What's the Value of My La Jolla Home?
La Jolla Home Sales for May 2022
In general, the La Jolla housing market is one of the most expensive in San Diego County. If you tour La Jolla online (see link below), or visit in person, you’ll soon understand why this is so.
As a La Jolla buyer or seller, having current local market information about La Jolla homes for sale is essential 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.
La Jolla Real Estate – A Jewel on the San Diego Coastline
There were 83 homes sold in the La Jolla real estate market May 2022, 32% more 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 (no change); 18 Average Days on Market; Average Sales Price $3,841,933 (down by 6%); Average sales price was 99% of original asking price.
Condos, Townhomes & Duplexes Sold
46 (up 54%); 21 Average Days on Market; Average Sales Price $1,380,714 (down 18%); Average sales price was 104% of original asking price
The overall volume of sales in the La Jolla real estate market rose markedly from April, all due to the large increase in condo, townhome and duplex sales. Sales prices ranged from $521,888 to $14,600,000.
Average time on the market was significantly shorter for single family homes, but longer for condos, townhomes and duplexes from last month. At the same time a good number of homes, 54%, went pending in 1 week or less. Buyers in La Jolla should be ready to act quickly about touring homes, and making offers.
The average sales price for single family homes was lower than last month The average sales price was also lower for condos, townhomes and duplexes than in April.
Plenty of La Jolla buyers successfully negotiated the prices of their new homes. At the same time, however, about half (49%) paid more than list price for their new homes, something to remember for your offer strategy.
The median sales price of the single family homes, $3,150,000, was 25% lower than last month. The median price was 4% lower, at $1,244,250, for condos, townhomes and duplexes.
There was 1 La Jolla home with an Active Under Contract status at the end of May, 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 91 La Jolla homes on the market at the end of May, ranging in price from $650,000 to $49,000,000. This is a 4% decrease in inventory from last month.
The current inventory in La Jolla is 1.7 months for single family homes (down from 1.9 months last month), and 24 days for attached (down from 1.3 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 especially competitive for buyers of condos, townhomes and duplexes.
There were fewer new listings in May, 65, compared to last month’s 80. 32 homes went pending (excluding those homes that closed escrow), down from 51 pendings last month. But it was still a relatively busy month for buyers and sellers.
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.
SEARCH FOR HOMES FOR SALE IN LA JOLLA CA
What’s my La Jolla Home Worth? La Jolla Real Estate Market for April 2022
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