What's the Value of My La Jolla Home?
La Jolla Real Estate Market November 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 44 home sales in November 2019, a substantial decrease by 32% from October, a trend seen in other nearby 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
21 (down 34%), 52 Days on Market, Average Sales Price $2,020,178 (down 17%), Average sale 95% of original asking price
Attached Homes (condos, town homes) Sold
23 (down 30%), 62 Days on Market, Average Sales Price $917,995 (up 7%), Average sale 96% of original asking price
The overall volume of sales in the La Jolla real estate market dropped substantially, and for both single family detached homes and attached homes. The average sales price was lower for detached homes, but increased for attached homes. 34% of the sales were cash transactions, versus 38% last month.
While La Jolla buyers negotiated, on average, 4 - 5% off the original list price, 18% of the La Jolla buyers paid full price or more for their homes. Days on market was shorter for detached single family homes, but longer for attached homes than in October.
The median sales price of detached homes decreased to $1,730,000 (down 25%), and also dropped for attached homes to $590,000 (down 26% from last month).
There were 3 La Jolla homes with a contingent status at the end of November, the same as in October (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 267 La Jolla homes on the market at the end of November (ranging in price from $350,000 to $25,000,000), a decrease by 6% from October; this is the 3rd decline, and a trend we saw in other communities in North County San Diego for November. This translates to an inventory of 6.2 months for detached homes (up from 5.6 months last month), and 3.5 months for attached (up from 2.8 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, but is a balanced market for buyers of detached single family homes.
67 new listings came on the market in November, 32% fewer than last month (99), but not a surprise given the holidays; 47 homes went pending (excluding those that closed escrow), a modest decrease by 3 pendings from last month.
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.