What's the Value of My La Jolla Home?
La Jolla Home Sales for August 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 87 home sales in August 2019, a substantial increase by 58% from July, in contrast to some 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).
Detached Homes Sold
36 (up 16%), 57 Days on Market, Average Sales Price $3,799,496 (up 30%), Average sale 94% of original asking price
Attached Homes (condos, town homes) Sold
51 (up 125%), 35 Days on Market, Average Sales Price $847,373 (down 13%), Average sale 97% of original asking price
The volume of sales in the La Jolla real estate market rose markedly, especially for attached home sales. Average sales price increased substantially for detached homes (in large part due to the sale of 6 homes over $5M including the Razor House, sold for $20,800,000 to singer/songwriter Alicia Keys and her husband – this house was listed twice and thus raised the overall average with the sales price counted twice - dropping out the double listing the average was still $3,313,767), but dropped for attached homes. 45% of the sales were cash transactions, versus 40% last month.
While La Jolla buyers negotiated, on average, 3 - 6% off list price, 28% of the La Jolla buyers paid full price or more for their homes. Days on market was lower for both detached single family and attached homes than last month.
The median sales price of detached homes increased to $2,474,000 (up 7%), but decreased for attached homes to $787,000 (down 9% from last month).
There were 2 La Jolla homes with a contingent status at the end of August, versus 4 in July (these homes are still considered active, but may not actually be accepting more offers or be available to tour). 1 is a first right of refusals and the other is a short sale.
There were 326 La Jolla homes on the market at the end of August, a slight decrease, by 3%, from July. This translates to an inventory of 5.7 months for detached homes (down from 6.1 months last month), and 3.2 months for attached (down from 4 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, and is a balanced market for buyers of detached single family homes but becoming more competitive.
120 new listings came on the market in August, just 2 fewer than last month but still good news for home buyers; 58 homes went pending (excluding those that closed escrow), a slight decrease by 2 pendings from last month’s pendings.
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 and the purchase of a La Jolla home, and to create an effective plan to sell your current property if needed.
SEARCH FOR HOMES FOR SALE IN LA JOLLA CA
READ MORE:
What’s my La Jolla Home Worth? La Jolla Real Estate Market for July 2019
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