What's the Value of My La Jolla Home?
La Jolla Home Sales for June 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 88 homes sell in June 2018, an increase in sales by 14% from 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
88 (up 14%), 38 Days on Market, Ave. Sales Price $1,693,886 (up 7%), Ave. sale, 96% of asking price
Detached Homes Sold
33 (up 3%), 51 Days on Market, Ave. Sales Price $2,410,614 (down 2%), Ave. sale 95% of asking price
Attached Homes (condos, town homes) Sold
55 (up 22%), 31 Days on Market, Ave. Sales Price $1,263,849 (up 29%), Ave. sale 96% of asking price
The overall volume of sales in the La Jolla real estate market rose fairly significantly from last month, especially for attached homes. Average sales prices decreased for detached homes (despite the sale of 8 homes over $4M), but rose for attached homes. 47% of the sales were cash transactions compared to 44% last month.
La Jolla buyers negotiated, on average, 4 - 5% off list price; however, 35% of the homes sold at or above asking price. Days on market increased for detached single family homes but shifted down for attached homes.
The median sales price of detached homes decreased to $1,985,000 (up 5%), but declined to $770,000 for attached homes, down 12%.
There were no La Jolla homes with a contingent status at the end of June, the same as the last 2 months (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 276 La Jolla homes on the market at the end of June, an increase by 6% from May, and another increase. This translates to an inventory of 5.9 months for detached homes (up from 5.2 months last month), and 1.7 months for attached (down from 1.9 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 trending toward a balanced market for detached single family homes.
135 homes came on the La Jolla real estate market in June, an increase of 15% over the number of new listings in May; in contrast, 59 homes went pending (excluding those that closed escrow), a decrease by 20% from last month’s pendings.
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, or to create an effective plan to sell your current property.