What's the Value of My La Jolla Home?
La Jolla Market Report for October 2022
In general, the La Jolla housing market is one of the more expensive in San Diego County. If you tour La Jolla online (see link below), or visit in person, it's obvious why this is so.
As a La Jolla buyer or seller, having current local market information about La Jolla homes for sale will benefit you so you can make educated decisions about buying and/or selling your La Jolla home.
La Jolla is a beautiful beach community with many 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
43 homes sold in the La Jolla real estate market in October, 2 more sales than last month. Here’s a summary of that 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
16 (down by 2); 33 Average Days on Market; Average Sales Price was $4,499,062 (up 8%); Average sales price was 91% of original asking price.
Condos, Townhomes & Duplexes Sold
27 (up by 4); 24 Average Days on Market; Average Sales Price was $1,272,592 (down 8%); Average sales price was 93% of original asking price.
The overall volume of sales in the La Jolla real estate market increased slightly from September. There were 4 more condo, townhome and duplex sales, but 2 fewer single family home sales. Sales prices ranged from $455,000 to $18,450,000.
Average time on the market was several days longer for single family homes, and several days shorter for condos, townhomes and duplexes. At the same time 28% of the homes went pending in 1 week or less, a few more than last month. Buyers in La Jolla should not delay in their decision-making about touring homes and submitting offers.
The average sales price for single family homes was higher than last month (no doubt due to the sale of 4 homes over $5M with one sale at $18,450,000 that raised the average). In contrast, the average sales price was lower for condos, townhomes and duplexes than in September.
The majority of La Jolla buyers successfully negotiated the prices of their new homes. At the same time 30% paid list price or higher for their new homes. It’s important to remember this for your offer strategy.
The median sales price of the single family homes, $3,282,500, was 6% higher than in September. On the other hand, the median price was 21% lower at $1,025,000 for condos, townhomes and duplexes.
There was 1 La Jolla home with an Active Under Contract status at the end of October, versus none for 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 151 homes on the market at the end of October, ranging in price from $525,000 to $49,000,000 (the most expensive home is co-listed with an LA brokerage). This is 8% more than last month.
The current inventory in La Jolla is 4.9 months for single family homes (up from 4.3 months last month), and 2.3 months for attached (down from 2.6 months last month), based on the rate of sales for the last 3 months. La Jolla real estate remains a sellers’ market for single family homes, and is a very strong seller’s market for condo, townhome and duplex buyers.
The number of new listings in October, 53, was lower than last month (63). Similarly, 34 homes went pending (excluding those homes that closed escrow), 5 fewer than last month.
Let me know if you would like more 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 by call or text at (760) 840-1360. We can discuss your personal housing needs, budget, and the purchase of a La Jolla home. I can also help you create a plan to sell your current home if that’s your goal.
SEARCH FOR HOMES FOR SALE IN LA JOLLA CA
READ MORE:
What’s my La Jolla Home Worth? La Jolla Real Estate Market for September 2022
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