The big story is when we compare Q1 2022 with Q1 2023, we see that there are significant changes in the level of listing activity.
Single families and townhouses and condos all saw a double-digit drop in average new listings per month as well as pending sales and closed sales. We can see that the average days on market, as well as the average inventory of homes and months of supply have all seen substantial increases year over year which may signal that the market is slowing down.
Another strong indicator that the market is cooling is that we see that sellers are no longer getting over list price. Both single families and condos are selling approximately 5% below list in this past quarter, where last year they were each getting about 5% over list price.
Taking a look at our five-year chart, we can see that we may have had a peek in pricing in 2022, as median sale prices are starting to level off.
As for our top three biggest sales this past quarter we have 7505 Hillside Dr., which is a 10,000 square-foot five bedroom home closing at $15.8 million. 6320 La Jolla Scenic Drive South which was another five bedroom home closing for $10.5 million and finally 6545 El Camino Del Teatro Closing for $8.25 million.
On the townhouse and condo side, 7147 Fay Ave., takes first place with a closing at $2.6 million dollars. 220 Coast Blvd., Apt. 3F which is a 1400 square-foot two bedroom closed for $2.45 million, and 8263 Camino, Del Oro closed for $2.3 million, or $1758 per square foot.
These statistics represent the current market trends for the entire La Jolla zip Code.
For an in-depth analysis on how these trends affect your home’s value in your specific neighborhood, call me today at 858-255-0817 for a free consultation.
