What's the Value of My La Jolla Home?
The La Jolla real estate market is one of the most expensive in San Diego County. A virtual visit to La Jolla (see links below), or better yet in real life, will quickly give you a good sense of why this is so.
Having current, local information about La Jolla homes for sale is essential so you can make informed decisions about buying or selling a home in La Jolla. La Jolla is an expensive housing market, particularly for ocean view and ocean front homes and estates, for a number of reasons.
La Jolla, “The Jewel,” is an extraordinarily beautiful coastal community with many properties offering fabulous views of the ocean from the hills, and a trendy, up-scale village offering the finest in shopping and dining. La Jolla is often compared to the French and Italian Rivieras with spectacular ocean and coastline vistas, beautiful architecture, and a terrific year-round climate, attracting visitors from around the world.
READ MORE:
La Jolla Real Estate – A Jewel on the San Diego Coastline
La Jolla California - VIDEO Tour of this Jewel by the Sea
Mt. Soledad in La Jolla California – Forever Views of San Diego and La Jolla
The La Jolla real estate market saw 64 homes sell in October 2016, a decrease of 20% from last month. Here’s a summary of the real estate activity (these MLS summary data do not include private sales, and are believed to be accurate at the time this report was written but are not guaranteed).
TOTAL HOMES SOLD
64 (down 20%), 51 Days on Market, Ave. Sales Price $1,371,270 (down 12%), Ave. sale 95% of asking price
Detached Homes Sold
22(down 21%), 65 Days on Market, Ave. Sales Price $2,333,547 (down 18%), Ave. sale 93% of asking price
Attached Homes Sold
42 (down 19%), 44 Days on Market, Ave. Sales Price $867,221 (down 1%), Ave. sale 96% of asking price
The overall volume of sales in the La Jolla real estate market declined for the second time, by 20%. Average sales prices also dropped for both detached and attached homes, but in particular for detached (in part due to the sale last month of 9 homes over $3M, with one selling at $11M and one at $9.7M, that raised the average significantly).
La Jolla buyers negotiated, on average, 4 - 7% off list price; 16 homes (25%) sold at or above asking price. Days on market increased across the board. 36% of these transactions were cash, versus 45% last month.
The median sales price of detached homes decreased to $1,825,000 (down 8%), but increased to $706,250 (up 20%) for attached homes.
There were no La Jolla homes with a contingent status at the end of October, the same as last month (these homes are still considered active, but have offers that are being reviewed by either the short sale or REO lenders and October not actually be accepting more offers or be available to tour).
There were 262 La Jolla homes on the market at the end of October, down 9% from September, another decline. This translates into an inventory of 5.7 months for detached homes (down from 5.9 months from last month), and 1.7 months for attached (down from 1.8 months for last month), based on the rate of sales over the last 6 months. The La Jolla real estate market remains a strong seller’s market for attached homes and is a balanced market for buyers of detached homes.
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How Important is Inventory when Buying or Selling? Very!!
84 homes entered the La Jolla real estate market in October, down 6% from September; 60 homes went pending (excluding those that closed escrow), down 14% from last month.
If you would like more detailed information about the La Jolla real estate market, or would like to know more about specific residential areas and their market conditions (the Village, Muirlands, La Jolla Shores, La Jolla Farms, Bird Rock, Mt. Soledad, Windansea) please let me know.
SEARCH FOR HOMES FOR SALE IN LA JOLLA CA
READ MORE:
What’s my La Jolla Home Worth? La Jolla Real Estate Market September 2016
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