What's the Value of My La Jolla Home?
La Jolla Real Estate Market January 2022
As a La Jolla buyer or seller, having current local market information about La Jolla homes for sale is essential 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.
There were 51 homes sold in the La Jolla real estate market January 2022, 9% fewer sales than last month. Here’s an overview of the housing 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
30 (up 15%); 31 Average Days on Market; Average Sales Price $4,079,873 (up by 7%); Average sales price was 105% of original asking price.
Condos, Townhomes & Duplexes Sold
21 (down by 30%); 41 Average Days on Market; Average Sales Price $1,665,238 (up by 33%); Average sales price was 102% of original asking price
The overall volume of sales in the La Jolla real estate market dropped modestly in January, following the increase in sales in December. There were more single family home sales, but significantly fewer condo, townhome and duplex sales. Sales prices ranged from $420,000 to $12,257,375.
Average marketing time dropped to about a month for single family homes, but was significantly longer (41 days) for condos, townhomes and duplexes than last month. At the same time, however, a good number of homes, 43%, went pending in 1 week or less. If you are planning on buying a home in La Jolla you should be prepared to decide quickly about touring homes you like, and make your offer promptly. Even then there are no guarantees that acting quickly will lead to success.
The average sales price for single family homes was higher than last month, in part due to the sale of 6 homes at over $6M each. The average sales price was also higher for condos, townhomes and duplexes.
Plenty of La Jolla buyers negotiated their purchase prices. At the same time, however, over half (61%) paid list price or more for their new homes, a good indication of the competition.
The median sales price of the single family homes, $3,180,000, was 1% lower than last month. The median price was 23% higher, at $1,370,000, for condos, townhomes and duplexes.
There was 1 La Jolla home with an Active Under Contract status at the end of January, the same as the last 3 months (when they occur these homes are considered active, but may not actually be accepting more offers or be available to tour).
There were 75 La Jolla homes on the market at the end of January, ranging in price from $609,500 to $55,000,000. This is a modest increase in inventory by 6% from last month (at 71).
The current inventory in La Jolla is 2 months for single family homes (up from 1.9 months last month), and 19 days for attached (up from 17 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 particularly competitive for buyers of condos, townhomes and duplexes.
There were twice as many new listings in January, 78, as last month (38), which is good news for buyers. Similarly, 45 homes went pending (excluding those homes that closed escrow), compared to 36 last month. The January housing market was busier for buyers and sellers than December!
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. We can also discuss your specific housing needs, budget, and the purchase of a La Jolla home. I can also help you develop a strategy to sell your current home if that’s your goal.