What's the Value of My La Jolla Home?
La Jolla Home Sales for in February 2024
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 understand why.
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 informed 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. There is a trendy, up-scale village offering top-notch shopping, dining, and services. La Jolla has sometimes been compared to the French and Italian Rivieras due to the wonderful ocean and coastline vistas, spectacular homes, and an appealing year-round climate, which attract visitors from around the world.
READ MORE:
La Jolla Real Estate – A Jewel on the San Diego Coastline
45 homes sold in La Jolla in February, 32% more sales than last month. Here’s a summary of the housing 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
23 (up 64%); 37 Average Days on Market; The Average Sales Price was $5,220,314 (up 65%); the average sales price was 97% of original asking price.
Condos, Townhomes & Duplexes Sold
22 (up by 2); 38 Average Days on Market; Average Sales Price was $1,468,318 (up 21%); Average sales price was 97% of original asking price.
The overall volume of sales in the La Jolla real estate market increased significantly from January. 2 more condos, townhomes and duplexes were sold, and there were substantially more single family home sales. Sales prices ranged from $540,000 to $21,225,000. There were 28 cash sales (62%).
Average time on the market decreased for single family homes, but was longer for condos, townhomes and duplexes. Some buyers made quick decisions, with 29% of the homes going pending in 7 days or less. As a result La Jolla buyers should be ready to decide quickly about touring homes and submitting offers.
The average sales price for single family homes increased significantly from last month, no doubt due, in part, to 1 sale at $21,225,000 that raised the average compared to January. The average sales price for condos, townhomes and duplexes was also higher than last month.
The majority of buyers were able to negotiate the prices of their new homes down from asking price. However, 36% paid the list price or higher for their new homes.
The median sales price of the single family homes, $2,612,850, was 26% higher than in January. In contrast, the median price of $1,113,000 for condos, townhomes and duplexes was 3% lower than last month.
There were 3 La Jolla homes with an Active Under Contract status at the end of February, compared to 1 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 100 homes on the market at the end of February compared to 112 last month. List prices range from $545,000 to $39,977,000.
The current supply of single family homes in La Jolla is 3.8 months (down from 5 months last month), and 1.9 months for condos, townhomes and duplexes (down from 2.5 months last month), based on the rate of sales over the last 3 months. La Jolla real estate is a strong seller’s market for single family homes, as well as for condos, townhomes and duplexes.
There were 59 new listings in February, compared to 78 last month, a substantial decline. Similarly, 39 homes went pending (excluding those homes that closed escrow) versus 45 in January.
If you would like more details 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 can discuss your personal housing needs, budget, and your purchase of a La Jolla home. I can also help you create a strategy for selling your current home if that’s your plan.
SEARCH FOR HOMES FOR SALE IN LA JOLLA CA
READ MORE:
What’s my La Jolla Home Worth? La Jolla Real Estate Market for January 2024
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