What's My La Jolla Home Worth?
La Jolla Market Report for February 2023
The La Jolla housing market is one of the more expensive in San Diego County, in general. If you tour La Jolla online (see link below), or visit in person, it’s pretty obvious why this is so.
As a La Jolla buyer or seller, having up-to-date local market information about La Jolla homes for sale 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 impressive 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 wonderful 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
34 homes sold in the La Jolla real estate market in February, 1 more sale than last month. Here’s a summary of the market activity (the 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
19 (up by 3); 41 Average Days on Market; Average Sales Price was $3,053,901 (down 13%); the average sales price was 97% of original asking price.
Condos, Townhomes & Duplexes Sold
15 (down by 2); 36 Average Days on Market; Average Sales Price was $1,308,516 (up 14%); Average sales price was 99% of original asking price.
Overall volume of sales in the La Jolla real estate market remained about the same (up 1) as in January. There were 3 more condo, townhome and duplex sales, and 2 fewer sales of single family homes. Sales prices ranged from $599,000 to $5,575,000.
Average time on the market was shorter for single family homes, as well as for condos, townhomes and duplexes. 32% of the homes went pending in 1 week or less, more than last month. It’s smart to not delay your decision-making about touring homes and submitting offers.
The average sales price for single family homes was lower than last month In contrast the average sales price was higher for condos, townhomes and duplexes than in January.
Many La Jolla buyers successfully negotiated the prices of their new homes. However, 12 buyers (35%) paid asking price or higher.
The median sales price of the single family homes, $2,738,085, was 11% lower than in January. The median price was 19% higher at $1,300,000 for condos, townhomes and duplexes.
There were no La Jolla homes with an Active Under Contract status at the end of February, the same as 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 108 homes on the market at the end of February, ranging in price from $539,000 to $49,000,000. This is 1 more than last month.
The current inventory in La Jolla is 4.6 months for single family homes (down from 4.9 months last month), and 2.4 months for attached (up from 2.3 months last month), based on the rate of sales over the last 3 months. La Jolla real estate remains a sellers’ market for single family, and is a very strong seller’s market for condo, townhome and duplex buyers.
There were 67 new listings in February, more than last month (58). Similarly, 41 homes went pending (excluding those homes that closed escrow), versus 34 for January.
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 January 2023
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