San Diego Coastal Real Estate Resource

La Jolla Market Snapshot for June 2009

by Jeffrey on June 30, 2009

in Breaking News, Communities, La Jolla, Statistics

Another luxury market in San Diego is La Jolla, which is the 92037 zip code. Let’s take a look at the La Jolla market to see how it is faring in relation to other markets in San Diego. See Rancho Santa Fe or Coronado to compare upper markets

You can download the latest La Jolla market statistics report – La Jolla Market Report June 2009 (large PDF), or you can sign up to have the report delivered to your e-mail here. If you are concerned about giving out your e-mail please visit my privacy page.

Let’s start by taking a look at the active inventory in La Jolla – 92037. We are going to look at both single family detached and attached units. Weekly updated graphs and pictures can be found at my La Jolla community page at www.JeffreyDouglass.com.

The LA JOLLA market is currently strong in the Buyer’s Market zone (below 30). The 90-day Market Action Index stands at 12. With several months of inventory available at the current sales rate, buyers should find ample choice. The Market Action Index has been trending lower for several weeks while prices have remained relatively stable. If inventory continues to grow relative to demand however, it is likely that we will see downward pressure on pricing.

You can search active homes for sale in La Jolla by clicking here.

Now lets take a look at the sold homes in La Jolla for year to date. The range would be from January 1, 2009 through June 15th, 2009.

81 Detached Homes Sold and 99 Attached Homes Sold
Average Sales Price $2,006,459 Detached and $659,938 Attached
Lowest Price Sold $743,000 Detached and $181,500 Attached
Highest Price Sold $17,350,613 Detached and $4,200,000 Attached
Average List to Sold Price 91% Detached and 94% Attached
Average Price Per Square Foot $721.89 Detached and $465.41 Attached

Looking back to 2008 from January 1st through December 31st:

199 Detached Homes Sold and 318 Attached Homes Sold
Average Sold Price $2,373,889 Detached and $712,790 Attached
Lowest price sold $515,000 Detached and $199,900 Attached
Highest price sold $16,500,000 Detached and $5,295,000 Attached
Average list price to sales price 91% Detached and 94% Attached
Average price per square foot $807.42 Detached and $505.12 Attached

In 2007, which is the top of the market, the following:

294 Detached homes sold and 314 Attached homes sold
Average Sales Price $2,176,573 Detached and $817,178 Attached
Lowest price sold $600,000 Detached and $215,000 Attached
Highest price sold $17,000,000 Detached and $4,200,000 Attached
Average list price to sold price 93% Detached and 95% Attached
Average price per square foot $758.38 Detached and $545.06 Attached

Going over to Foreclosure Radar there are 62 properties scheduled for auction, 17 Bank Owned, and 114 in pre-foreclosure. Note that those properties may be sold on a “Short Sale” or redeemed by the owner before a sale date. You can search any zip code for the results yourself.

Back in January I wrote a blog post regarding market predictions. Pardon for quoting myself….

I have been reading a lot of posts on predictions for the 2009 real estate market in San Diego. As usual, there are many opinions out there, some of them are optimistic, some funny, some neutral, and some just doom and gloom. Everyone appears to be an expert with their own spin and logic to what clearly has been a huge reset of our markets.

The truth of the matter is no one really knows when the bottom will hit (or has hit) in San Diego. If they have this ability to see so clearly into the future, then I would suggest they might want to spend their time buying Lotto tickets – the payoff would be much better. Market bottoms can be clearly identified months after they have occurred by the reviewing of sales data and median prices by real estate experts.

Now for the legal stuff. Not all sales are reported to Sandicor MLS and while I have tried to be as accurate as possible this information is not guaranteed.

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