What's My La Jolla Home Worth? La Jolla Real Estate Market August 2020

By
Real Estate Agent with eXp Realty of California, Inc. CA DRE #01490977

What's the Value of My La Jolla Home?

La Jolla Home Sales Report for August 2020

 

La Jolla Cove in La Jolla CAThe 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 enjoy a visit in real life, you will readily see why this is the case.

 

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 a 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 home 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 84 homes sell in August 2020, 5% more than the number of sales last month that followed an increase from June. 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

46 (21% more), 58 Days on Market, Average Sales Price $2,728,744 (down 18%), Average sales price was 95% of original asking price.

 

Attached Homes (condos, town homes) Sold
38 (down 12%), 31 Days on Market, Average Sales Price $928,816 (up 1%), Average sales price was 97% of original asking price

 

The overall volume of sales in the La Jolla real estate market rose modestly in August, despite the pandemic, with more detached home sales but fewer attached homes selling. NOTE - 1 detached home was listed twice, as was 1 attached home, so the number of sales was inflated by 2.

 

The average sales price was lower for detached homes; this is due, in part, to the sale of 4 homes last month over $6M with 1 at $10,115,000 that raised that average. The average sales price of the attached homes dropped from July. 33% of the sales were cash transactions.

 

While La Jolla buyers negotiated, on average, 3 - 5% off the original list price, 27% of the La Jolla buyers paid full price or more for their homes. The average time on the market was longer for detached homes, but shorter for attached homes compared to July.

 

The median sales price of detached homes, $2,035,000, was 34% lower than last month, but was 4% higher for attached homes at $770,000.

 

There was 1 La Jolla home with a contingent status at the end of August, compared to 3 last month (these homes are still considered active, but may not actually be accepting more offers or be available to tour), an REO sale.

 

There were 266 La Jolla homes on the market at the end of August, ranging in price from $365,000 to $37,000,000, a slight decrease of 1% from July, which was good news for buyers, and fairly strong inventory despite the pandemic.

 

La Jolla oceanview homes

 

The current inventory is 3.8 months for detached homes (down from 6 months last month), and 3.3 months for attached (a drop from 4.1 months last month), based on the rate of sales for the last 3 months. The La Jolla real estate market is a strong seller’s market for both detached and attached homes, and became even more competitive in August.

 

New listings in August rose modestly with 145, compared to 141 last month; similarly 90 homes went pending (excluding those that closed escrow), also an increase, by 15% from last month, the 4th in a row, despite the pandemic. It was a busy month for both buyers and sellers!

 

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 you can expect when buying or selling.

 

SEARCH FOR HOMES FOR SALE IN LA JOLLA CA

 

READ MORE:

What’s my La Jolla Home Worth? La Jolla Real Estate Market for July 2020

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Rainmaker
642,903
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Hi Jeff,

Thanks for sharing La Jolla looks like a beautiful place to live. You have some great listings. We had planned to visit San Diego while down there this year. However we are not sure if we will make it down as we are hearing the border may not open this year. 

Sep 10, 2020 07:10 PM #1
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Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hi Steve Higgins 

It's a beautiful place to visit, but then I am biased, and California has so much to offer. If you get to the San Diego area let me know!!

Jeff

Sep 10, 2020 08:35 PM #2
Rainmaker
642,903
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Hi Jeff,

I totally agree with you. We bought a condo in Palm Springs a couple of years ago as we love it down there too. Our first time in Palm Springs was 2008 and we were hooked on Palm Springs and Cali. Thank you, I certainly will let you know.

Sep 11, 2020 05:33 PM #5
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Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hi Steve Higgins 

The desert is a great especially off season when it's cooler, and certainly more affordable. There are some great restaurants around, and the Swap MeetStreet Fair in Palm Desert at the College of the Desert is pretty cool if you enjoy shopping, or at least looking at lots of stuff for sale --- it's like a huge outdoor mall although they're closed for now!

If we get out there (not often but we do go, although not these days) I'll check to see if you are in town.

Jeff

Sep 11, 2020 05:53 PM #6
Rainmaker
2,817,458
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

La Jolla home buyers and sellers are sure to value your real estate market report, Jeff!

Sep 12, 2020 01:00 AM #7
Rainmaker
642,903
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Hi Jeff,

Yes, the is cooler in the winter and livable, also great for us as it is far warmer than it is here in Canada and I can golf. Yes the prices are great for a vacation home we only use 3-4 months a year and will not rent out. We have been to both they are a hit when our company comes. Joshua Tree is also great to see. 

Yes, if you do get out that way check and see if we are there. Right now we have no idea when we will be back with Covid keeping the border closed.

Sep 12, 2020 06:57 PM #8
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