What's the Value of My La Jolla Home?
La Jolla Home Sales for April 2022
As a La Jolla buyer or seller, having up-to-date local market information about La Jolla homes for sale is important so you can make informed decisions about buying and/or selling your La Jolla home.
La Jolla is a beautiful beach 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.
There were 63 homes sold in the La Jolla real estate market April 2022, just 2 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
37 (up by 1); 41 Average Days on Market; Average Sales Price $4,107,260 (down by 16%); Average sales price was 98% of original asking price.
Condos, Townhomes & Duplexes Sold
26 (down by 3); 12 Average Days on Market; Average Sales Price $1,687,009 (up 25%); Average sales price was 108% of original asking price
The overall volume of sales in the La Jolla real estate market dropped just slightly in April. There was 1 more single family home sale, and 3 fewer condo, townhome and duplex sales. Sales prices ranged from $635,000 to $7,457,000.
Average time on the market was longer for single family homes, but declined for condos, townhomes and duplexes from last month. At the same time a good number of homes, 46%, went pending in 1 week or less, the same as last month. You should be prepared to act quickly about touring homes you like, and making an offer.
The average sales price for single family homes lower than last month (in part due to the sale of 6 homes last month at over $8M each with 1 selling for $21,800,000 that raised the average). The average sales price was higher for condos, townhomes and duplexes than in March.
Plenty of La Jolla buyers successfully negotiated their purchase prices. However, about half (48%) paid more than list price for their new homes, no doubt due to competition and multiple offers.
The median sales price of the single family homes, $4,200,000, was 13% higher than last month. The median price was 8% higher, at $1,292,500, for condos, townhomes and duplexes.
There were 2 La Jolla homes with an Active Under Contract status at the end of April, compared to 1 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 95 La Jolla homes on the market at the end of April, ranging in price from $525,000 to $49,000,000. This is a 25% increase in inventory from last month (76), and good news for La Jolla buyers.
The current inventory in La Jolla is 1.9 months for single family homes (up from 1.6 months last month), and 1.3 months for attached (up from 1.2 months 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 more new listings in April, 80, than last month (70), a trend we saw in March. 51 homes went pending (excluding those homes that closed escrow), down from 54 pendings last month! It was a fairly busy month for sellers and buyers.
If you would like more 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 call or text me at (760) 840-1360. We can also discuss your personal housing needs, budget, and the purchase of a La Jolla home. I can also help create a plan for selling your current home if that’s your goal.