What's the Value of My La Jolla Home?
La Jolla Home Sales for July 2019
The La Jolla real estate market is one of the most expensive in San Diego County. If you take a virtual visit to La Jolla (see link below), or in real life, you will quickly see why this is so.
Having up-to-date local information about La Jolla homes for sale is essential so you can make informed decisions about buying or selling your home in La Jolla.
La Jolla is a beautiful coastal community with many properties offering fabulous views of the ocean from the hills or shoreline, 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, spectacular homes, beautiful architecture, and a terrific year-round climate, attracting visitors, and buyers, from around the world.
READ MORE:
La Jolla Real Estate – A Jewel on the San Diego Coastline
The La Jolla real estate market saw 55 home sales in July 2019, a decline in sales by 21% from June. 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).
Detached Homes Sold
31 (down 11%), 83 Days on Market, Average Sales Price $2,920,283 (up 26%), Average sale 91% of original asking price
Attached Homes (condos, town homes) Sold
24 (down 44%), 41 Days on Market, Average Sales Price $972,956 (up 5%), Average sale 91% of original asking price
The volume of sales in the La Jolla real estate market declined overall, but especially for attached home sales. Average sales price increased substantially for detached homes (in large part due to the sale of 3 homes over $6.9M), and rose modestly for attached homes. 40% of the sales were cash transactions, versus 28% last month.
While La Jolla buyers negotiated, on average, 5 - 9% off list price, 18% of the La Jolla buyers paid full price or more for their homes. Days on market was higher for detached single family homes than last month, but was lower for attached homes.
The median sales price of detached homes increased to $2,320,000 (up 19%), and also increased for attached homes to $787,000 (up 29%) from last month.
There were 4 La Jolla homes with a contingent status at the end of July, versus 3 in June (these homes are still considered active, but may not actually be accepting more offers or be available to tour). 3 are first right of refusals and 1 is a short sale.
There were 335 La Jolla homes on the market at the end of July, a slight decrease, by 2%, from June. This translates to an inventory of 6.1 months for detached homes (up from 5.5 months last month), and 4 months for attached (down from 4.1 months last month), based on the rate of sales for the last 3 months. The La Jolla real estate market remains a seller’s market for attached homes, but has become a balanced market for buyers of detached single family homes.
122 new listings came on the market in July, down 8% from last month but still good news for home buyers; 58 homes went pending (excluding those that closed escrow), a slight increase by 1 pending from last month’s pendings! Both indicate an active market in La Jolla.
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.
SEARCH FOR HOMES FOR SALE IN LA JOLLA CA
READ MORE:
What’s my La Jolla Home Worth? La Jolla Real Estate Market for June 2019
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