What's the Value of My La Jolla Home?
La Jolla Home Sales for April 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 71 home sales in April 2019, up substantially, by 31%, from last month, another increase. 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
42 (up 56%), 56 Days on Market, Average Sales Price $2,420,380 (up 2%), Average sale 94% of original asking price
Attached Homes (condos, town homes) Sold
29 (up 7%), 36 Days on Market, Average Sales Price $963,908 (up 9%), Average sale 97% of original asking price
The volume of sales in the La Jolla real estate market rose considerably for detached single family home, and modestly for attached home sales over last month. Average sales price increased for detached homes (with the sale of 5 homes over $4M) as well as for attached homes. 34% of the sales were cash transactions, versus 39% last month.
While La Jolla buyers negotiated, on average, 3 - 6% off list price, 27% of the La Jolla buyers paid full price or more for their homes. Days on market declined for both detached single family homes and attached homes.
The median sales price of detached homes decreased to $1,950,000 (down 4%), and also decreased to $699,000 for attached homes (down 8%).
There were 3 La Jolla homes with a contingent status at the end of April, versus 2 in March (these homes are still considered active, but may not actually be accepting more offers or be available to tour). All 3 are first right of refusals.
There were 294 La Jolla homes on the market at the end of April, an increase, by 9%, from March, another improvement in inventory, and more homes available for buyers than in April of 2018. This translates to an inventory of 6.3 months for detached homes (down from 8.5 months last month), and 4.7 months for attached (down from 5.2 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 has shifted to a balanced market for buyers of detached single family homes.
120 homes came on the La Jolla real estate market in April, the same as last month and good news for buyers; 53 homes went pending (excluding those that closed escrow), another increase, by 15%, from last month’s pendings. Both are good indications of the active spring market in La Jolla!
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.