What's the Value of My La Jolla Home?
La Jolla Home Sales for July 2021
The La Jolla housing market is one of the more expensive in San Diego County. If you take a virtual tour of La Jolla (see link below), or visit in person, you’ll readily 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 essential in order to make informed decisions about selling and/or buying your La Jolla home.
La Jolla is a beautiful seaside community with abundant homes offering amazing views of the ocean from the hills or shoreline, along with a trendy, up-scale village offering the best in shopping, dining and services. 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, from around the world.
READ MORE:
La Jolla Real Estate – A Jewel on the San Diego Coastline
There were 74 homes sold in the La Jolla real estate market July 2021, 15% 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 compiled but are not guaranteed).
Single Family Homes Sold
32 (35% fewer); 27 Average Days on Market; Average Sales Price $3,332,238 (down 15%); Average sales price was 100% of original asking price.
Condos, Townhomes & Duplexes Sold
42 (up by 11%); 13 Average Days on Market; Average Sales Price $934,643 (down 19%); Average sales price was 102% of original asking price
The overall volume of sales in the La Jolla real estate market dropped fairly substantially in July, due to a big drop in single family home sales, but was accompanied by a modest increase in condo, townhome and duplex sales. Sales prices ranged from $380,000 to $13,400,000.
Average marketing time was shorter for single family homes (less than 1 month), and for condos, townhomes and duplexes (just under 2 weeks). At the same time, however, 5% of the homes went pending in 7 days or less. If you are planning to buy a La Jolla home be prepared to make decisions quickly – for showings and for making an offer.
The average sales price was lower for single family homes than last month (despite the sale of 5 homes over $5M), and was also lower for condos, townhomes and duplexes.
While almost 1/3 of La Jolla buyers negotiated money off the original list price, about 2/3 (69%) paid asking price or higher for their new homes, a good indication of the competition.
The median sales price of the single family homes, $2,599,812, was 19% lower than last month, and was 7% lower, at $845,000, for condo, townhomes and duplexes.
There was 1 La Jolla home with an Active Under Contract status at the end of July, compared to 2 last month (when they occur these homes are considered active, but may not actually be accepting more offers or be available to tour).
There were 115 La Jolla homes on the market at the end of July, ranging in price from $425,000 to $28,000,000, a drop in inventory by 12% from last month.
The current inventory in La Jolla is 2.1 months for single family homes (the same as last month), and only 25 days for attached (down 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 even more competitive for buyers of condos, townhomes and duplexes.
There were 99 new listings in July compared to 87 last month, an average of more than 3 new listings hitting the market daily. 72 homes went pending (excluding those homes that closed escrow), just 1 less than last month. It was another busy month for buying and selling!
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 June 2021
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