The La Jolla region is located a coastal community located in Central San Diego County, California. The community is located just off Interstate 5 at La Jolla Village Parkway.
Much of the real estate and homes for sale in La Jolla fall into the upper income category. The number of homes sold in a particular year is relatively high. For example, during the period from January through July 2006, approximately 179 single-family homes sold. Approximately 215 homes sold for the same period in 2005.
One method to analyze pricing trends for a particular community is to evaluate the median and average price of homes for a particular month, and compare that data against the same period last year. What follows is a comparison of the median price and average price of homes for the past seven months (January through July 2006), compared against the data for the corresponding time period in 2005.
The median price of homes represents the point at which half the homes are above a particular price point, and half the homes are below a particular price point. The average price of homes is calculated by adding up the sales price of all homes sold in a particular month, and dividing that value by the number of homes sold.
The median price of homes in July 2006 was $2,495,000, compared to $1,889,500 in July 2005, which represents a 32% increase. The average price of homes in July 2006 was $2,371,794, compared to $2,651,090 in July 2005, which represents a 10.5% drop. Approximately 17 homes sold in July 2006 and 28 in July 2005. In summary, the data was mixed for July 2006, as the median price increased and the average price decreased the same period last year.
The median price of homes in June 2006 was $1,692,500, compared to $1,542,500 in June 2005, which represents a 10.30% increase. The average price of homes in June 2006 was $2,877,540, compared to $2,287,091 in June 2005, which represents a 27.6% increase. Approximately 28 homes sold in June 2006 and 38 in June 2005. In summary, there was an upward price trend in June 2006 compared to the same period last year.
The median price of homes in May 2006 was $2,115,000, compared to $1,470,000 in May 2005, which represents a 43.9% increase. The average price of homes in May 2006 was $ 2,505,093, compared to $ 2,094,517 in May 2005, which represents a 19.6% increase. Approximately 27 homes sold in May 2006 and 33 in May 2005. In summary, there was an upward price trend in May 2006 compared to the same period last year.
The median price of homes in April 2006 was $1,850,000, compared to $1,727,500 in April 2005, which represents a 5% increase. The average price of homes in April 2006 was $2,372,476, compared to $1,937,199 in April 2005, which represents a 20.8% increase. Approximately 41 homes sold in April 2006 and 34 in April 2005. In summary, there was an upward price trend in April 2006 compared to the same period last year.
The median price of homes in March 2006 was $1,645,000, compared to $1,850,000 in March 2005, which represents an 11.1% drop. The average price of homes in March 2006 was $1,816,450, compared to $2,079,271 in March 2005, which represents a 12.6% drop. Approximately 20 homes sold in March 2006 and 35 in March 2005. In summary, there was a downward price trend in March 2006 compared to the same period last year.
The median price of homes in February 2006 was $1,825,000, compared to $1,882,500 in February 2005, which represents a 2.9% drop. The average price of homes in February 2006 was $1,940,983, compared to $2,678,069 in February 2005, which represents a 25.3% drop. Approximately 25 homes sold in February 2006 and 18 in February 2005. In summary, there was a downward price trend in February 2006 compared to the same period last year.
The median price of homes was $1,725,000 in January 2006, compared to $1,384,000 in January 2005, which represents a 19.6% increase. The average price of homes in January 2006 was $1,789,143, compared to $2,219,224 in January 2005, which represents a 19.6% drop. Approximately 21 homes sold in January 2006 and 29 in January 2005. The data was mixed in January 2006, as the median price increased and the average price declined compared to the same period last year.
So what does the above data tell us? Overall, there was a 16.7% decline in the number of homes sold during this period from 2006 to 2005. Besides that, the data above does not reveal a consistent pattern. While there were increases in both the median and average price during April, May and June 2006, a downward price trend was observed in February and March 2006, compared to the same period last year. In addition, January and July data were mixed, as the median price was up for these months, but the average price was down.
La Jolla is a unique market because homes in this region are very expensive. Therefore, median and average prices fluctuate substantially depending on how many pricey homes sold that month or not. Prospective home buyers should seek the advise of an experienced real estate agent to help them understand the micro pricing trends of homes in their price range.
San Diego Real Estate
Market Trends Data Source
Pacific Beach Real Estate
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