What's the Value of My La Jolla Home?
La Jolla Real Estate Market Report for September 2020
The La Jolla real estate market is one of the most expensive in San Diego County. When you take the virtual tour of La Jolla (see link below), or perhaps 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 spectacular 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, impressive homes, beautiful architecture, and a terrific year-round climate, attracting visitors, and buyers, from around the world.
The La Jolla real estate market saw 94 homes sell in September 2020, 12% more than the number of sales last month following an increase from July. 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).
Single Family Homes Sold
51 (11% more); 40 Days on Market; Average Sales Price $3,257,296 (up 19%); Average sales price was 96% of original asking price.
Condos, Townhomes & Duplexes Sold
43 (up 13%); Average Sales Price $1,110,040 (up 20%); Average sales price was 91% of original asking price
The overall volume of sales in the La Jolla real estate market rose again in September, despite the pandemic, with more single family home sales as well as condo, townhome and duplex sales.
The average sales price was higher for detached homes; this is due, in part, to the sale of 5 homes sold at over $7M with 1 at $19,250,000 that raised the average substantially. The average sales price of the attached homes was also higher, with 3 sales at over $2M helping to raise the average.
While La Jolla buyers negotiated, on average, 4 - 9% off the original list price, 37% of the La Jolla buyers paid full price or more for their homes. The average time on the market was shorter for single family homes.
The median sales price of single family homes, $2,110,000, was 3% higher than last month, and was 20% higher for condos, townhomes and duplexes at $925,000.
There were no La Jolla homes with a Contingent status (now referred to as “Active Under Contract” in our MLS) at the end of September, compared to 1 last month (these homes are still considered active, but may not actually be accepting more offers or be available to tour).
There were 266 La Jolla homes on the market at the end of September (ranging in price from $349,000 to $26,900,000), the same as last month, which was good news for buyers, and fairly strong inventory despite the pandemic.
The current inventory is 3.4 months for single family homes (down from 3.8 months last month), and 2.9 months for attached (a drop from 3.3 months last month), based on the rate of sales for the last 3 months. The La Jolla real estate market is a strong seller’ market for single family homes, and condos, townhomes and duplexes, and became even more competitive in September.
New listings in September declined to 100, compared to 145 last month; similarly 66 homes went pending (excluding those that closed escrow), also a decrease, by 27% from last month, the 5th in a row. It was still a relatively 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 particular housing needs, budget, and the purchase of a La Jolla home, and to create an effective plan to sell your current property if needed, including a market and equity analysis.