What's the Value of My La Jolla Home?
La Jolla Real Estate Market September 2021
If you are a La Jolla buyer or seller, having up-to-date local market information about La Jolla homes for sale is essential in order to make informed decisions about selling and/or buying your La Jolla home.
La Jolla is a beautiful seaside community with abundant homes offering amazing views of the ocean from the hills or shoreline, along with a trendy, up-scale village offering the best in shopping, dining and services. La Jolla has been compared to the French and Italian Rivieras with its impressive ocean and coastline vistas, spectacular homes, beautiful architecture, and a very pleasant year-round climate, attracting visitors, and buyers, from around the world.
There were 75 homes sold in the La Jolla real estate market in September 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 compiled but are not guaranteed).
Single Family Homes Sold
34 (down 11%); 18 Average Days on Market; Average Sales Price $2,960,029 (down 8%); Average sales price was 100% of original asking price.
Condos, Townhomes & Duplexes Sold
41 (down 9%); 22 Average Days on Market; Average Sales Price $1,117,792 (up 30%); Average sales price was 100% of original asking price
The overall volume of sales in the La Jolla real estate market dropped fairly substantially in September, and for both single family home sales as well as condo, townhome and duplex sales. Sales prices ranged from $425,000 to $5,500,000.
Average marketing time was shorter for single family homes, but a few days longer for condos, townhomes and duplexes than last month. At the same time, however, a good percentage of the homes, 41%, went pending in 1 week or less. If you are considering buying a La Jolla home be prepared to make decisions quickly – for touring homes and for making an offer.
The average sales price for single family homes was lower than last month (despite the sale of 7 homes over $4M), but was significantly higher for condos, townhomes and duplexes.
While plenty of La Jolla buyers negotiated the original list price, 59% of them paid asking price or more for their new homes, a good indication of competition among buyers.
The median sales price of the single family homes, $2,800,000, was 5% higher than last month, but was 1% lower, at $760,000, for condos, townhomes and duplexes.
There was 1 La Jolla home with an Active Under Contract status at the end of September, compared to 2 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 109 La Jolla homes on the market at the end of September, ranging in price from $850,000 to $28,000,000, 8% fewer than last month.
The current inventory in La Jolla is 2.4 months for single family homes (up from 2.1 months last month), and only 16 days for attached (down from 23 day 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 became even more competitive for buyers of condos, townhomes and duplexes.
There were 70 new listings in September compared to 82 last month, but that's still an average of 2+ new listings in the market each day. 52 homes went pending (excluding those homes that closed escrow), 12 fewer than last month. But the market was still busy for both buyers and sellers!
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.