La Jolla Real Estate Market
Jun 2nd
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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.
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Irvine Real Estate Market
Jun 1st
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A planned city developed in the 1960s and incorporated in 1971, Irvine, California, is one of the larger cities in Orange County, with a population of more than 200,000. The city is located just minutes from the Pacific Ocean’s many beautiful beaches and there are several colleges and universities located within Irvine as well as a number of technology companies. The city is quite affluent, especially for a city of its size. In 2007, Irvine’s annual median household income was measured to be nearly $99,000, making it the seventh-most wealthy city in the U.S. with a population over 65,000. Likewise, the Irvine real estate market tends to be in the upper range of the county, with most prices currently in the $500,000 to $700,000 range.
Irvine has eight zip codes, and housing statistics can vary among the various neighborhoods within the city. According to the Orange County Register’s annual zip code chart for 2009, each of the eight zip codes ended 2009 with median prices lower than what they were at the end of 2008, with declines ranging from as little as 1.7% to as high as 12.1%. Prices ranged from as high as $725,000 (where the median was down 12.1%) to as low as $450,000 (with a 1.7% decline). Meanwhile, sales volume was up in four zip codes but down in four others. Two zip codes saw double-digit increases in sales activity, up 37% and 38% to 254 sales and 231 sales, respectively. The zip code with the largest drop in sales activity saw volume down 6.4% with 161 Irvine homes for sale sold.
More recently, as 2010 has begun, the Irvine market has been off to a fresh start and as recently as March, the city’s real estate market was showing much more positive signs. According to the Orange County Register’s monthly zip code chart, the median price for homes sold in Irvine was up year-over-year in all but one zip code, and even in that area, it was down only a mere 1.8%. Median prices in March ranged from $430,000 to $847,500. Meanwhile, March showed significant progress in the city’s sales volume with every single one of the Irvine’s eight zip codes seeing an increase in sales. The number of sales ranged from 15 to 59. Increases ranged from 25% to 483%, showing that the market is seeing robust activity as homebuyers rush to get into the market before prices are too high again.
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