What's the Value of My La Jolla Home?
La Jolla Home Sales for April 2020
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.
If you are thinking about buying a home now or in the near future, you should read 8 Things to Know about Buying a Home in the Pandemic for some important information you should be aware of and think about.
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.
The La Jolla real estate market saw 30 homes sell in April 2020, about half the number of sales for last month (down 49%). 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
14 (down 55%), 36 Days on Market, Average Sales Price $2,605,100 (down 19%), Average sales price was 93% of original asking price
Attached Homes (condos, town homes) Sold
16 (down 43%), 14 Days on Market, Average Sales Price $1,090,653 (up 13%), Average sales price was 97% of original asking price
The overall volume of sales in the La Jolla real estate market dropped significantly in April, perhaps not a surprise given the pandemic.
The average sales price was lower this month for detached homes, no doubt due to the sale last month 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 rose, in part due to the sale of 1 condo for $3.225M. 37% of the sales were cash transactions, about the same as last month.
While La Jolla buyers negotiated, on average, 3 - 7% off the original list price, 30% 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 March.
The median sales price of detached homes, $2,531,250, was 18% higher than last month, and was down 1% for attached homes at $873,000.
There were 3 La Jolla homes with a contingent status at the end of April, the same as in March (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 April (ranging in price from $365,000 to $37,000,000), 8% fewer than in March. The total number of active listings for detached homes is a little misleading – 1 home (at $37M) is listed 3 times due to co-listing, and with differing prices due to the opportunity to purchase all 3 lots or just 1 lot with the main house; 2 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 April).
This translates to an inventory of 6 months for detached homes (up from 5.8 months last month), and 4.1 months for attached (down from 4.2 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.
47 new listings came on the market in April, a significant decrease of 42% from the number of new listings last month (81); 12 homes went pending (excluding those that closed escrow), also a substantial decrease, by 52% from last month, both likely a reaction to the pandemic.
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.
NOTE: Be aware there are specific CDC recommendations in place to help keep everyone safe, and some new procedures as a result of the Stay-at-Home Order that impact home purchases and sales in our area. Much of the real estate transaction is now being done virtually which is good for both buyers and seller. I am happy to share more information and answer any questions about what these procedures mean for buyers and sellers, and what you can expect when buying or selling.