What's the Value of My La Jolla Home?
La Jolla Real Estate Market October 2021
The La Jolla housing market is one of the more expensive in San Diego County. If you take a virtual tour of La Jolla (see link below), or visit the community in person, you’ll easily see why this is the case.
As a La Jolla buyer or seller, having up-to-date local market information about La Jolla homes for sale is important in order to make educated decisions about buying and/or selling 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 impressive ocean and coastline vistas, spectacular homes, beautiful architecture, and an appealing year-round climate, attracting visitors, and buyers, from around the world.
La Jolla Real Estate – A Jewel on the San Diego Coastline
There were 59 homes sold in the La Jolla real estate market October 2021, 21% fewer sales than last month. Here’s an overview 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
35 (up by 1); 28 Average Days on Market; Average Sales Price $4,261,750 (up 44%); Average sales price was 97% of original asking price.
Condos, Townhomes & Duplexes Sold
24 (down 41%); 10 Average Days on Market; Average Sales Price $1,135,901 (up 2%); Average sales price was 104% of original asking price
The overall volume of sales in the La Jolla real estate market dropped fairly substantially in October, another decline. There was 1 more single family home sale, but significantly fewer condo, townhome and duplex sales. Sales prices ranged from $425,000 to $21,750,000.
Average marketing time was longer for single family homes (about 1 month), but shorter for condos, townhomes and duplexes than last month. At the same time, a good percentage of the homes, 42%, went pending in 1 week or less (about the same as in September). If you are planning on buying a La Jolla home you should be prepared to decide quickly on touring homes that interest you and making an offer.
The average sales price for single family homes was substantially higher than last month, no doubt in part due to the sale of 3 homes over $17M with one at $21,750,000 which raised the average significantly. The average price was only slightly higher for condos, townhomes and duplexes.
While plenty of La Jolla buyers were able to negotiate their purchase price, 53% of them ended up paying asking price or more for their new homes, a good indicator of buyer competition.
The median sales price of the single family homes, $2,400,000, was 14% lower than last month, but was 20% higher, at $909,500, for condos, townhomes and duplexes.
There was 1 La Jolla home with an Active Under Contract status at the end of October, 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 108 La Jolla homes on the market at the end of October, ranging in price from $545,000 to $28,000,000, about the same as last month (109), which is good news for home buyers.
The current inventory in La Jolla is 2.1 months for single family homes (down from 2.4 months last month), and 27 days for attached (up from 16 days last month), based on the rate of sales for the last 3 months. The La Jolla real estate market remains a very strong sellers’ market for single family homes, and is especially competitive for buyers wanting condos, townhomes or duplexes.
There were 67 new listings in October compared to 70 last month, an average of 2 new listings hitting the market each day. 43 homes went pending (excluding those homes that closed escrow), compared to 52 last month. But the October market was still busy for 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, and also help you create an effective strategy to sell your current home if that’s your plan.
SEARCH FOR HOMES FOR SALE IN LA JOLLA CA
What’s my La Jolla Home Worth? La Jolla Real Estate Market for September 2021
Subscribe to CommentsComment