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What's My La Jolla Home Worth? La Jolla Market Report in March 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 Homes Sales for March 2024

 

La Jolla Cove in La Jolla CALa Jolla is one of the more expensive real estate 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 current local market information about La Jolla homes for sale benefits you when you need to make informed decisions about buying and/or selling your La Jolla home.

 

La Jolla is an attractive coastal community with many homes offering beautiful views of the ocean from the hills or shoreline. There is an 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

 

42 homes sold in La Jolla in March, 3 fewer 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
22 (down by 1); 20 Average Days on Market; The Average Sales Price was $3,069,806 (down 59%); the average sales price was 99% of original asking price.

Condos, Townhomes & Duplexes Sold
20 (down 2); 31 Average Days on Market; Average Sales Price was $1,702,499 (up 16%); Average sales price was 96% of original asking price.

 

The overall volume of sales in the La Jolla real estate market decreased modestly from February. 2 fewer condos, townhomes and duplexes sold, and there was 1 fewer single family home sale. Sales prices ranged from $625,000 to $5,980,000.

 

23 of the transactions (55%) were cash buyers.

 

Average time on the market decreased for single family homes, as it also did for condos, townhomes and duplexes. Some buyers made quick decisions, with 37% of the homes going pending in 7 days or less. As a result, La Jolla buyers should be prepared to decide quickly about touring homes and submitting offers.

 

The average sales price for single family homes decreased significantly from last month, no doubt due, in part, to 1 sale at $21,225,000 last month that raised the February average. The average sales price for condos, townhomes and duplexes was higher than last month.

 

La Jolla oceanview homes

 

While the majority of buyers negotiated the prices of their new homes down from asking price, 41% paid the list price or higher for their new homes.

 

The median sales price of the single family homes, $2,855,000, was 9% higher than in February. In contrast, the median price of $1,207,500 for condos, townhomes and duplexes was 8% higher than last month.

 

There were 2 La Jolla homes with an Active Under Contract status at the end of March, versus 3 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 March, the same as last month. List prices range from $569,000 to $39,977,000.

 

The current supply of single family homes in La Jolla is 3.2 months (down from 3.8 months last month), and 1.8 months for condos, townhomes and duplexes (down from 1.9 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 52 new listings in March, compared to 59 last month. Similarly, 33 homes went pending (excluding those homes that closed escrow) versus 39 in February.

 

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 February 2024

Posted by

Jeff Dowler, CRS
Certified Residential Specialist / Realtor®


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