What's the Value of My La Jolla Home?
La Jolla Real Estate Market December 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 better yet visit in real life, you will understand 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 educated 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 83 homes sell in December 2020, 14% more than the number of sales last month, a contrast to some other nearby communities. 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
45 (15% more); Average Sales Price $3,280,344 (up 10%); Average sales price was 94% of original asking price.
Condos, Townhomes & Duplexes Sold
38 (up 12%); 41 Average Days on Market; Average Sales Price $1,239,052 (down 4%); Average sales price was 96% of original asking price
The overall volume of sales in the La Jolla real estate market rose in December, and for 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 that sold at over $6M with 1 at $24.7M that raised the average. The average sales price of the condos, townhomes and duplexes was modestly lower than last month.
While La Jolla buyers negotiated, on average, 4 - 6% off the original list price, 1 out of 5 La Jolla buyers (20%) paid full price or more for their homes.
The median sales price of single family homes, $2,395,000, was 4% lower than last month, and was significantly lower (down 26%) for condo, townhomes and duplexes at $907,500.
There was 1 La Jolla home with an Active Under Contract status at the end of December, compared to 3 last month (these homes are still considered active, but may not actually be accepting more offers or be available to tour).
There were 172 La Jolla homes on the market at the end of December (ranging in price from $369,000 to $26,000,000), 30% fewer than last month.
The current inventory is only 2.4 months for single family homes (down from 2.9 months last month), and 1.7 months for condos, townhomes and duplexes (down from 2.6 months last month), based on the rate of sales for the last 3 months. The La Jolla real estate market is a very strong sellers’ market for single family homes, and condos, townhomes and duplexes.
There were 54 new listings in December compared to 71 last month; 51 homes went pending (excluding those that closed escrow), also a decrease, by 12%, from last month. Despite the downward shifts it was still a fairly 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 discuss your housing needs and the purchase of a La Jolla home in 2021, and to work with you to create an effective plan to sell your current home if needed.