What's the Value of My La Jolla Home?
La Jolla Real Estate Market October 2019
The La Jolla real estate market is one of the most expensive in San Diego County. If you take a virtual visit to La Jolla (see link below), or in real life, you will quickly understand why this is so.
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 65 home sales in October 2019, a substantial increase by 25% from September. 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
32 (up 23%), 80 Days on Market, Average Sales Price $2,442,321 (up 14%), Average sale 91% of original asking price
Attached Homes (condos, town homes) Sold
33 (up 27%), 53 Days on Market, Average Sales Price $854,419 (down 3%), Average sale 96% of original asking price
The volume of sales in the La Jolla real estate market rose markedly, and for both single family detached homes and attached homes. Average sales price was higher for detached homes (in large part due to the sale of 6 homes over $3M), but increased for attached homes. 38% of the sales were cash transactions, versus 27% last month.
While La Jolla buyers negotiated, on average, 4 - 9% off the original list price, 22% of the La Jolla buyers paid full price or more for their homes. Marketing time was longer for both detached single family homes and attached homes than in September.
The median sales price of detached homes decreased to $2,312,500 (up 18%), but increased for attached homes to $800,000 (up 6% ) from last month.
There were 3 La Jolla homes with a contingent status at the end of October, versus 4 in September (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 283 La Jolla homes on the market at the end of October, a decrease, by 8%, from September, the second decline. This translates to an inventory of 5.6 months for detached homes (down from 6.2 months last month), and 2.8 months for attached (down from 3.3 months last month), based on the rate of sales for the last 3 months. The La Jolla real estate market remains a strong seller’s market for attached homes, and shifted from a balance market to one favoring sellers for buyers of detached single family homes.
99 new listings came on the market in October, about the same as last month (97); 50 homes went pending (excluding those that closed escrow), a modest decrease by 4 pendings from last month's activity.
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.