2016 La Jolla Real Estate Recap
Another year has come and gone, and with it, we’ve seen the average home price in La Jolla increase to $1,741,400 according to Zillow. That means the average price per square foot in La Jolla alone is $790, which is significantly higher than the city of San Diego’s average of $405.
This marks a 7.8% change from this same time last year and an additional 2.4% growth is forecasted for this upcoming year. Zillow’s rank of La Jolla Real Estate Health is 7.9/10, which is another key indicator of projected growth.
2016 saw millennials start to enter the real estate market, many for the first time, which created a depletion in inventory. Buyers had to compete for median priced homes as interest rates remained low, fueling 30-year fixed mortgages. Additionally, construction on single-family homes grew by 2.4 % and multifamily home spending increased by 34.6% — yet another indicator that the market growth is coming from first-time home buyers.
A major contributing factor is that La Jolla is home to a variety of businesses, especially in the arena of bio-engineering, medical practices and scientific research facilities, which has continued to drive La Jolla’s desirability up. San Diego has been a top real estate market for years now, but La Jolla saw a particularly stellar year in 2016.
We here at the Daniels Group have whole-heartedly enjoyed this year and are certainly excited for another year of real estate twists and trends!
For more of our perspective on this subject read our recent blog, “San Diego Home Prices Are Up 6.4% Over Last Year.”
Thinking of buying or selling a home in the La Jolla area? As consistent top producers in real estate, Linda Daniels and The Daniels Group are your La Jolla housing specialists. Working with The Daniels Group will give you with the advantage of having local experts to ensure that you have a successful real estate transaction. From buying, selling and investing to financing options and more, we have the expertise and resources to help you achieve your goals. Call us today at (858) 361-5561 or email us anytime by clicking here.