Southern California La Jolla Homes

With the national housing market finding a slow start at the beginning of the season, Southern California seems to have fallen into a tepid holding pattern with uncharacteristic highs and lows in recorded data for the last six years.

Despite a rapid pick-up in the market from February to March, home sales in Southern California are still at a six-year low. According to DataQuick, a San Diego-based real estate data company, a total of 17,638 new and resale homes and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in the last month.

On the flip side, DataQuick also reports that the median sale price of Southern California homes has risen to a six-year high. The median price paid for new and resale homes and condos sold throughout the Southern California counties in March was $400,000, which was up 4.4 percent from February’s value of $383,000 and up 15.8 percent from March 2013’s value of $345,000.

These numbers may seem to paint a bleak outlook for the market, however, there are promising signs that this lag is due to the dwindling number of distressed properties on the market. Last month showed that foreclosure sales fell from 7 percent to 6 percent in the last year and short sales accounted for 8 percent versus the 9 percent year-over-year. As these properties continue to decrease their numbers in home sales, inventory of homes is projected to pick up in time to make the best of the busy summer season.

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Luxury Properties Are Selling Strong

Despite regional averages, luxury listings are still seeing healthy activity throughout Southern California. According to Altos Research, a California-based real estate analytics company, high-end markets like La Jolla are seeing an increase in both inventory and median price for single-family homes.

As of April 11, the median single-family home price in La Jolla was $3,002,991. Data over the last year show this figure has been on an upward trend since October 2013. Despite a leveling off that started in January for the 90-day average, there have been a few spikes for the seven-day average around the $3 million mark, but the median price has remained steady.

In addition to the steady median home price, Altos is also showing that inventory is relatively high for La Jolla currently, but not so high that home sellers are massively outweighing home buyers. A figure unique to Altos known as the Market Action Index is showing a value of 27.29. This means that the market is leaning slightly in favor of home buyers, but is not to radically skewed. Inventory for La Jolla has been on a gradual decrease over the last six months, but this has only worked to stabilize the market and bring that index to a more even value for home buyers and home sellers.

Interested in luxury real estate in La Jolla? We’re a luxury real estate company who specializes in exquisite properties throughout Southern California. Please contact us so that we may assist you in finding your new luxury home.

Check out these homes for sale in La Jolla between $3,000,000 and $4,000,000

  1. 5 beds, 4 baths
    Home size: 3,079 sq ft
    Lot size: 24,392 sqft
  2. 5 beds, 4 baths
    Home size: 3,079 sq ft
    Lot size: 24,393 sqft
  3. 5 beds, 6 baths
    Home size: 4,288 sq ft
    Lot size: 9,399 sqft
  4. 5 beds, 6 baths
    Home size: 4,288 sq ft
    Lot size: 9,399 sqft
  5. 4 beds, 4 baths
    Home size: 2,399 sq ft

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.