What's the Value of My La Jolla Home?
La Jolla Home Sales for June 2020
As a buyer or seller, having up-to-date local market information about La Jolla homes for sale is essential so you can make informed decisions about buying or selling your home in La Jolla.
La Jolla is a beautiful coastal community with numerous homes offering amazing views of the ocean from the hills or shoreline, and a trendy, up-scale village offering the best in shopping and dining. La Jolla has been compared to the French and Italian Rivieras with impressive ocean and coastline vistas, spectacular homes, beautiful architecture, and a terrific year-round climate, attracting visitors, and buyers, from around the world.
The La Jolla real estate market saw 60 homes sell in June 2020, over 3 times the number of sales last month. Here’s a summary of the real estate activity (these MLS summary data do not include private sales, and are believed to be accurate at the time this report was written but are not guaranteed).
Detached Homes Sold
37 (up 311%), 60 Days on Market, Average Sales Price $3,086,243 (up 8%), Average sales price was 93% of original asking price.
Attached Homes (condos, town homes) Sold
23 (up 155%), 57 Days on Market, Average Sales Price $1,148,371 (up 26%), Average sales price was 95% of original asking price
The overall volume of sales in the La Jolla real estate market rose markedly in June, despite the pandemic. While the MLS reported 60 sales, 2 detached homes were double-listed (1 a co-listing with agents in LA), so the actual sales volume was 58.
The average sales price was higher for detached homes; this is due, in part, to the sale of 1 home at $17 million, however 2 other homes selling at $5,125,000 and $ 3,325,000 were both listed twice. The revised average sales price after removing the double counted sales is $3,021,171. The average sales price of the attached homes also rose. 40% of the sales were cash transactions, versus 33% last month. Sales prices ranged from $364,500 to $17 million.
While La Jolla buyers negotiated, on average, 5 - 7% off the original list price, 17% of the La Jolla buyers paid full price or more for their homes. The average time on the market was about the same for detached single family homes but longer for attached homes compared to May.
The median sales price of detached homes, $2,040,000, was 13% higher than last month, and was 14% higher for attached homes at $835,000.
There was 1 La Jolla home with a contingent status at the end of June, the same as last month (these homes are still considered active, but may not actually be accepting more offers or be available to tour). This home has been contingent and waiting for short sale approval from the lender since April 2020.
There were 250 La Jolla homes on the market at the end of June (ranging in price from $359,900 to $37,000,000), a modest decline of 6% from May, but still fairly strong inventory despite the pandemic. The total number of active listings for detached homes is a little misleading – 1 home (at $37M) is listed 2 times due to co-listing, due to the opportunity to purchase all 3 lots or just 1 lot with the main house; 2 other luxury homes are listed twice apparently due to co-listings with other brokerages…which is not unusual with luxury homes (none of these were new listings in June).
The current inventory is 7.7 months for detached homes (down from 8.5 months last month), and 5.9 months for attached (a drop from 6.2 months last month), based on the rate of sales for the last 3 months. The La Jolla real estate market remains a balanced market for attached homes, and is, for the second month, a market favoring buyers of detached single family homes.
New listings in June dropped from May with 101 compared to 118 last month; 70 homes went pending (excluding those that closed escrow), an increase, by 35%, from last month, the second in a row, despite the pandemic.
If you would like more detailed information about the La Jolla real estate market, or would like to know more about specific residential areas and local market conditions (the Village, Muirlands, La Jolla Shores, La Jolla Farms, Bird Rock, Mt. Soledad, Windansea) please give me a call at (760) 840-1360. I’m happy to also discuss your housing needs and the purchase of a La Jolla home, and to create an effective plan to sell your current property if needed.
Be aware there are specific recommendations in place to help keep everyone safe, and some new procedures as a result of the pandemic that impact home purchases and sales in our area. I am happy to share more information and answer any questions about what these procedures mean for buyers and sellers, and what you can expect when buying or selling.
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If I can provide more information about homes for sale in Carlsbad and in surrounding areas, local housing market conditions, or assist you, friends or family in a purchase or sale, please call or text me at (760) 840-1360, or email me at JeffDowlerSolutions@gmail.com
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