Three homes hit the market on Camino de la Costa last month. That's unusual. That stretch of La Jolla almost never has more than one listing at a time, and suddenly there's a cluster. It caught my attention because it tells you something about where the market is heading this quarter.
Inventory in La Jolla has been ticking up since February. According to what I've pulled from the MLS over the past 60 days, active listings in the 92037 zip are up roughly 20% compared to this time last year. That's not a flood. But if you've been watching this market the way I have, you know that even a small bump in supply changes the energy between buyers and sellers.
Here's what that actually means for you if you're a buyer. You have options now. Real ones. Last spring, anything priced under $8M in La Jolla that was halfway decent got multiple offers within a week. This spring? Homes are sitting a little longer. Price reductions are showing up. Sellers who overpriced by 10% are learning that the 2021 playbook doesn't work anymore.
I'll be honest, I think some sellers in Del Mar and Rancho Santa Fe are still living in a fantasy. I've seen a few listings come on 15 to 20% above where recent comps justify, and they just sit. Buyers at this level are smart. They have advisors, they watch the data, and they're not going to overpay just because a seller "knows what they have." That phrase makes me cringe every time.
Rancho Santa Fe is a slightly different story. The covenant is still tight on inventory and anything on 2+ acres with a newer build moves fast. But even there, the days of waiving inspections and writing love letters to sellers feel like they're behind us.
So if you've been waiting for the right moment to get into one of these markets, this quarter is interesting. Not because prices are crashing (they're not). But because you actually have leverage to negotiate, ask for credits, and take your time with due diligence.
If you want to know what's happening on a specific street or in a specific price range, just text me. I track this stuff every single week because honestly, I kind of enjoy it.