What's the Value of My La Jolla Home?
La Jolla Home Sale for May 2021
As a La Jolla buyer or seller, having up-to-date local market information about La Jolla homes for sale is critical so you can make educated decisions about buying or selling your La Jolla home.
La Jolla is a beautiful coastal community with numerous homes offering amazing views of the ocean from the hills or shoreline, accompanied by a trendy, up-scale village offering the best in shopping and dining. Many compare La Jolla to the French and Italian Rivieras with impressive ocean and coastline vistas, spectacular homes, beautiful architecture, and an appealing year-round climate, which attracts visitors, and buyers and sellers, from around the world.
There were 73 homes sold in the La Jolla real estate market May 2021, 10% fewer sales than last month. 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
33 (17% fewer); 65 Average Days on Market; Average Sales Price $4,226,221 (up 32%); Average sales price was 90% of original asking price.
Condos, Townhomes & Duplexes Sold
40 (down by 1); 32 Average Days on Market; Average Sales Price $1,089,942 (up 12%); Average sales price was 102% of original asking price
The overall volume of sales in the La Jolla real estate market declined in May, and for single family home sales as well as condo, townhome and duplex sales. Sales prices ranged from $380,000 to $18,375,000.
Average marketing time was longer for single family homes, as well as for condos, townhomes and duplexes. At the same time, however, 41% of the homes went pending in 7 days or less. If you are planning to buy a La Jolla home be prepared to make decisions quickly.
The average sales price was higher for single family homes (in part due to the sale of 6 homes over $6M, raising the average), and for condos, townhomes and duplexes.
While many La Jolla buyers negotiated money of the original list price, over half of the buyers (60%) paid list price or higher for their new homes.
The median sales price of single family homes, $3,395,000, was 21% higher than last month, and was 24% higher for condo, townhomes and duplexes at $990,000.
There were no La Jolla homes with an Active Under Contract status at the end of May, the same as last month (when they occur these homes are still considered active, but may not actually be accepting more offers or be available to tour).
There were 132 La Jolla homes on the market at the end of May, ranging in price from $440,000 to $26,000,000, 3 more listings than last month.
The current inventory in La Jolla is 2.5 months for single family homes (down from 2.6 months last month), and only 1.2 months for attached (up from 1.1 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 even more competitive for buyers of condos, townhomes and duplexes.
There were 100 new listings in May compared to 88 last month, which was great news for buyers, an average of more than 3 new listings on the market each day. 64 homes went pending (excluding those homes that closed escrow), about the same number as in April (66). May was another busy month for buying and selling!
If you would like more detailed information about the La Jolla real estate market, or about specific residential areas and local market conditions (the Village, La Jolla Shores, La Jolla Farms, Bird Rock, Mt. Soledad, Windansea) please reach out to me at (760) 840-1360. I’m happy to also discuss your specific housing needs and the purchase of a La Jolla home in 2021, and also help you create an effective strategy to sell your current home if that’s your plan.