2012 was a strong year for real estate in San Diego as a whole, and in particular for real estate in La Jolla. Factors including rising home prices, coupled with buyers who were eager to buy luxury homes while interest rates were low, contributed to the boom in local real estate.
In the early spring of 2012, the median home price in California rose to around $250,000 while the median price for a Southern California home increased to $290,000. In addition to Los Angeles, Orange and Ventura counties, San Diego experienced the greatest boom in home prices, an improvement which industry experts credit to better performance in the luxury home market.
The housing prices for the greater San Diego area have risen by 13.7 percent, leading to some of the best sales records since 2005. Furthermore, according to a report by the First Republic Bank, San Diego luxury home values rose by 2.2 percent, a rise that homeowners throughout the La Jolla area welcome and appreciate.
Industry experts also predict there will be a continued rise in high-end home prices throughout San Diego for 2013 with the value of luxury homes in La Jolla continuing to rise as well. We’ve already seen more than 16 La Jolla homes sold in the first week and half of January. 10 of these 16 homes sold for more than $1 million and all but one sold for over $800,000.
The upswing in the housing market has encouraged home-sellers throughout San Diego to put their homes on the market, and the trend of rising home value suggests promise for this upcoming year. Whether you are looking to sell or buy in the La Jolla real estate market, now is the time.