What's the Value of My La Jolla Home?
La Jolla Real Estate Market March 2021
The La Jolla housing market is one of the more expensive in San Diego County. Whether you take a virtual tour of La Jolla (see link below), or visit in real life, it’s easy to see why this is so.
As a La Jolla buyer or seller, having up-to-date local market information about La Jolla homes for sale is critical so you can make educated decisions about buying or selling your La Jolla home.
La Jolla is a beautiful coastal community with numerous homes offering amazing views of the ocean from the hills or shoreline, accompanied by a trendy, up-scale village offering the best in shopping and dining. La Jolla has been compared to the French and Italian Rivieras with impressive ocean and coastline vistas, spectacular homes, beautiful architecture, and an appealing year-round climate, attracting visitors, and buyers and sellers, from around the world.
READ MORE:
La Jolla Real Estate – A Jewel on the San Diego Coastline
There were 63 homes sold in the La Jolla real estate market March 2021, 3 fewer sales than last month. 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).
Single Family Homes Sold
31 (11% fewer); 40 Average Days on Market; Average Sales Price $2,842,355 (up 1%); Average sales price was 97% of original asking price.
Condos, Townhomes & Duplexes Sold
32 (up by 1 or 3%); 57 Average Days on Market; Average Sales Price $1,086,665 (up 22%); Average sales price was 100% of original asking price
The overall volume of sales in the La Jolla real estate market declined slightly in March, with 3 fewer single family home sales but 1 additional condo, townhome and duplex sale. Sales prices ranged from $369,000 to $7,000,000.
Marketing time was longer for single family homes, as well as for condos, townhomes and duplexes. But at the same time 30% of the homes went pending within 1 week. If you are planning to buy a home you need to be prepared to move quickly.
The average sales price was slightly higher for single family homes. The average sales price of the condos, townhomes and duplexes was substantially higher than last month (due in part to the sale of 6 homes at over $1.8M that raised the average).
While La Jolla buyers negotiated an average of 3% off the original list price, almost half (46%) of the La Jolla buyers paid list price or higher for their new homes.
The median sales price of single family homes, $2,560,000, was 13% higher than last month, while the median was lower, by 11%, for condo, townhomes and duplexes at $784,500.
There were 3 La Jolla homes with an Active Under Contract status at the end of March, versus 2 last month (these homes are still considered active, but may not actually be accepting more offers or be available to tour).
There were 131 La Jolla homes on the market at the end of March (ranging in price from $450,000 to $26,000,000), 4 fewer homes than last month.
The current inventory in La Jolla is 2.9 months for single family homes (up from 2.7 months last month), and only 1.2 months for condos, townhomes and duplexes (up from 1.1 months last month), based on the rate of sales for the last 3 months. The La Jolla real estate market is a very strong sellers’ market for single family homes, and is even more competitive for buyers of condos, townhomes and duplexes.
There were 89 new listings in March compared to 61 last month, which was good news for buyers, with 3 new listings daily on average. 66 homes went pending (excluding those that closed escrow), also an increase, by 40%, from last month. March was an even busier month for buyers and sellers!
If you would like more detailed information about the La Jolla real estate market, or about specific residential areas and local market conditions (the Village, La Jolla Shores, La Jolla Farms, Bird Rock, Mt. Soledad, Windansea) please reach out to me at (760) 840-1360.
I’m happy to also discuss your specific housing needs and the purchase of a La Jolla home in 2021, and also help you create an effective strategy to sell your current home if that’s your plan.
SEARCH FOR HOMES FOR SALE IN LA JOLLA CA
READ MORE:
What’s my La Jolla Home Worth? La Jolla Real Estate Market for February 2021
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