What's the Value of My La Jolla Home?
La Jolla Home Sales for August 2023
La Jolla is one of the more expensive housing markets in San Diego County on average. If you tour La Jolla online (see link below), or in real life, you can see why this is so.
As a seller or buyer in La Jolla, having up-to-date local market information about La Jolla homes for sale benefits you in making educated 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
49 homes sold in the La Jolla real estate market in August, 17% more 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
26 (up 63%); 30 Average Days on Market; Average Sales Price was $4,064,549 (up 16%); the average sales price was 93% of original asking price.
Condos, Townhomes & Duplexes Sold
23 (down by 3); 25 Average Days on Market; Average Sales Price was $1,393,569 (up 2%); Average sales price was 99% of original asking price.
The overall volume of sales in the La Jolla real estate market increased modestly compared to July. There were 3 fewer condo, townhome and duplex sales, but substantially more single family home sales. Sales prices ranged from $595,000 to $13,500,000.
Average time on the market was longer for single family homes (i.e., 1 month), but about the same for condos, townhomes and duplexes. Some buyers made quick decisions, with 1/3 (33%) of the homes going pending in 1 week or less. Buyers should be ready to make quick decisions about touring homes and submitting offers given current local market conditions.
The average sales price for single family homes increased from last month. Similarly, the average sales price was slightly higher for condos, townhomes and duplexes than in July.
The majority of La Jolla buyers were able to negotiate the prices of their new homes down from the list price. At the same time, however, 39% of the buyers paid asking price or more for their new homes.
The median sales price of the single family homes, $2,910,000, was 7% lower than in July. Similarly, the median price of $988,000 for condos, townhomes and duplexes was 4% lower than last month.
There were 2 La Jolla homes with an Active Under Contract status at the end of August, compared to none 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 139 homes on the market at the end of August compared to 124 last month. List prices range from $499,900 to $44,000,000.
The current inventory in La Jolla is 4.3 months for single family homes (down from 4.4 months last month), and 1.9 months for condos, townhomes and duplexes (up from 1.4 months 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 buyers interested in condos, townhomes and duplexes.
There were 64 new listings in August, about the same as last month (63). In contrast 30 homes went pending (excluding those homes that closed escrow), versus 44 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 directly or by text at (760) 840-1360. We can discuss your personal housing needs, budget, and the purchase of a La Jolla home. I can also help you 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 July 2023
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