What's My La Jolla Home Worth?
La Jolla Home Sales for July 2017
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 has been compared to the French and Italian Rivieras with spectacular ocean and coastline vistas, amazing homes, beautiful architecture, and a terrific year-round climate, attracting visitors, and buyers, from around the world.
The La Jolla real estate market saw 47 homes sell in July 2017, down 38% from last month, a trend we have seen in other communities. 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
47 (down 38%), 35 Days on Market, Ave. Sales Price $1,632,524 (down 11%), Ave. sale, 97% of asking price,
Detached Homes Sold
20 (down 55%), 42 Days on Market, Ave. Sales Price $2,670,612 (up 2%), Ave. sale 95% of asking price
Attached Homes Sold
27 (down 16%), 30 Days on Market, Ave. Sales Price $863,570 (up 16%), Ave. sale 98% of asking price
The overall volume of sales in the La Jolla real estate market dropped dramatically in July, but in particular for single family detached homes. Average sales prices increased slightly for detached homes but more significantly for attached homes. 31% of the sales were cash transactions compared to 46% last month.
La Jolla buyers negotiated, on average, 2 - 5% off list price; however, 17 homes (36%) sold at or above asking price. Days on market decreased for detached single family homes but did not shift for attached homes.
The median sales price of detached homes increased to $2,332,500 (up 7%), and to $790,000 for attached homes, up 20%.
There were 3 La Jolla homes with a contingent status at the end of July, compared to 4 last month (these homes are still considered active, but typically are properties with offers that are being reviewed by either the short sale or REO lenders and may not actually be accepting more offers or be available to tour).
There were 308 La Jolla homes on the market at the end of July, up 7% from June, yet another increase, in contrast to a number of communities that saw inventory declines in July. This translates into an inventory of 7.4 months for detached homes (up from 6.4 months from last month), and 3 months for attached (up from 2.8 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, but is a balanced market for buyers of detached single family homes as it was last month.
110 homes came on the La Jolla real estate market in July, 9% more than in June; 62 homes went pending (excluding those that closed escrow), also an increase, by 51%, 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 local market conditions (the Village, Muirlands, La Jolla Shores, La Jolla Farms, Bird Rock, Mt. Soledad, Windansea) please give me a call at (760) 840-1360. I’m happy to also discuss your housing needs for the purchase of a La Jolla home, and to create an effective plan to sell your current property.