What's the Value of My La Jolla Home?
La Jolla Home Sales for January 2024
La 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.
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
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