What's the Value of My La Jolla Home?
La Jolla Home Sales for April 2018
Having current, local information about La Jolla homes for sale is essential so you can make informed decisions about buying or selling a home in La Jolla.
La Jolla, “(La Hoya in Spanish = The Jewel),” is a beautiful coastal community with many properties 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, and buyers, from around the world.
The La Jolla real estate market saw 77 homes sell in April 2018, up 15% from last month, the 3rd substantial increase in sales, not a surprise given the spring market. 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 HOMES SOLD
77 (up 15%), 38 Days on Market, Ave. Sales Price $1,728,815 (down 1%), Ave. sale, 98% of asking price
Detached Homes Sold
32 (down 9%), 50 Days on Market, Ave. Sales Price $2,742,554 (up 6%), Ave. sale 96% of asking price
Attached Homes Sold
45 (up 41%), 30 Days on Market, Ave. Sales Price $1,007,533 (up 21%), Ave. sale 99% of asking price
The overall volume of sales in the La Jolla real estate market increased substantially in April, due to increased sales of attached homes, while detached sales dropped by 3. Average sales prices increased for detached homes (no doubt the sale of 3 homes over $5M with 1 at $10M had a significant impact raising the average) and for attached homes. 36% of the sales were cash transactions compared to 59% last month.
La Jolla buyers negotiated, on average, 1 - 4% off list price; however, 32% of the homes sold at or above asking price. Days on market decreased for both detached single family homes and attached homes.
The median sales price of detached homes decreased to $2,388,750 (down 4%), and to $807,500 for attached homes, up 26%.
There were no La Jolla homes with a contingent status at the end of April, versus 3 last month (these homes are still considered active, but typically are properties with 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 252 La Jolla homes on the market at the end of April, a modest decrease by 3% from March, following 3 consecutive inventory increases. This translates into an inventory of 6 months for detached homes (down from 8 months last month), and 2.4 months for attached (down from 3.4 months last month), based on the rate of sales over the last 3 months. The La Jolla real estate market remains a strong seller’s market for attached homes, but is a balanced market for detached single family homes.
111 homes came on the La Jolla real estate market in April, a decrease of 17% over the number of new listings in March; in contrast, 80 homes went pending (excluding those that closed escrow), an increase by 40% 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 local market conditions (the Village, Muirlands, La Jolla Shores, La Jolla Farms, Bird Rock, Mt. Soledad, Windansea) please give me a call at (760) 840-1360. I’m happy to also discuss your housing needs for the purchase of a La Jolla home, and to create an effective plan to sell your current property for top dollar.