What's the Value of My La Jolla Home?
La Jolla Home Sales for October 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 why this is the case.
As a buyer or seller in La Jolla, having up-to-date local market information about La Jolla homes for sale benefits you when you want to make educated decisions about buying and/or selling a home in La Jolla.
La Jolla is an attractive coastal community with many homes offering beautiful views of the ocean from the hills or along 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
50 homes sold in La Jolla in October, 43% more sales than in September. 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
28 (up by 5); 28 Average Days on Market; The Average Sales Price was $3,833,214 (up 17%); the average sales price was 98% of the original asking price.
Condos, Townhomes & Duplexes Sold
22 (up by 10); 44 Average Days on Market; Average Sales Price was $1,322,715 (up 8%); Average sales price was 95% of the original asking price.
The overall volume of sales in the La Jolla real estate market rose significantly from September. Condo, townhome and duplex sales increased substantially, and there were more single family home sales as well. Sales prices ranged from $530,000 to $9,500,000.
The average time on the market decreased for single family homes, but was longer for condos, townhomes and duplexes. Some buyers made quick decisions, with 28% of the homes going pending in 7 days or less, more than last month. As a result, La Jolla buyers should be prepared to make prompt decisions about touring homes and submitting their offers.
The average sales price for single family homes increased from last month. The average sales price for condos, townhomes and duplexes was also higher than in September.
While the majority of home buyers negotiated the prices of their new homes down from listing price, 34% paid asking price or higher for their new homes.
The median sales price of single family homes, $3,100,000, was 3% higher than in September. Similarly, the median price of $1,125,000 for condos, townhomes and duplexes was 16% higher than last month.
There were 4 La Jolla homes with an Active Under Contract status at the end of October, compared to 2 last month (when they occur these homes are considered active but might not be accepting backup offers or be available to tour).
Inventory remained fairly stable, with 168 homes on the market at the end of October, compared to 170 last month. List prices range from $529,800 to $108,000,000.
The current supply of single family homes is 3.8 months (up from 3.5 months last month), and 3.6 months for condos, townhomes and duplexes (down from 3.9 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 56 new listings in October, compared to 72 last month. 38 homes went pending (excluding those homes that closed escrow) versus 35 in September.
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 September 2024
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