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What's My La Jolla Home Worth? La Jolla Market Report in January 2024

By
Real Estate Agent with eXp Realty of California, Inc. CA DRE #01490977

What's the Value of My La Jolla Home?

La Jolla Home Sales for January 2024

 

La Jolla Cove in La Jolla CALa Jolla is considered one of the more expensive housing markets in San Diego County. If you tour La Jolla online (see link below), or visit in person, you’ll understand 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 educated decisions about buying and/or selling your La Jolla home.

 

La Jolla is an attractive seaside community with many homes offering beautiful views of the ocean from the hills or shoreline. You’ll find a trendy, up-scale village offering top-notch shopping, dining, and services. La Jolla has 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

 

34 homes sold in La Jolla in January, 36% more sales than last month. Here’s a summary of the market activity (the MLS 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
14 (down by 2); 57 Average Days on Market; The Average Sales Price was $3,161,356 (down 17%); the average sales price was 94% of original asking price. 

Condos, Townhomes & Duplexes Sold
20 (up 122%); 33 Average Days on Market; Average Sales Price was $1,210,325 (up 4%); Average sales price was 97% of original asking price.

 

The overall volume of sales in the La Jolla real estate market increased markedly from December. More than twice as many condos, townhomes and duplexes were sold, while there were 2 fewer single family home sales. Sales prices ranged from $570,000 to $7,640,000.

 

Average time on the market increased for single family homes, but was shorter for condos, townhomes and duplexes. A number of buyers made quick decisions, with 32% of the homes going pending in 1 week or less. La Jolla buyers should be prepared to decide quickly about touring homes and submitting their offers.

 

The average sales price for single family homes decreased from last month. On the other hand, the average sales price was modestly higher for condos, townhomes and duplexes than in December.

 

The majority of buyers negotiated the prices of their new homes down from list price.  However, 41% paid asking price or more for their new homes, which is fewer than last month.

 

The median sales price of the single family homes, $2,612,850, was 5% lower than in December. In contrast, the median price of $1,150,000 for condos, townhomes and duplexes was 25% higher than last month.

 

La Jolla Farms homes in La Jolla CA

 

There was 1 La Jolla home with an Active Under Contract status at the end of January, compared to 2 last month (when they occur these homes are considered active but they may not be accepting more offers or be available to tour).

 

There were 112 homes on the market at the end of January compared to 100 last month (up 12%). List prices range from $545,000 to $39,977,000.

 

The current supply in La Jolla is 5 months for single family homes (up from 3.7 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 is becoming more of a balanced market for single family homes, but is still a strong seller’s market for condos, townhomes and duplexes.

 

There were 78 new listings in January, compared to 31 last month, a substantial increase. Similarly, 45 homes went pending (excluding those homes that closed escrow) versus 33 in December.

 

If you would like more specifics about the La Jolla real estate market, please let me know. I can also share information about particular residential areas (the Village, La Jolla Shores, La Jolla Farms, Bird Rock, Windansea). Please reach out to me directly or via 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 develop a strategy 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 December 2023

Posted by

Jeff Dowler, CRS
Certified Residential Specialist / Realtor®


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Comments (10)

Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

Thanks for sharing the information about La Jolla - it is definitely one of my favorite places in California

Feb 13, 2024 12:48 PM
Jeff Dowler, CRS

Thank you Lise Howe  I'm glad to hear you enjoy it. La Jolla is a beautiful community for sure.

Jeff

Feb 13, 2024 07:46 PM
Hannah Williams
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376

Jeff Dowler, CRS, I cannot keep up with all these fantastic market reports!  Great to see you today and I love your choice of pictures, as always 

Feb 13, 2024 03:02 PM
Jeff Dowler, CRS

Thank you so much Hannah Williams It was a useful discussion and one that could be had again and again.

Jeff

Feb 14, 2024 03:30 PM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

A 17% reduction in price from asking on average is large at any listing price. The market is slowing at least for this past month.

Feb 13, 2024 05:09 PM
Jeff Dowler, CRS

January was a mixed bag depending on community Ed Silva, 203-206-0754 .

17% drop in average price was pretty substantial but can, in part, be explained by the homes that sold - In December there was a sale for over $10M that no doubt raised the average substantial and sales in January were not that substantial.

Jeff

Feb 14, 2024 03:34 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Jeff I always loved La Jolla since we came to California and needless to say your main photo should inspire others to love it too, Endre

Feb 13, 2024 10:00 PM
Jeff Dowler, CRS

La Jolla Farms IS a beautiful neighborhood Endre Barath, Jr., and expensive.

That photo was taken of the Farms from the bluff across the canyon at the Torrey Pines Hang Gliderport - there are spectacular views.

Jeff

Feb 14, 2024 03:36 PM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Being close to the ocean gets really expensive, but seeing daily views of it is definitely worth it, haha.

Feb 14, 2024 04:14 AM
Jeff Dowler, CRS

It IS expensive but, yes, the views can be wonderful Brian England 

Jeff

Feb 14, 2024 03:29 PM
Jim Crawford
Long & Foster - Fredericksburg, VA
Jim Crawford Broker Associate Fredericksburg VA

Jeff Dowler, CRS Thank you for taking the time to put this together and share.  This is the type of information that is beneficial for all!

Feb 14, 2024 06:56 AM
Jeff Dowler, CRS

Thank you kindly Jim Crawford  It's useful information for both buyers and sellers.

Jeff

Feb 14, 2024 03:28 PM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Jeff and hope your phone is ringing a lot with people in the rain.   Great suggestions yesterday in the zoom call.

 

Feb 14, 2024 10:04 AM
Jeff Dowler, CRS

Thanks for the kind words Will Hamm

I thought the Zoom call was a good discussion on an important topic.

Jeff

Feb 14, 2024 03:27 PM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

Hi Jeff,
You always do such a great job with your market reports. I know it takes a considerable amount of time to do so.

On another note: I hope you and your wife enjoy a lovely Valentine evening.

Feb 14, 2024 03:11 PM
Jeff Dowler, CRS

Thanks Carol Williams We have planned a nice dinner out - typically we just stay home for V Day!

I enjoy looking at the data and understanding what's going on in each community I service.

Jeff

Feb 14, 2024 03:26 PM
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

What a gorgeous area and boy, do the prices reflect that location too, Jeff! Another stellar report on the La Jolla market. 

Feb 15, 2024 02:03 AM
Jeff Dowler, CRS

Thank you Debe Maxwell, CRS  La Jolla really is a beautiful seaside community and a pleasure to visit even if you can't afford to own a home there. 

Jeff

Feb 15, 2024 10:38 AM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

La Jolla has always been a very interesting place, with regard to to what you can do with the space. I think the price points are fair for the most part, for the area.

Feb 16, 2024 10:24 AM