An affluent community along the Pacific Ocean’s shores, La Jolla, California, lies in San Diego, along the coastline and about 12 miles north of downtown San Diego. The area is a large and popular community in the San Diego region and has a population of more than 40,000. Because the community is full of wealthy residents and because it located along the coast, affording residents beautiful and highly desirable beachfront properties, La Jolla real estate is expensive. In 2009, its home had the second-highest price per square foot of any area in San Diego. Due to its high prices, however, the La Jolla market has seen substantial drops in prices since the economy began to suffer in the U.S. because some argue the market was too overheated.

According to the San Diego Union Tribune annual zip code chart, there were 258 single-family homes and 304 condos sold in La Jolla during 2009. The price per square foot for homes was $593 in 2009, down nearly 14% from 2008, when it was $686. Condos saw a median price per square foot of $387, down 10% from a year earlier, when it was $430.

In December, the median price for a home sold in La Jolla was $1.32 million, a 1.7% increase year-over-yaer. The average price, however, fell 11.2% to $1.72 million. There were 28 sales, and La Jolla homes for sale spent an average of 121 days on the market before selling. The condo market in December in La Jolla saw an average price of just over $555,000, down 17% annually and a median price of $525,000, up 7.6% year-over-year. There were 31 condos sold during the month and they spent an average of 82 days on the market before selling.
According to the San Diego Union Tribune monthly zip code chart, thus far 2010 has been kinder on the home market, as the price per square foot had risen in March an annual 6? to $656 from $619. There were 29 homes sold during the month. The condo market, however, continues to struggle, as the median price per square foot was down more than 15% to $384 from $454 year-over-year. There were 34 condos sold during the month.