What's the Value of My La Jolla Home?
La Jolla Home Sales for September 2024
La Jolla is one of the more expensive housing markets in San Diego County. When you tour La Jolla online (see link below), or visit in person, it’s easy to see the reasons for this.
As a buyer or seller 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 a home in La Jolla.
La Jolla is an attractive coastal community with many of the homes offering beautiful views of the ocean from the hills or on the coast. 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
35 homes sold in La Jolla in September, 33% fewer sales than in August. Here’s an overview 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 (down by 6); 47 Average Days on Market; The Average Sales Price was $3,278,228 (down 33%); the average sales price was 93% of the original asking price.
Condos, Townhomes & Duplexes Sold
12 (down 48%); 39 Average Days on Market; Average Sales Price was $1,226,500 (down 19%); Average sales price was 96% of the original asking price.
The overall volume of sales in the La Jolla real estate market dropped significantly from August. Condo, townhome and duplex sales declined substantially, and there were fewer single family home sales. Sales prices ranged from $550,000 to $9,450,000.
The average time on the market increased for single family homes, and also did for condos, townhomes and duplexes. Some buyers made quick decisions, with 20% of the homes going pending in 7 days or less, fewer than last month. Thus, La Jolla buyers should be ready to make quick decisions about touring homes and submitting offers.
The average sales price for single family homes decreased substantially from last month, likely due to the sale of 14 homes last month for over $4M with 1 selling at $35M that raised the August average. The average sales price for condos, townhomes and duplexes was also lower than in August.
While the majority of home buyers negotiated the prices of their new homes down from listing price, 26% paid asking price or more for their new homes.
The median sales price of the single family homes, $3,000,000, was 18% lower than in August. Similarly, the median price of $972,500 for condos, townhomes and duplexes was 28% lower than last month.
There were 2 La Jolla homes with an Active Under Contract status at the end of September, compared to none last month (when they occur these homes are considered active but they might not be accepting more offers or be available to tour).
There were 170 homes on the market at the end of September, compared to 161 last month. List prices range from $529,800 to $33,995,000.
The current supply of single family homes is 3.5 months (up from 3.2 months last month), and 3.9 months for condos, townhomes and duplexes (up from 3 months last month), based on the rate of sales over the last 3 months. La Jolla is a seller’s market for single family homes, as well as for condos, townhomes and duplexes.
There were 72 new listings in September, compared to 77 last month. 35 homes went pending (excluding those homes that closed escrow) versus 32 in August.
If you would like more information about the La Jolla housing market, please let me know. I can also share specific about particular residential areas (the Village, La Jolla Shores, La Jolla Farms, Bird Rock, Windansea). Please contact me directly or via text at (760) 840-1360. We can discuss your particular housing needs, budget, and any plans to buy a La Jolla home. I can also help you create a strategy for selling your current home if that’s your desire.
SEARCH FOR HOMES FOR SALE IN LA JOLLA CA
READ MORE:
What’s my La Jolla Home Worth? La Jolla Real Estate Market for August 2024
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