La Jolla real estate market remains steady


SDARBy Mark Marquez

President, San Diego Association of Realtors

The real estate roller coaster in San Diego is still riding its ups and downs. The past two months have been no surprise as the county has seen little to no change in median price as well as a decrease in sales for both detached and attached properties.

Those in La Jolla, however, need to pay close attention to their own community. Known for its individuality, La Jolla’s figures are quite different from those of the rest of the county, but still shed some light on what lies ahead.

The median price of detached homes in La Jolla hit their lowest point in April at an average $1 million. They have since climbed back to $1.4 million, slightly declining over the last few months, but only minimally. Overall, La Jolla’s median price has decreased almost 16 percent since the beginning of the year and almost 14 percent since this time last year. Since May, the median price of detached properties in La Jolla has appeared steady in comparison to activity over the first part of the year, and we are hopeful that it will continue this way if not increase through the end of 2010.

Attached properties, however, have seen a fairly even path over the majority of the year. The median price for September was $435,000, a decrease of about 17 percent from the beginning of the year and 25 percent lower than where it was at this time last year. From August to September, the median price increased slightly, and if it continues in this way through the end of the year, La Jolla’s attached properties may rebound and actually have a higher median price than they did at the beginning of the year.

When looking at sales of attached and detached properties in La Jolla over the course of 2010, activity fluctuates monthly, climbing as high as 29 detached homes and 28 attached homes sold in June and as low as 11 detached homes and 15 attached homes sold in January. In September, 25 detached homes were sold and 18 attached homes, both better than January and, at least for detached properties, better than where it stood last year at this time.

While it’s disappointing to see little in the way of change for an improved real estate market in La Jolla, it’s predictable as we head into the holidays. All we can ask for now is that the numbers remain as steady as possible. It is important to note that even in a down economy, La Jolla homes have buyers. There are still very expensive transactions taking place. As all who live in La Jolla know, location is key, and this community will rebound in due time.