La Jolla Market Summary and Statistics
La Jolla Market Summary
(Detached Homes OVER 1.5 Million)
Summary: The median sales price for homes in La Jolla CA for Sep 09 to Nov 09 was $862,500. This represents an increase of 14.1%, or $106,500, compared to the prior quarter and an increase of 7.8% compared to the prior year. Sales prices have depreciated 13.7% over the last 5 years in La Jolla.
The average listing price for La Jolla homes for sale on Trulia was $3,053,675 for the week ending Jan 13, which represents a decline of 1.5%, or $46,213, compared to the prior week and an increase of 1%, or $30,384, compared to the week ending Dec 23. Average price per square foot for La Jolla CA was $554, a decrease of 3.8% compared to the same period last year.
Since 9/1/2009
49 Sold Homes
Absorbtion Rate of 12/ mo
Currently:
145 Active Homes
12 Month Supply (Huge Buyer’s Market)
*Historically that means that prices will continue to fall this year up to 8-10%
FORECLOSURE REPORT:
As of Jan, 1/2010, there are 206 homes in La Jolla that are in a form of foreclosure, from a early Notice of Default to being owned by the bank.
This represents a 250% increase from last year.
The Luxury Market across America has seen a 580% foreclosure increase year over year.
FINANCIAL STATUS:
Still No Stated Income Loans.
Banks requiring 25% or more to finance super-jumbo projects.
Case-Shiller (S&P 500) is estimating the bottom will hit in May of 2011, up to 3 years after for luxury markets like La Jolla.
*It is important to not that as the median home price rises slightly, it is actually an indication of homes that were at one point in the high luxury markets are now lowering in price due to loan defaults and regular sales attempting to escape before the market falls lower.