La Jolla Homes for Sale - What Happened in the La Jolla Real Estate Market in October 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.
READ MORE:
La Jolla Real Estate – A Jewel on the San Diego Coastline
La Jolla California - VIDEO Tour of this Jewel by the Sea
Mt. Soledad in La Jolla California – Forever Views of San Diego and La Jolla
Walkable Neighborhood Series – Real Estate in Upscale, Affluent La Jolla Village
The La Jolla real estate market saw 54 homes sell in October 2013, a decrease of 10% from September 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).
|
|
TOTAL |
DETACHED |
ATTACHED |
|
# SOLD |
54 (down 10%) |
34 (up 31%) |
20 (down 41%) |
|
Average $ |
$1,338,435 (down 6%) |
$1,775,852 (down 29%) |
$594,825 (down 2%) |
|
DOM |
54 |
54 |
55 |
|
Sale $/List $ |
96% |
97% |
96% |
The overall volume of sales in the La Jolla real estate market dropped again in October, but this was due to a decline in attached home sales since more detached home sold than in the prior month. Average sales prices also decreased, especially for detached homes (in part given that last month there was 1 sale at $18.5 million which raised the average). La Jolla buyers are negotiating, on average, 3 - 4% off list price. 57% of these transactions were cash and only 4% were short sales. The MEDIAN price for detached homes was $1,437,500 (up 3%) and $510,000 (down 12%) for attached homes/condos.
17 La Jolla homes (5% of the total) had a contingent status at the end of October, 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 311 La Jolla homes on the market at the end of October, another decline in inventory, by 5%, from last month. This translates into an inventory of 5.5 months for detached homes (down from 6.3 months last month), and 3.2 months for attached (up from 2.9 months last month), based on the rate of sales over the last 6 months. The La Jolla real estate market remains a seller’s market for attached homes/condos but is a balanced market for buyers of detached single family home sales.
READ MORE: How Important is Inventory when Buying or Selling? Very!!
82 homes entered the La Jolla real estate market in October, 10% fewer than in September, with 44 homes going pending, a decrease of 30% 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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READ MORE:
La Jolla Homes for Sale – What Happened in the La Jolla Real Estate Market in September 2013?
La Jolla Homes for Sale – What Happened in the La Jolla Real Estate Market in August 2013?
La Jolla Homes for Sale – What Happened in the La Jolla Real Estate Market in July 2013?
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