What's the Value of My La Jolla Home?
La Jolla Homes for Sale for August 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 has been 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 64 homes sell in August 2018, a decrease in sales by 14% from last month, and the second decline. 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
64 (down 14%), 43 Days on Market, Ave. Sales Price $1,663,510 (down 2%), Ave. sale 95% of asking price
Detached Homes Sold
24 (down 23%), 53 Days on Market, Ave. Sales Price $2,911,688 (up 17%), Ave. sale 93% of asking price
Attached Homes (condos, town homes) Sold
40 (down 7%), 37 Days on Market, Ave. Sales Price $868,323 (down 19%), 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 detached homes, and was the second consecutive decline in sales. Average sales prices increased for detached homes, but dropped for attached homes. 30% of the sales were cash transactions compared to 35% last month.
La Jolla buyers negotiated, on average, 3 - 7% off list price; however, 25% of the homes sold at or above asking price. Days on market decreased for both detached single family homes and attached homes, but especially for detached.
The median sales price of detached homes decreased to $2,030,000 (up 8%), but increased to $654,500 for attached homes (down by 18%).
There were 2 La Jolla homes with a contingent status at the end of August, compared to none for the last 4 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 299 La Jolla homes on the market at the end of August, an increase by 4% from July, yet another improvement. This translates to an inventory of 6.7 months for detached homes (up from 5.9 months last month), and 1.9 months for attached (the same as 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 has become a balanced market for detached single family homes.
107 homes came on the La Jolla real estate market in August, just 2 more than the number of new listings in July; 58 homes went pending (excluding those that closed escrow), a modest shift up by 7%, 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.