La Jolla is one of the top 20 high-performing luxury real estate markets in America. A recent real estate spotlights the market’s high performance and once again proves that luxury homes in La Jolla are highly sought-after and truly remarkable properties.
The report highlighted five areas where La Jolla’s luxury real estate market is out-performing others across America:
1. Highest number of luxury listings valued at $5 million
La Jolla ranked #12 on the list for highest number of luxury listings valued over $5 million. La Jolla had a total of 60 luxury listings in this market segment.
2. Highest number of active luxury listings valued at $1 million
The La Jolla luxury home market has one of the highest amounts of active luxury listings valued at $1 million for a single zip code in America. With 271 luxury listings in the 92037 zip code, La Jolla came in at #13 on this list.
3. Highest number of active luxury listings valued at $5 million
La Jolla also has one of the highest amounts of active luxury listings valued at $5 million for a single zip code in America. La Jolla ranked #16 on this list with 60 listings in the 92037 zip code.
4. Highest number of closed luxury listings valued at $1 million
La Jolla’s luxury real estate market was ranked the 4th highest in America for closed luxury listings valued at $1 million. La Jolla’s 92037 zip code earned a top spot via 434 closed luxury listings worth $1 million or more.
5. Highest number of closed luxury home sales valued at $5 million
Lastly, La Jolla tied with Laguna Beach for the highest number of closed luxury home sales valued at $5 million. La Jolla and Laguna Beach rounded out the list with 25 luxury properties each.
Other noteworthy luxury markets across America
The report not only showcased La Jolla’s prominence in the luxury real estate market, but also shined light on some thriving markets in other regions of the country.
Seattle’s luxury market is on the rise, with an increase of 40 percent in sales for homes valued over $1 million. This sharp increase was realized over a single year from the second quarter of 2014 to the same time period in 2015. The rise over the same period since 2013 is a sharp 75 percent. It’s believe that the Seattle luxury real estate market is being driven by tech companies like Google, Facebook and Microsoft, in addition to the retail giant Amazon and the aerospace engineering company Boeing, all of which have a presence in the area.
Another market with strong momentum is New York, where prices are rising as fast as high rises are. New York is seeing a sharp uptick in new construction in its luxury real estate market that is leading to a moderate increase in sales prices. Demand is fueling the fervor and preventing a flood of inventory.
An interesting influx took place on one of this year’s list, which resulted in 20 percent of its cities being new additions. Inside Out, a real estate blog, reported that four American cities graduated to spots on the list of markets with the highest number of $10 million sales.
There were noteworthy rankings closer to home as well. The San Diego Union-Tribune reported that Rancho Santa Fe and San Diego were also ranked among America’s top cities and zip codes for luxury homes.