What's the Value of My La Jolla Home?
La Jolla Real Estate Market Report for February 2022
The La Jolla housing market is one of the most expensive in San Diego County. If you take a tour online of La Jolla (see link below), or visit in person, you’ll understand why.
As 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 educated decisions about buying and/or selling your La Jolla home.
La Jolla is a beautiful seaside community with many 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 44 homes sold in the La Jolla real estate market February 2022, 14% fewer sales than last month, another decline. 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
24 (down 20%); 29 Average Days on Market; Average Sales Price $4,208,125 (up by 3%); Average sales price was 105% of original asking price.
Condos, Townhomes & Duplexes Sold
21 (down by 1); 17 Average Days on Market; Average Sales Price $1,291,830 (down 22%); Average sales price was 105% of original asking price
The overall volume of sales in the La Jolla real estate market dropped modestly in February, following a decline in January sales. There were fewer single family home sales, and 1 less condo, townhome and duplex sales. Sales prices ranged from $540,000 to $12,795,000.
Average marketing time dropped modestly for single family homes, but more substantially for condos, townhomes and duplexes from last month. At the same time a good number of homes, 45%, went pending in 1 week or less. If you are planning on buying a La Jolla home be prepared to decide quickly about seeing homes you like, and then making your offer promptly.
The average sales price for single family homes was higher than last month, in part due to the sale of 6 homes at over $5M each. In contrast the average sales price was lower for condos, townhomes and duplexes.
A number of La Jolla buyers negotiated their purchase prices. However, a majority (80%) paid list price or more for their new homes, a good indication of buyer competition.
The median sales price of the single family homes, $3,637,500, was 14% higher than last month. The median price was 27% lower, at $1,002,500, for condos, townhomes and duplexes.
There was 1 La Jolla home with an Active Under Contract status at the end of February, the same as the last 4 months (when they occur these homes are considered active, but may not actually be accepting more offers or be available to tour).
There were 83 La Jolla homes on the market at the end of February, ranging in price from $609,500 to $55,000,000. This is an increase in inventory by 11% from last month (at 75), and some good news for buyers.
The current inventory in La Jolla is 2.1 months for single family homes (up from 2 months last month), and 1.1 months 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 fewer new listings in February, 62, than last month (78). Similarly, 39 homes went pending (excluding those homes that closed escrow), down from 45 pendings last month!
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 develop a strategy to sell your current home if that’s your 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 January 2022
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