La Jolla Homes for Sale - What Happened in the La Jolla Real Estate Market in May 2013?

The La Jolla real estate market is one of the most expensive in San Diego County. A visit to La Jolla on-line, or better yet in real life, will quickly give you a good sense of why this is so.

Having current, local information about La Jolla homes for sale is essential so you can make informed decisions about your home buying and selling in La Jolla. Despite the shift in prices, La Jolla remains an expensive real estate market, particularly for ocean view and ocean front homes.

La Jolla, “The Jewel,” is an extraordinarily beautiful coastal community with many homes offering fabulous views of the ocean from the hills, and a trendy, up-scale village offering the finest in shopping and dining. La Jolla is often compared to the French and Italian Rivieras with spectacular ocean and coastline vistas, amazing homes, beautiful architecture, and a terrific year-round climate, attracting visitors from around the world.

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The La Jolla real estate market saw 95 homes sell in May 2013, a jump by 23% from April, another increase in sales. 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).

The overall volume of sales in the La Jolla real estate market rose significantly in May. Average sales prices decreased for detached homes (in part due to the sale of 4 homes over $4 million last month) but rose for attached homes. La Jolla buyers are negotiating, on average, 3 – 4% off list price. 45% of these transactions were cash. The MEDIAN price for detached homes was $1,501,000, and $620,000 for attached homes/condos.

17 La Jolla homes (7% of the total) had a contingent status at the end of May, the same as last month (these homes are still considered active, but have offers that are being reviewed by either the short sale or REO lenders and may not actually be accepting more offers or be available to tour).

There were 264 La Jolla homes on the market at the end of May, an increase by 11% from last month which was good news for buyers. This translates into an inventory of 5.1 months for detached homes (up from 4.9 months last month), and 3.1 months for attached (up from 2.8 months in April), based on the rate of sales over the last 6 months. The La Jolla real estate market remains tight for buyers, and is a seller’s market, in particular for attached homes/condos.

READ MORE:   How Important is Inventory when Buying or Selling? Very!!

139 homes entered the La Jolla real estate market in May, 12% more than in April, with 74 homes going pending, a decrease by 15% from last month.

If you would like more detailed information about the La Jolla real estate market, or would like to know more about specific residential areas and their market conditions (the Village, Muirlands, La Jolla Shores, La Jolla Farms, Bird Rock, Mt. Soledad, Windansea) please let me know.

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La Jolla Homes for Sale – What Happened in the La Jolla Real Estate Market in April 2013?

La Jolla Homes for Sale – What Happened in the La Jolla Real Estate Market in March 2013?

La Jolla Homes for Sale – What Happened in the La Jolla Real Estate Market in February 2013?