baths
    Home size: 3,883 sq ft
    Lot size: 20,872 sqft
  3. 4 beds, 4 baths
    Home size: 3,409 sq ft
    Lot size: 36,590 sqft
  4. 3 beds, 4 baths
    Home size: 3,409 sq ft
    Lot size: 36,590 sqft
  5. 5 beds, 5 baths
    Home size: 2,913 sq ft
    Lot size: 9,999 sqft

See all City of La Jolla Luxury Homes For Sale.
(all data current as of 10/22/2017)

Listing information deemed reliable but not guaranteed. Read full disclaimer.