What's the Value of My La Jolla Home?
La Jolla Home Sales for July 2023
La Jolla has a reputation for being one of the more expensive housing markets in San Diego County. If you tour La Jolla online (see link below), or visit in real life, you can see why this is so.
As a buyer or seller in La Jolla, having current local market information about La Jolla homes for sale benefits you in making informed decisions about buying and/or selling your La Jolla home.
La Jolla is a beautiful seaside community with many homes offering impressive views of the ocean from the hills or shoreline. You’ll also find a trendy, up-scale village offering top-notch shopping, dining, and services. La Jolla has often been compared to the French and Italian Rivieras with wonderful ocean and coastline vistas, spectacular homes, and an appealing year-round climate, which attracts visitors from around the world.
READ MORE:
La Jolla Real Estate – A Jewel on the San Diego Coastline
42 homes sold in the La Jolla real estate market in July, 3 fewer sales than last month. Here’s a summary of the market activity (the 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
16 (down by 4); 16 Average Days on Market; Average Sales Price was $3,507,562 (up 8%); the average sales price was 97% of original asking price.
Condos, Townhomes & Duplexes Sold
26 (up by 1); 24 Average Days on Market; Average Sales Price was $1,363,635 (up 5%); Average sales price was 98% of original asking price.
The overall volume of sales in the La Jolla real estate market decreased modestly compared to June. There was 1 more condo, townhome and duplex sale, but fewer single family home sales. Sales prices ranged from $503,000 to $6,900,000.
Average time on the market was substantially shorter for single family homes, but 2 days longer for condos, townhomes and duplexes. Plenty of buyers made quick decisions, with almost half (45%) of the homes going pending in 1 week or less. Thus, it’s wise to be ready to make quick decisions about touring homes and submitting offers given current market conditions.
The average sales price for single family homes increased from last month. Similarly, the average sales price was modestly higher for condos, townhomes and duplexes than in June.
The majority of La Jolla buyers negotiated the prices of their new homes down from the list price. However, 38% of the buyers paid asking price or higher for their new homes.
The median sales price of the single family homes, $3,128,500, was 2% higher than in June. At the same time the median price of $1,025,000 for condos, townhomes and duplexes was 15% lower than last month.
There were no La Jolla homes with an Active Under Contract status at the end of July, 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 124 homes on the market at the end of July, ranging in price from $525,000 to $44,000,000, compared to 129 last month.
The current inventory in La Jolla is 4.4 months for single family homes (up from 4.3 months last month), and only 1.4 months for condos, townhomes and duplexes (the same as last month), based on the rate of sales over the last 3 months.
La Jolla real estate continues to be a strong sellers’ market for single family homes, in particular for condo, townhome and duplex buyers.
There were 63 new listings in July, down from last month (71). In contrast 44 homes went pending (excluding those homes that closed escrow), versus 33 in June.
If you would like more details about the La Jolla real estate market, please let me know. I can also share information about specific residential areas (the Village, La Jolla Shores, La Jolla Farms, Bird Rock, Mt. Soledad, Windansea).
Please reach out to me directly or by text at (760) 840-1360. We can discuss your particular 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 2023
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