What's the Value of My La Jolla Home?
La Jolla Real Estate Market for December 2022
The La Jolla housing market is one of the most expensive in San Diego County, on average. If you tour La Jolla online (see link below), or visit in person, it’s pretty obvious.
As a La Jolla buyer or seller, having up-to-date local market information about La Jolla homes for sale benefits you and will help you 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
24 homes sold in the La Jolla real estate market in December, 23% fewer sales than last month, another decline. Here’s a summary of the market 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
11 (down 5); 53 Average Days on Market; Average Sales Price was $4,758,868 (up 12%); the average sales price was 85% of original asking price.
Condos, Townhomes & Duplexes Sold
13 (down by 2); 34 Average Days on Market; Average Sales Price was $1,387,384 (up 26%); Average sales price was 95% of original asking price.
The overall volume of sales in the La Jolla real estate market decreased from November. There were 2 fewer condo, townhome and duplex sales, with 5 fewer sales of single family homes. Sales prices ranged from $515,000 to $15,000,000.
Average time on the market was longer for single family homes, but shorter for condos, townhomes and duplexes. Only 1 home went pending in 1 week or less, quite a bit less than last month. It’s probably still advisable to not delay in decision-making about touring homes and submitting offers.
The average sales price for single family homes was higher than last month Similarly the average sales price was higher for condos, townhomes and duplexes than in November.
Most La Jolla buyers successfully negotiated the prices of their new homes. 4 of the buyers paid asking price while 1 paid more.
The median sales price of the single family homes, $3,072,550, was 3% higher than in November. The median price was 40% higher at $1,200,000 for condos, townhomes and duplexes.
There were no La Jolla homes with an Active Under Contract status at the end of December, versus 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 132 homes on the market at the end of December, ranging in price from $579,000 to $49,000,000. This is a decline by 17% from last month.
The current inventory in La Jolla is 4.7 months for single family homes (down from 4.9 months last month), and 2.3 months for attached (the same as 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 but is moving toward being balanced, and is a very strong seller’s market for condo, townhome and duplex buyers.
The number of new listings in December, 26, was fewer than last month (38). On the other hand 20 homes went pending (excluding those homes that closed escrow), the same as last month.
If you would like more information about the La Jolla real estate market, please let me know. I can also share details about specific residential areas (the Village, La Jolla Shores, La Jolla Farms, Bird Rock, Mt. Soledad, Windansea). Please reach out to me directly or by text at (760) 840-1360. We can discuss your particular housing needs, budget, and the purchase of a La Jolla home. I can also help you create a plan for selling 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 November 2022
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