What's the Value of My La Jolla Home?
La Jolla Home Sales for March 2020
The La Jolla real estate market is one of the most expensive in San Diego County. If you take a virtual tour of La Jolla (see link below), or visit in real life, you will readily see why this is so.
As a buyer or seller, having up-to-date local market 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 homes 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 amazing ocean and coastline vistas, spectacular homes, beautiful architecture, and a terrific year-round climate, attracting visitors, and buyers, from around the world.
READ MORE:
La Jolla Real Estate – A Jewel on the San Diego Coastline
The La Jolla real estate market saw 59 homes sell in March 2020, 40% more sales than 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
31 (up 55%), 50 Days on Market, Average Sales Price $3,022,327 (up 13%), Average sales price was 95% of original asking price
Attached Homes (condos, town homes) Sold
28 (up 27%), 48 Days on Market, Average Sales Price $963,196 (no change), Average sales price was 98% of original asking price
The overall volume of sales in the La Jolla real estate market rose significantly, and especially for detached home sales (NOTE – 1 detached home was listed twice due to a co-listing so the true number of detached sales was 30).
The average sales price was higher for detached homes, no doubt due to the sale of 7 homes over $4M (including the double listing at $5.6M that raised the average); in contrast, the average sales price of the attached homes did not shift appreciably. 36% of the sales were cash transactions, the same as last month.
While La Jolla buyers negotiated, on average, 2 - 5% off the original list price, 31% of the La Jolla buyers paid full price or more for their homes. The time on the market was shorter for both detached single family homes and attached homes compared to February.
The median sales price of detached homes, $2,150,000, was 12% higher than last month, and was up 23% for attached homes at $883,000.
There were 3 La Jolla homes with a contingent status at the end of March, the same as in February (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 (this home has been contingent and waiting for short sale approval from the lender since October 2019).
There were 243 La Jolla homes on the market at the end of March (ranging in price from $385,000 to $37,000,000), 1 more listing than in February. The total number of active listings for detached homes is a little misleading as it was last month – 1 home (at $37M) is listed 3 times due to co-listings, and with differing prices due to the opportunity to purchase all 3 lots or just 1 lot with the main house; 3 other luxury homes are each listed twice apparently due to co-listings with other brokerages…not unusual with luxury homes (none of these were new listings in March).
This translates to an inventory of 5.8 months for detached homes (down from 6.8 months last month), and 4.2 months for attached (up from 3.6 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 is a balanced market for detached single family homes but shifting towards becoming more in favor of buyers.
81 new listings came on the market in March, a decrease of 27% from the number of new listings last month (111); 25 homes went pending (excluding those that closed escrow), also a substantial decrease, by 55% from last month, perhaps a reaction to the current health concerns.
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.
SEARCH FOR HOMES FOR SALE IN LA JOLLA CA
READ MORE:
What’s my La Jolla Home Worth? La Jolla Real Estate Market for February 2020
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