What's the Value of My La Jolla Home?
La Jolla Home Sales for February 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 a 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, 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 46 homes sell in February 2018, up 24% from last month, following 3 months of inventory decline. 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
46 (up 24%), 40 Days on Market, Ave. Sales Price $1,253,874 (down 31%), Ave. sale, 97% of asking price
Detached Homes Sold
15 (down 12%), 73 Days on Market, Ave. Sales Price $2,001,600 (down 32%), Ave. sale 96% of asking price
Attached Homes Sold
31 (up 55%), 25 Days on Market, Ave. Sales Price $892,072 (up 2%), Ave. sale 98% of asking price
The overall volume of sales in the La Jolla real estate market increased substantially in February, with a decline in detached homes but a large increase in attached sales. Average sales prices decreased for detached home but increased, in average, for attached homes. 59% of the sales were cash transactions compared to 43% last month.
La Jolla buyers negotiated, on average, 2 - 4% off list price; however, 35% of the homes sold at or above asking price. Days on market decreased for both detached single family homes and attached homes.
The median sales price of detached homes decreased to $2,019,000 (down 26%), and to $643,000 for attached homes, down by 16%.
There were 2 La Jolla homes with a contingent status at the end of February, versus 1 the month before (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 230 La Jolla homes on the market at the end of February, an increase by 8% from January, the 2nd consecutive inventory increase and good news for buyers. This translates into an inventory of 8 months for detached homes (up from 6.5 months from last month), and 3.6 months for attached (up from 3.3 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, but now is trending toward a buyers market for detached single family homes.
103 homes came on the La Jolla real estate market in February, a drop of 13% from the number of new listings in January; in contrast, 69 homes went pending (excluding those that closed escrow), an increase by 50% from last month, a trend we also saw in January.
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 (La Jolla 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.