What's the Value of my La Jolla Home?
La Jolla Home Sales for June 2019
Having up-to-date local information about La Jolla homes for sale is essential so you can make informed decisions about buying or selling your home in La Jolla.
La Jolla 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, spectacular homes, beautiful architecture, and a terrific year-round climate, attracting visitors, and buyers, from around the world.
The La Jolla real estate market saw 78 home sales in June 2019, up by 26% from last month, following a decrease in May. 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
35 (down 5%), 64 Days on Market, Average Sales Price $2,309,889 (down 9%), Average sale 91% of original asking price
Attached Homes (condos, town homes) Sold
43 (up 72%), 46 Days on Market, Average Sales Price $928,709 (up 4%), Average sale 96% of original asking price
The volume of sales in the La Jolla real estate market declined for detached single family home but rose substantially for attached home sales with a net increase in sales overall. Average sales price decreased for detached homes (in part due to the sale in May of 4 homes over $4M, including 1 at $8.5M and 1 at $8.65M that had raised the average), but rose for attached homes. 28% of the sales were cash transactions, versus 35% last month.
While La Jolla buyers negotiated, on average, 4 - 9% off list price, 21% of the La Jolla buyers paid full price or more for their homes. Days on market rose for detached single family homes but was slightly lower for attached homes.
The median sales price of detached homes decreased to $1,950,000 (down 13%), and also decreased to $610,000 for attached homes (down 13% from last month).
There were 3 La Jolla homes with a contingent status at the end of June, versus 0 in May (these homes are still considered active, but may not actually be accepting more offers or be available to tour). 2 are first right of refusals and 1 is a short sale.
There were 342 La Jolla homes on the market at the end of June (ranging in price from $352,000 to $24,995,000) , a substantial increase, by 14%, from May, which is another improvement in inventory, and more homes available for buyers than at the beginning of this year. This translates to an inventory of 5.5 months for detached homes (up from 5.3 months last month), and 4.1 months for attached (the same as last month), based on the rate of sales for the last 3 months. The La Jolla real estate market remains a seller’s market for attached homes, and for buyers of detached single family homes although it is trending toward a balanced market.
122 homes came on the La Jolla real estate market in June, down 8% from last month but still good news for home buyers; 58 homes went pending (excluding those that closed escrow), a slight increase by 1 pending from last month’s pendings! Both indicate an active 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.