What's the Value of My La Jolla Home?
La Jolla Home Sales November 2023
La Jolla is one of the more expensive housing markets in San Diego County in general. If you tour La Jolla online (see link below), or visit in real life, you’ll soon see why this is so.
As a seller or buyer 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
33 homes sold in the La Jolla real estate market in November, just 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
17 (down by 3); 35 Average Days on Market; Average Sales Price was $3,826,826 (down 2%); the average sales price was 95% of original asking price.
Condos, Townhomes & Duplexes Sold
16 (no change); 31 Average Days on Market; Average Sales Price was $1,757,450 (up 24%); Average sales price was 97% of original asking price.
The overall volume of sales in the La Jolla real estate market decreased modestly compared to October. The same number of condos, townhomes and duplexes sold, while there were 3 fewer single family home sales. Sales prices ranged from $605,000 to $11,500,000.
Average time on the market was longer for single family homes, and for condos, townhomes and duplexes. Some buyers made quick decisions, with 18% of the homes going pending in 1 week or less. It’s still wise for buyers to be ready to decide quickly about touring homes and submitting offers.
The average sales price for single family homes decreased slightly from last month. The average sales price was higher for condos, townhomes and duplexes than in October.
The majority of buyers negotiated the prices of their new homes down from the list price. However, 33% of the buyers paid asking price or more for their new homes, the same as last month.
The median sales price of the single family homes, $3,480,000, was 15% higher than in October. In contrast, the median price of $1,163,750 for condos, townhomes and duplexes was 11% lower than last month.
There was 1 La Jolla home with an Active Under Contract status at the end of November, versus 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 122 homes on the market at the end of November compared to 134 last month (down 9%). List prices range from $545,000 to $37,500,000.
The current supply in La Jolla is 4.1 months for single family homes (up from 3.6 months last month), and 2.3 months for condos, townhomes and duplexes (down from 2.6 months last month), based on the rate of sales over the last 3 months. La Jolla remains a strong sellers’ market for single family homes, and for condos, townhomes and duplexes.
There were 59 new listings in November, compared to 63 last month, a modest decline. In contrast 30 homes went pending (excluding those homes that closed escrow), versus 19 in October, a nice improvement.
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’ll discuss your personal housing needs, budget, and your 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 October 2023
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