What's the Value of My La Jolla Home?
La Jolla Real Estate Market January 2019
Having up-to-date local information about La Jolla homes for sale is essential in order to 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 or shoreline, 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 34 homes sell in January 2019, a modest decrease in sales by 15% from last month, 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).
Detached Homes Sold
16 (down 20%), 73 Days on Market, Ave. Sales Price $2,612,128 (down 21%), Ave. sale 89% of asking price
Attached Homes (condos, town homes) Sold
18 (down 10%), 47 Days on Market, Ave. Sales Price $898,486 (down 22%), Ave. sale 96% of asking price
The volume of sales in the La Jolla real estate market dropped modestly from last month for both detached single family home sales and attached home sales. Average sales price decreased for detached homes (likely the result of the sale of 2 homes last month selling for over $5M – 1 at $13.6M – that raised the average substantially) as well as for attached homes (the sale at $5.25M last month clearly impacted the overall average price decrease in January). 32% of the sales were cash transactions compared to 45% in December.
La Jolla buyers negotiated, on average, 4 - 11% off list price; however, 15% of the La Jolla buyers paid full price or more for their homes. Days on market rose for detached single family homes but decreased for attached homes.
The median sales price of detached homes decreased to $2,075,000 (down 11%), and to $801,500 for attached homes (up 8%).
There was 1 La Jolla home with a contingent status at the end of January, like last month (these homes are still considered active, but typically are properties with offers 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); this home is a first right of refusal due to a contingent offer.
There were 255 La Jolla homes on the market at the end of January, a slight increase by 2% from December, and substantially more homes for sale than in January of 2018. This translates to an inventory of 8.3 months for detached homes (up from 6.3 months last month), and 4.6 months for attached (up from 3.9 months last month), based on the rate of sales over the last 3 months. The La Jolla real estate market remains a seller’s market for attached homes, but is now a market that favors buyers for detached single family homes.
102 homes came on the La Jolla real estate market in January, more than double the number of new listings in December, and good news for home buyers; 32 homes went pending (excluding those that closed escrow), an increase of 14% 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.