What's the Value of My La Jolla Home?
La Jolla Home Sales for July 2022
In general, the La Jolla housing market is one of the most expensive in San Diego County. When you tour La Jolla online (see link below), or visit in person, it becomes obvious why this is so.
As a La Jolla buyer or seller, having current local market information about La Jolla homes for sale will benefit you so you can make educated 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.
READ MORE:
La Jolla Real Estate – A Jewel on the San Diego Coastline
34 homes sold in the La Jolla real estate market in July, 19% 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
10 (down by 1); 33 Average Days on Market; Average Sales Price $4,461,863 (down 3%); Average sales price was 97% of original asking price.
Condos, Townhomes & Duplexes Sold
22 (down 32%); 17 Average Days on Market; Average Sales Price $1,383,900 (up 21%); Average sales price was 99% of original asking price
The overall volume of sales in the La Jolla real estate market dropped markedly from June. There were substantially fewer condo, townhome and duplex sales, but just 1 less single family home sale. Sales prices ranged from $592,500 to $12,000,000.
Average time on the market was longer for single family homes (a little over 1 month), but only 1 day longer for condos, townhomes and duplexes. At the same time a good number of homes, 32%, went pending in 1 week or less (fewer than last month). Buyers in La Jolla should still plan to act quickly for touring homes, and making offers.
The average sales price for single family homes was modestly lower than last month (despite the sale of 5 homes over $5M). In contrast the average sales price was higher for condos, townhomes and duplexes than in June.
Many La Jolla buyers successfully negotiated the prices of their new homes. However, 18% paid over list price for their new homes (fewer than last month). It’s important to bear this in mind for your offer strategy.
The median sales price of the single family homes, $3,500,000, was 3% lower than in June. In contrast the median price was 24% higher, at $1,320,000 for condos, townhomes and duplexes.
There were 2 La Jolla homes with an Active Under Contract status at the end of July, versus 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 160 La Jolla homes on the market at the end of July, ranging in price from $499,000 to $49,000,000 (the most expensive home is also co-listed with an LA brokerage). This is a 25% increase in inventory from last month and good news for buyers.
The current inventory in La Jolla is 3.8 months for single family homes (up from 2.6 months last month), and 2.2 months for attached (up from 1.5 month last month), based on the rate of sales for the last 3 months. The La Jolla real estate market continues to be a sellers’ market for single family homes, and remains a very strong seller’s market for buyers of condos, townhomes and duplexes.
The number of new listings in July, 77, was about the same as last month (76). 27 homes went pending (excluding those homes that closed escrow), 3 more than last month! It was another 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
READ MORE:
What’s my La Jolla Home Worth? La Jolla Real Estate Market for June 2022
Comments(7)