What's the Value of My La Jolla Home?
La Jolla Home Sales for October 2018
The La Jolla real estate market is one of the most expensive in San Diego County. If you take a virtual visit to La Jolla (see link below), or in real life, you will quickly see why this is so.
Having current, local information about La Jolla homes for sale is essential so you can make informed decisions about buying or selling a home in La Jolla.
La Jolla, “(La Hoya in Spanish = The Jewel),” is a beautiful coastal community with many properties offering fabulous views of the ocean from the hills, and a trendy, up-scale village offering the finest in shopping and dining. La Jolla has been compared to the French and Italian Rivieras with spectacular ocean and coastline vistas, amazing homes, beautiful architecture, and a terrific year-round climate, attracting visitors, and buyers, from around the world.
The La Jolla real estate market saw 68 homes sell in October 2018, an increase in sales by 33% from last month, following 3 months of declines. 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).
TOTAL HOMES SOLD
68 (up 33%), 44 Days on Market, Ave. Sales Price $1,987,643 (up 19%), Ave. sale 95% of asking price
Detached Homes Sold
32 (up 39%), 67 Days on Market, Ave. Sales Price $2,329,020 (down 35%), Ave. sale 93% of asking price
Attached Homes (condos, town homes) Sold
36 (up 28%), 24 Days on Market, Ave. Sales Price $801,861 (up 18%), Ave. sale 98% of asking price
The overall volume of sales in the La Jolla real estate market rose fairly significantly from last month, especially for detached homes, following 3 months of decline in sales. Average sales prices decreased for detached homes (likely due to the sale of 4 homes last month over $5M – 1 over $16M – that had raised the average), but increased for attached homes. 35% of the sales were cash transactions compared to 41% last month.
La Jolla buyers negotiated, on average, 4 - 6% off list price; however, 28% of the homes sold at or above asking price. Days on market rose significantly for detached single family homes but declined for attached homes.
The median sales price of detached homes decreased to $1,877,500 (down 12%), but rose slightly to $682,500 for attached homes (up by 1%).
There was 1 La Jolla home with a contingent status at the end of October, compared to 2 last month (these homes are still considered active, but typically are properties with offers that are being reviewed by either the short sale or REO lenders and may not actually be accepting more offers or be available to tour). The current listing appears to have an offer that is contingent and is not an REO or short sale.
There were 315 La Jolla homes on the market at the end of October, an increase by 2% from September, yet another improvement. This translates to an inventory of 8 months for detached homes (up from 7.7 months last month), and 3.4 months for attached (up from 2.9 months last month), based on the rate of sales over the last 3 months. The La Jolla real estate market remains a very strong seller’s market for attached homes, and has become a buyer’s market for detached single family homes.
108 homes came on the La Jolla real estate market in October, 8% fewer than the number of new listings in September; 37 homes went pending (excluding those that closed escrow), down 36% from last month’s pendings.
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 for the purchase of a La Jolla home, and to create an effective plan to sell your current property.
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If I can provide more information about homes for sale in Carlsbad and in surrounding areas, our local housing market, or otherwise assist you, friends or family in a home search or home sale, please contact my mobile office or text me at (760) 840-1360, or feel free to email me at JeffDowlerSolutions@gmail.com
Serving Carlsbad (including Aviara, La Costa & Carlsbad Village), Encinitas (including Leucadia & Olivenhain), Cardiff, Solana Beach, Del Mar, La Jolla, Rancho Santa Fe, San Marcos (including San Elijo Hills), Oceanside, Escondido, and San Diego
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