By Bob Kevane
President, San Diego Association of Realtors
A two-month decline in San Diego’s real estate market came to an end in March with an increase of 36 percent in sales of detached and attached properties combined compared to February. This is great news as we head into prime homebuying season. But what does the climate look like for buyers and sellers in La Jolla?
Although the median price of detached homes in La Jolla is still down nearly $200,000 from this time last year, the number of properties sold has increased and the time these properties spend on the market has decreased. The 92037 zip code had 59 detached properties sell in the first quarter — up from 53 this time last year — and they spent an average of 91 days on the market, 25 days less than in the first quarter of 2010. Nearly half of those properties were sold in the month of March with a median price of $1,210,000 as compared to $1,425,000 in March of 2010.
While the amount of time attached properties in La Jolla spend on the market has declined from 105 days to 101 days, the number of properties sold in the first quarter of 2011 is down from 68 this time last year to 53. But, there’s a great opportunity for investors to purchase attached properties in La Jolla with a year-to-date median home price of $465,000, down from $504,000 in 2010.
La Jolla’s modest improvements, along with the rest of the county, have helped sustain our positive outlook for San Diego’s real estate market in 2011. The overall median sales price in the county increased 5 percent and the median price for detached properties increased more than seven percent since February, while the price of attached homes increased by nearly four percent.
The spring months have finally arrived and warmer weather historically brings an improved housing market. As you consider purchasing a home, take the time to evaluate your finances and real estate strategy and be sure to consult a knowledgeable Realtor for advice and guidance. Visit www.realtor.com and click "When Is a Real Estate Agent a Realtor" under "About the NAR."