What's the Value of My La Jolla Home?
La Jolla Home Sales for June 2021
As a La Jolla buyer or seller, having up-to-date local market information about La Jolla homes for sale is critical in order to 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. La Jolla has been compared to the French and Italian Rivieras with impressive ocean and coastline vistas, spectacular homes, beautiful architecture, and an appealing year-round climate, attracting visitors, and buyers and sellers, from around the world.
There were 87 homes sold in the La Jolla real estate market June 2021, 19% more sales than last month. Here’s a summary of the real estate activity (the 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
49 (48% more); 29 Average Days on Market; Average Sales Price $3,913,130 (down 6%); Average sales price was 97% of original asking price.
Condos, Townhomes & Duplexes Sold
38 (down by 2); 16 Average Days on Market; Average Sales Price $1,159,977 (up 6%); Average sales price was 103% of original asking price
The overall volume of sales in the La Jolla real estate market rose fairly substantially in June, in particular for single family home sales, but dropped slightly for condo, townhome and duplex sales. Sales prices ranged from $385,000 to $13,900,000.
Average marketing time was shorter for single family homes (around 1 month), and for condos, townhomes and duplexes (just over 2 weeks). At the same time, however, 43% of the homes went pending in 7 days or less. If you are planning to buy a La Jolla home you should be prepared to make decisions quickly.
The average sales price was lower for single family homes than last month (despite the sale of 7 homes over $6M), but modestly higher for condos, townhomes and duplexes.
While about 1/3 of La Jolla buyers were able to negotiate money off the original list price, about 2/3 (62%) paid asking price or higher for their new homes.
The median sales price of single family homes, $3,199,000, was 6% less than last month, and was 9% lower for condo, townhomes and duplexes at $905,000.
There were 2 La Jolla homes with an Active Under Contract status at the end of June, compared to none last month (when they occur these homes are considered active, but may not actually be accepting more offers or be available to tour).
There were 131 La Jolla homes on the market at the end of June, ranging in price from $380,000 to $28,000,000, about the same as last month (132).
The current inventory in La Jolla is 2.1 months for single family homes (down from 2.5 months last month), and only 1.1 months for attached (down from 1.2 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 is even more competitive for buyers of condos, townhomes and duplexes.
There were 87 new listings in June compared to 100 last month, but still an average of around 3 new listings on the market each day. 73 homes went pending (excluding those homes that closed escrow), compared to 64 in May. June was a 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.