La Jolla SFRs at $583/Sqft. last month. Condos also drop over 45% in Price

[latesummer2008]

Condo Drop is hard to ignore. Granted SFRs will vary depending on sales mix, but condos are easier to compare. 35 sales is a significant number and it obviously shows weakness in La Jolla. It’s no suprise that the median is $439K which would be conventional financing. Jumbo financing is difficult and having a major effect on sales. My guess is SFRs will continue to show weakness there, especially when Alt-A and Prime loans begin to reset that were made since 2005.

Also, you need to look at Total Sales Volume. When that starts dropping 40-70% year over year (YOY) and you have bloated inventory, it has an effect on pricing, for those that need to sell. Throw in the REOs and you have a quickly declining market. Pay attention to trends and you will see acceleration to the downside.

More sellers chasing less money….

[jpinpb]

Check out this graph for La Jolla.

[jpinpb]

Check out this graph for La Jolla.

[jpinpb]

Check out this graph for La Jolla.

[jpinpb]

Check out this graph for La Jolla.

[jpinpb]

Check out this graph for La Jolla.

[(former)FormerSanDiegan]

jpinpb – cool chart. It seems the primary price ranges with reasonable inventory levels (4-6 months) are less than 600K and the 1-1.2 Million. Just guessing based on pirce that the less than 600K are condos and the 1-1.2 M are “affordable” SFRs. So, the primary driver in the La Jolla market is affordability. I would assume that the coastal area markets are starting to act like the rest of the county. Price declines, followed by most of the activity occurring in the lower end.

[(former)FormerSanDiegan]

jpinpb – cool chart. It seems the primary price ranges with reasonable inventory levels (4-6 months) are less than 600K and the 1-1.2 Million. Just guessing based on pirce that the less than 600K are condos and the 1-1.2 M are “affordable” SFRs. So, the primary driver in the La Jolla market is affordability. I would assume that the coastal area markets are starting to act like the rest of the county. Price declines, followed by most of the activity occurring in the lower end.

[(former)FormerSanDiegan]

jpinpb – cool chart. It seems the primary price ranges with reasonable inventory levels (4-6 months) are less than 600K and the 1-1.2 Million. Just guessing based on pirce that the less than 600K are condos and the 1-1.2 M are “affordable” SFRs. So, the primary driver in the La Jolla market is affordability. I would assume that the coastal area markets are starting to act like the rest of the county. Price declines, followed by most of the activity occurring in the lower end.

[(former)FormerSanDiegan]

jpinpb – cool chart. It seems the primary price ranges with reasonable inventory levels (4-6 months) are less than 600K and the 1-1.2 Million. Just guessing based on pirce that the less than 600K are condos and the 1-1.2 M are “affordable” SFRs. So, the primary driver in the La Jolla market is affordability. I would assume that the coastal area markets are starting to act like the rest of the county. Price declines, followed by most of the activity occurring in the lower end.

[(former)FormerSanDiegan]

jpinpb – cool chart. It seems the primary price ranges with reasonable inventory levels (4-6 months) are less than 600K and the 1-1.2 Million. Just guessing based on pirce that the less than 600K are condos and the 1-1.2 M are “affordable” SFRs. So, the primary driver in the La Jolla market is affordability. I would assume that the coastal area markets are starting to act like the rest of the county. Price declines, followed by most of the activity occurring in the lower end.

[jpinpb]

Yeah. You can check individual listings and sales, but when you see pretty pictures like that, it gives a nice perspective.

It just didn’t seem so long ago that I was reading the coast was immune. Maybe they meant immune from sales.

[jpinpb]

Yeah. You can check individual listings and sales, but when you see pretty pictures like that, it gives a nice perspective.

It just didn’t seem so long ago that I was reading the coast was immune. Maybe they meant immune from sales.

[jpinpb]

Yeah. You can check individual listings and sales, but when you see pretty pictures like that, it gives a nice perspective.

It just didn’t seem so long ago that I was reading the coast was immune. Maybe they meant immune from sales.

[jpinpb]

Yeah. You can check individual listings and sales, but when you see pretty pictures like that, it gives a nice perspective.

It just didn’t seem so long ago that I was reading the coast was immune. Maybe they meant immune from sales.

[Author]

Posts