What's the Value of My La Jolla Home?
La Jolla Real Estate Market December 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 40 homes sell in December 2018, a modest decrease in sales by 7% from last month, not a surprise given the holidays. 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).
Detached Homes Sold
20 (down 15%), 53 Days on Market, Ave. Sales Price $3,310,992 (up 25%), Ave. sale 92% of asking price
Attached Homes (condos, town homes) Sold
20 (up 18%), 54 Days on Market, Ave. Sales Price $1,152,397 (up 23%), Ave. sale 94% of asking price
The overall volume of sales in the La Jolla real estate market dropped modestly from last month, with a decrease in detached single family home sales BUT an increase in attached home sales. Average sales prices increased for detached homes (likely due to the sale of 2 homes selling for over $5M – 1 at $13.6M – that raised the average) as well as for attached homes (the sale at $5.25 clearly impacted the overall average price increase). 45% of the sales were cash transactions compared to 45% last month.
La Jolla buyers negotiated, on average, 6 - 8% off list price; however, 16% of the La Jolla buyers paid full price or more for their homes. Days on market dropped for detached single family homes but increased for attached homes.
The median sales price of detached homes decreased to $2,325,000 (down 1%), and to $742,500 for attached homes (down 8%).
There were no La Jolla homes with a contingent status at the end of December, like 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; some contingent homes are first right of refusals).
There were 255 La Jolla homes on the market at the end of December, a substantial decline of 19% from November, not a bit surprise given the holidays, and substantially more homes for sale than in December of 2017. This translates to an inventory of 6.3 months for detached homes (down from 7.5 months last month), and 3.9 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 strong seller’s market for attached homes, but is pretty much a balanced market for detached single family homes at the moment.
46 homes came on the La Jolla real estate market in December, less than half the number of new listings in November, but not a big surprise given the holidays and a trend seen in other coastal San Diego communities; similarly, 28 homes went pending (excluding those that closed escrow), a drop of 24% from last month’s pendings, but clearly homes still sell and go pending during the holidays!
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.