What's the Value of My La Jolla Home?
La Jolla Real Estate Market for January 2018
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, “(La Hoya in Spanish = 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 37 homes sell in January 2018, down 7% from last month, the 3rd decline in sales. Here’s a summary of the real estate activity (these MLS 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
37 (down 7%), 81 Days on Market, Ave. Sales Price $1,829,180 (down 5%), Ave. sale, 93% of asking price
Detached Homes Sold
17 (down 23%), 139 Days on Market, Ave. Sales Price $2,954,168 (up 5%), Ave. sale 89% of asking price
Attached Homes Sold
20 (up 11%), 32 Days on Market, Ave. Sales Price $872,940 (up 2%), Ave. sale 96% of asking price
The overall volume of sales in the La Jolla real estate market decreased modestly in January, with a decline in detached homes but an increase in attached sales. Average sales prices increased slightly for both detached and attached homes. 43% of the sales were cash transactions compared to 45% last month.
La Jolla buyers negotiated, on average, 4 - 11% off list price; however, 22% of the homes sold at or above asking price. Days on market increased for detached single family homes but declined for attached homes.
The median sales price of detached homes increased to $2,750,000 (up 15%), but declined to $765,000 for attached homes, down by 5%.
There was 1 La Jolla home with a contingent status at the end of January, the same as in December (Contingent homes are still considered active, but typically are properties with offers that are being reviewed by short sale or REO lenders, and may not actually be accepting more offers or be available to tour).
There were 215 La Jolla homes on the market at the end of January, an increase by 3% from December, following 5 months of inventory decreases. This translates into an inventory of 6.5 months for detached homes (up from 4.8 months from last month), and 3.3 months for attached (up from 2.4 months last month), based on the rate of sales over the last 3 months. The La Jolla real estate market remains a strong seller’s market for attached homes, and is now a balance market for buyers of detached single family homes.
118 homes came on the La Jolla real estate market in January, more than double the number in December; similarly, 46 homes went pending (excluding those that closed escrow), an increase by 53% 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.