What's the Value of My La Jolla Home?
La Jolla Home Sales for July 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 74 homes sell in July 2018, a decrease in sales by 16% 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
74 (down 16%), 49 Days on Market, Ave. Sales Price $1,661,468 (down 2%), Ave. sale, 96% of asking price
Detached Homes Sold
31 (down 6%), 65 Days on Market, Ave. Sales Price $2,482,911 (up 3%), Ave. sale 94% of asking price
Attached Homes (condos, town homes) Sold
43 (down 22%), 38 Days on Market, Ave. Sales Price $1,069,265 (down 15%), Ave. sale 97% of asking price
The overall volume of sales in the La Jolla real estate market dropped fairly significantly from last month, especially for attached homes. Average sales prices increased for detached homes, but dropped for attached homes. 35% of the sales were cash transactions compared to 47% last month.
La Jolla buyers negotiated, on average, 3 - 6% off list price; however, 24% of the homes sold at or above asking price. Days on market increased for both detached single family homes and attached homes.
The median sales price of detached homes decreased to $1,875,000 (down 6%), but increased to $800,000 for attached homes, up by 4%.
There were no La Jolla homes with a contingent status at the end of July, the same as the last 3 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 288 La Jolla homes on the market at the end of July, an increase by 4% from June, and another increase. This translates to an inventory of 5.9 months for detached homes (the same as last month), and 1.9 months for attached (up from 1.7 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.
105 homes came on the La Jolla real estate market in July, a decrease of 2% over the number of new listings in June; in contrast, 54 homes went pending (excluding those that closed escrow), also a decline, by 8%, 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, and to create an effective plan to sell your current property.