What's the Value of My La Jolla Home?
La Jolla Home Sales for May 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.
Enjoy the Torrey Pines Gilderport in La Jolla
The La Jolla real estate market saw 62 home sales in May 2019, down by 13%, from last month, following a substantial increase 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
37 (down 12%), 42 Days on Market, Average Sales Price $2,550,838 (up 5%), Average sale 96% of original asking price
Attached Homes (condos, town homes) Sold
25 (down 14%), 48 Days on Market, Average Sales Price $893,976 (down 7%), Average sale 97% of original asking price
The volume of sales in the La Jolla real estate market declined for both detached single family home and attached home sales. Average sales price increased for detached homes (no doubt due in part to the sale of 4 homes over $4M, including 1 at $8.5M and 1 at $8.65M) but dropped for attached homes. 35% of the sales were cash transactions, about the same as last month.
While La Jolla buyers negotiated, on average, 3 - 4% off list price, 26% of the La Jolla buyers paid full price or more for their homes. Days on market declined for detached single family homes but was higher for attached homes.
The median sales price of detached homes increased to $2,250,000 (up 15%), and was $699,000 for attached homes (no change).
There were no La Jolla homes with a contingent status at the end of May, versus 3 in April (these homes are still considered active, but 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 May, a slight increase, by 1%, from April, another improvement in inventory, and more homes available for buyers than in May of 2018. This translates to an inventory of 5.3 months for detached homes (down from 6.3 months last month), and 4.1 months for attached (down from 4.7 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, and has shifted again from a balanced market to a seller’s market for buyers of detached single family homes.
132 homes came on the La Jolla real estate market in May, 12% more than last month and good news for buyers; 57 homes went pending (excluding those that closed escrow), another increase, by 8%, from last month’s pendings. Both are good indicators 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.