What's the Value of My La Jolla Home?
La Jolla Home Sales for December 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 visit in person, you’ll 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
25 homes sold in the La Jolla real estate market in December, 24% 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 1); 14 Average Days on Market; Average Sales Price was $3,789,187 (down 1%); the average sales price was 99% of original asking price.
Condos, Townhomes & Duplexes Sold
9 (down by 7); 43 Average Days on Market; Average Sales Price was $1,158,888 (down 34%); Average sales price was 100% of original asking price.
The overall volume of sales in the La Jolla real estate market decreased markedly compared to November. There were substantially fewer condos, townhomes and duplexes sold, while single family home sales dropped just by 1. Sales prices ranged from $645,000 to $10,300,000.
Average time on the market declined for single family homes, but was longer for condos, townhomes and duplexes. Plenty of buyers made quick decisions, with 44% of the homes going pending in 1 week or less. It’s still smart for La Jolla buyers to be prepared to decide quickly about touring homes and submitting their offers.
The average sales price for single family homes decreased just slightly from last month. The average sales price was significantly lower for condos, townhomes and duplexes than in November.
A number of buyers were able to negotiate the prices of their new homes down from the list price. However, 56% of the buyers paid asking price or higher for their new homes, more than in November.
The median sales price of the single family homes, $2,756,500, was 21% lower than in November. Similarly, the median price of $920,000 for condos, townhomes and duplexes was also 21% lower than last month.
There were 2 La Jolla homes with an Active Under Contract status at the end of December, versus 1 last month (when they occur these homes are considered active but they may not be accepting backup offers or be available to tour).
There were 100 homes on the market at the end of December compared to 122 last month. List prices range from $545,000 to $39,977,000.
The current supply in La Jolla is 3.7 months for single family homes (down from 4.1 months last month), and 2.5 months for condos, townhomes and duplexes (up from 2.3 months last month), based on the rate of sales over the last 3 months. La Jolla real estate remains a strong sellers’ market for single family homes, as well as for condos, townhomes and duplexes.
There were 31 new listings in December, compared to 59 last month, a substantial drop. In contrast, 33 homes went pending (excluding those homes that closed escrow) versus 30 in November, a small 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 to me 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 November 2023
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