What's the Value of My La Jolla Home?
La Jolla Home Sales for July 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.
La Jolla is a beautiful coastal community with numerous homes offering amazing views of the ocean from the hills or shoreline, and a trendy, up-scale village offering the best in shopping and dining. La Jolla has been compared to the French and Italian Rivieras with impressive 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 80 homes sell in July 2020, 33% more than the number of sales last month following an increase from May. 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
37 (no change), 51 Days on Market, Average Sales Price $3,329,688 (up 10%), Average sales price was 96% of original asking price.
Attached Homes (condos, town homes) Sold
43 (up 87%), 34 Days on Market, Average Sales Price $918,380 (down 21%), Average sales price was 97% of original asking price
The overall volume of sales in the La Jolla real estate market rose markedly in July, despite the pandemic. This was due to substantially more attached home sales since there was no shift in detached sales from June.
The average sales price was higher for detached homes; this is due, in part, to the sale of 4 homes over $6M with 1 at $10,115,000 that raised the average. The average sales price of the attached homes dropped from June. 45% of the sales were cash transactions.
While La Jolla buyers negotiated, on average, 3 - 4% off the original list price, 26% of the La Jolla buyers paid full price or more for their homes. The average time on the market was shorter for both detached and attached homes compared to June.
The median sales price of detached homes, $3,100,000, was 52% higher than last month, but was 11% lower for attached homes at $740,000.
There were 3 La Jolla homes with a contingent status at the end of July, compared to 1 last month (these homes are still considered active, but may not actually be accepting more offers or be available to tour). All 3 were first right of refusals.
There were 269 La Jolla homes on the market at the end of July (ranging in price from $365,000 to $37,000,000), a modest increase of 8% from June, which was good news for buyers, and still fairly strong inventory despite the pandemic.
The current inventory is 6 months for detached homes (down from 7.7 months last month), and 4.1 months for attached (a drop from 5.9 months last month), based on the rate of sales for the last 3 months. The La Jolla real estate market has shifted from a balanced market to one favoring buyers for attached homes, and also changed from a buyers’ market to one that is balanced for detached homes.
New listings in July rose significantly with 141 compared to 101 last month; 78 homes went pending (excluding those that closed escrow), also an increase, by 35% from last month, the 3rd in a row, despite 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.
Be aware there are specific recommendations in place to help keep everyone safe, and some new procedures as a result of the SIP Order that impact home purchases and sales in our area. 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.