Looking at May's monthly indicators for La Jolla, it looks like the market is still doing very well. Year over year, May saw a 15.2% increase in the median home price, bringing La Jolla's median detached home price to $2,477,500. Year to date, the median home price is only 2.6% higher than May 2016's median home price. And although there was 18.9% fewer closings this May, there were 18.8% more new escrows versus the same time last year. Through the month of May, there has been 9.1% more sales this year than the same time last year, brings the total closed sales (detached homes in 92037) to 60.
La Jolla continues to have low housing inventory and increased demand. And while it's not completely lopsided, it is more of a seller's market than a buyer's market (slightly). In my opinion, this is probably the "fairest" market I've seen in my 13 year career - no one is getting a "deal," but no one is getting ripped off.
The La Jolla (92037) condo market however, has seen less activity with 11.6% fewer sales YTD, but the median condo price has risen 5.3% to $665,550. The most notable metric in the condo market is that market times have decreased 40% YTD. Inventory remains low in this market, but there are a few new condo developments being built, The Muse being one of them.
For more information about the La Jolla housing market, or any other San Diego real estate questions, please contact Denny Oh at 858-243-2092 or firstname.lastname@example.org.