What's the Value of My La Jolla Home?
La Jolla Home Sales Report for August 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 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.
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.
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.