What's the Value of My La Jolla Home?
La Jolla Real Estate Market Report for December 2021
The housing market in La Jolla is one of the more expensive in San Diego County. If you take a virtual tour of La Jolla (see link below), or visit in person, you’ll see why.
As a La Jolla buyer or seller, having current local market information about La Jolla homes for sale is important in order to make informed 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.
READ MORE:
La Jolla Real Estate – A Jewel on the San Diego Coastline
There were 56 homes sold in the La Jolla real estate market December 2021, 2 more 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
26 (down by 2); 40 Average Days on Market; Average Sales Price $3,808,522 (down 7%); Average sales price was 98% of original asking price.
Condos, Townhomes & Duplexes Sold
30 (up by 4); 21 Average Days on Market; Average Sales Price $1,250,854 (down 2%); Average sales price was 104% of original asking price
The overall volume of sales in the La Jolla real estate market rose modestly in December, following several declines. There were fewer single family home sales, but several more condo, townhome and duplex sales. Sales prices ranged from $495,777 to $12,064,572.
Average marketing time was 5 days longer for single family homes (almost 6 weeks), and 9 days longer for condos, townhomes and duplexes than last month. However, at the same time a good number of homes, 46%, went pending in 1 week or less. The message here is that if you are planning on buying a La Jolla home you should be prepared to decide quickly on touring homes that are of interest, and make your offer promptly.
The average sales price for single family homes was lower than last month, no doubt in part due to the sale last month of 9 homes over $5M with one at $15,000,000 which raised November’s average significantly. The average price was slightly lower for condos, townhomes and duplexes.
A number of La Jolla buyers were able to negotiate their purchase prices. However, over half (57%) paid list price or more for their new homes, a good indicator of buyer competition.
The median sales price of the single family homes, $3,225,000, was 9% higher than last month, and was 24% higher, at $1,118,000, for condos, townhomes and duplexes.
There was 1 La Jolla home with an Active Under Contract status at the end of December, the same as the last 2 months (when they occur these homes are considered active, but may not actually be accepting more offers or be available to tour).
There were 71 La Jolla homes on the market at the end of December, ranging in price from $799,500 to $28,000,000. This is a decline in inventory by 16% from last month (85).
The current inventory in La Jolla is 1.9 months for single family homes (the same as last month), and 17 days for attached (down from 22 days last month), based on the rate of sales over the last 3 months. The La Jolla real estate market remains a very strong sellers’ market for single family homes, and is particularly competitive for buyers of condos, townhomes or duplexes, and became more so in December.
There were 39 new listings in December versus 49 last month, another decline, but not a surprise given the holidays. 36 homes went pending (excluding those homes that closed escrow), compared to 45 last month. Despite these shifts the December housing market was still fairly busy for buyers and sellers during the holidays!
If you would like to have more details 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 call or text me at (760) 840-1360. I’m happy to also discuss your specific housing needs and the purchase of a La Jolla home, and help you create an effective plan to sell your current home if that’s the goal.
SEARCH FOR HOMES FOR SALE IN LA JOLLA CA
READ MORE:
What’s my La Jolla Home Worth? La Jolla Real Estate Market for November 2021
Comments (11)Subscribe to CommentsComment