What's the Value of My La Jolla Home?
La Jolla Real Estate Market September 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 52 home sales in September 2019, a substantial decrease by 40% from August, a trend seen in other communities. 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
26 (down 28%), 50 Days on Market, Average Sales Price $2,149,828 (down 43%), Average sale 95% of original asking price
Attached Homes (condos, town homes) Sold
26 (down 49%), 48 Days on Market, Average Sales Price $883,480 (up 4%), Average sale 96% of original asking price
The volume of sales in the La Jolla real estate market dropped markedly, especially for attached home sales. Average sales price decreased substantially for detached homes (in large part due to the sale last month of 6 homes over $5M including the Razor House, selling for $20,800,000 – this house was listed twice and thus raised the overall average in August with the sales price counted twice), but increased modestly for attached homes. 27% of the sales were cash transactions, versus 45% last month.
While La Jolla buyers negotiated, on average, 4 - 5% off list price, 19% of the La Jolla buyers paid full price or more for their homes. Time on market was shorter for detached single family homes but longer for attached homes than in August.
The median sales price of detached homes decreased to $1,962,500 (down 21%), and for attached homes to $751,250 (down 5% from last month).
There were 4 La Jolla homes with a contingent status at the end of September, versus 2in August (these homes are still considered active, and may or may not actually be accepting more offers or be available to tour). 3 are first right of refusals and 1 is a short sale.
There were 309 La Jolla homes on the market at the end of September, a decrease, by 5%, from August. This translates to an inventory of 6.2 months for detached homes (up from 5.7 months last month), and 3.3 months for attached (up from 3.2 months 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 is a balanced market for buyers of detached single family homes.
97 new listings came on the market in September, 19% fewer than last month but that's still 3 new listings per day; 54 homes went pending (excluding those that closed escrow), a slight decrease by 4 pendings 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 and the purchase of a La Jolla home, and to create an effective plan to sell your current property if needed.