What's the Value of My La Jolla Home?
La Jolla Home Sales for February 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 33 home sales in February 2019, just 1 less than 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).
Detached Homes Sold
18 (up 13%), 42 Days on Market, Ave. Sales Price $2,228,293 (down 15%), Ave. sale 96% of asking price
Attached Homes (condos, town homes) Sold
15 (down 17%), 49 Days on Market, Ave. Sales Price $1,121,500 (up 25%), Ave. sale 96% of asking price
The volume of sales for February in the La Jolla real estate market went up for detached single family home sales but dropped for attached home sales, for a net loss of 1. Average sales price decreased for detached homes (despite the sale of 3 homes over $3M) but rose for attached homes (the sale of 1 home at over $4M clearly impacted the overall average price increase in February). 39% of the sales were cash transactions compared to 32% in January.
La Jolla buyers negotiated, on average, 4% off list price; however, 24% of the La Jolla buyers paid full price or more for their homes. Days on market dropped modestly for detached single family homes but increased slightly for attached homes.
The median sales price of detached homes decreased to $2,049,500 (down 1%), and to $657,000 for attached homes (down 16%).
There were 3 La Jolla homes with a contingent status at the end of February, versus 1 in January (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, as the current listing is). 1 is a first right of refusal, the other 2 require 3rd party approvals.
There were 270 La Jolla homes on the market at the end of February, an increase by 6% from January, and substantially more homes for sale than in February of 2018. This translates to an inventory of 9.7 months for detached homes (up from 8.3 months last month), and 5.2 months for attached (up from 4.6 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 trending toward a balanced market, but is a market that favors buyers for detached single family homes.
92 homes came on the La Jolla real estate market in February, 10% fewer new listings than in January; in contrast 46 homes went pending (excluding those that closed escrow), another increase, by 44%, 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.