What's the Value of My La Jolla Home?
La Jolla Real Estate Market January 2020
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 41 home sales in January 2020, a substantial decrease by 29% from December, a trend seen in other nearby 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
23 (down 4%), 70 Days on Market, Average Sales Price $2,936,808 (up 25%), Average sale was 96% of original asking price
Attached Homes (condos, town homes) Sold
18 (down 45%), 53 Days on Market, Average Sales Price $824,361 (down 14%), Average sale was 95% of original asking price
The overall volume of sales in the La Jolla real estate market dropped substantially, and for both single family detached homes and attached homes, but especially the latter. The average sales price was markedly higher for detached homes no doubt due to the sale of 5 homes over $3M with one selling at $15,250,000; in contrast the average sales price of the attached homes dropped from last month. 34% of the sales were cash transactions, versus 33% last month.
While La Jolla buyers negotiated, on average, 4 - 5% off the original list price, 20% of the La Jolla buyers paid full price or more for their homes. The time on the market was longer for detached single family homes, but about the same for attached homes compared to December.
The median sales price of detached homes increased to $1,935,000 (up 3%), but declined for attached homes to $747,500 (down 14% from last month).
There were 3 La Jolla homes with a contingent status at the end of January, the same as in December (these homes are still considered active, but may not actually be accepting more offers or be available to tour). 2 are first right of refusals and 1 is a short sale.
There were 229 La Jolla homes on the market at the end of January (ranging in price from $415,000 to $37,000,000), a decrease by 14% from December; this is the 5th decline, and a trend we saw in other communities in North San Diego County for January. The total number of active listings for detached homes is a little misleading – 1 home (at $37M) is listed 3 times due to a co-listing and the opportunity to purchase all 3 lots or just 1 with the main house; 3 other luxury homes are each listed twice apparently due to co-listings with other brokerages…not unusual with luxury homes.
This translates to an inventory of 6 months for detached homes (up from 5 months last month), and 3.6 months for attached (up from 2.6 months last month), based on the rate of sales for the last 3 months. The La Jolla real estate market remains a strong seller’s market for attached homes, but has shifted back to a balanced market for detached single family homes.
93 new listings came on the market in January, more than double the number of new listing last month (44); 46 homes went pending (excluding those that closed escrow), also an increase, by 24% 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 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 December 2019
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