What's the Value of My La Jolla Home?
La Jolla Home Sales for May 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 May 2018, the same as last month. 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 (no change), 43 Days on Market, Ave. Sales Price $1,583,068 (down 8%), Ave. sale, 97% of asking price
Detached Homes Sold
32 (no change), 46 Days on Market, Ave. Sales Price $2,462,248 (down 10%), Ave. sale 96% of asking price
Attached Homes Sold
45 (no change), 42 Days on Market, Ave. Sales Price $983,473 (down 2%), Ave. sale 97% of asking price
The overall volume of sales in the La Jolla real estate market remained the same for detached and attached homes as last month. Average sales prices decreased for detached homes (despite the sale of 3 homes over $4M, with 1 of them at $10.7M), and for attached homes as well. 44% of the sales were cash transactions compared to 36% last month.
La Jolla buyers negotiated, on average, 1 - 4% off list price; however, 29% of the homes sold at or above asking price. Days on market decreased for detached single family homes but shifted upwards for attached homes.
The median sales price of detached homes decreased to $1,888,500 (down 21%), but rose to $880,000 for attached homes, up 9%.
There were no La Jolla homes with a contingent status at the end of May, the same as 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 260 La Jolla homes on the market at the end of May, a modest increase by 3% from April. This translates to an inventory of 5.2 months for detached homes (down from 6 months last month), and 1.9 months for attached (down from 2.4 months last month), based on the rate of sales over the last 3 months. The La Jolla real estate market remains a very strong seller’s market for attached homes, and is a sellers market for detached single family homes.
117 homes came on the La Jolla real estate market in May, an increase of 5% over the number of new listings in April; in contrast, 74 homes went pending (excluding those that closed escrow), a decrease by 7% 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.