What's the Value of My La Jolla Home?
La Jolla Real Estate Market November 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 educated 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 73 homes sell in November 2020, 18% fewer than the number of sales last month, but not really a surprise given the time of year. 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).
Single Family Homes Sold
39 (19% fewer); 42 Average Days on Market; Average Sales Price $2,987,879 (up 4%); Average sales price was 96% of original asking price.
Condos, Townhomes & Duplexes Sold
34 (down 18%); 46 Average Days on Market; Average Sales Price $1,291,676 (up 28%); Average sales price was 96% of original asking price
The overall volume of sales in the La Jolla real estate market dropped in November, and for single family home sales as well as condo, townhome and duplex sales, a trend seen in other communities.
The average sales price was higher for detached homes; this is due, in part, to the sale of 5 homes that sold at over $5M with 1 at $10,000,000 that raised the average. The average sales price of the attached homes was also higher than last month.
While La Jolla buyers negotiated, on average, 4% off the original list price, 1 out of 4 La Jolla buyers paid full price or more for their homes.
The median sales price of single family homes, $2,500,000, was 18% higher than last month, and was significantly higher (up 79%) for condo, townhomes and duplexes at $1,230,000 (no doubt the sale of 5 properties over $2M impacted the median price).
There were 3 La Jolla homes with an Active Under Contract status at the end of November, compared to 1 last month (these homes are still considered active, but may not actually be accepting more offers or be available to tour).
There were 245 La Jolla homes on the market at the end of November (ranging in price from $350,000 to $26,900,000), 4% fewer than last month, but still fairly strong inventory during the pandemic.
The current inventory is 2.9 months for single family homes (up from 2.5 months last month), and 2.6 months for attached (down from 3 months last month), based on the rate of sales for the last 3 months. The La Jolla real estate market is a very strong seller’ market for single family homes, and condos, townhomes and duplexes.
There were 71 new listings in November compared to 110 last month, but still some good news for buyers; 58 homes went pending (excluding those that closed escrow), also a decrease, by 22%, from last month. Despite the downward shifts it was still a busy month for both buyers and sellers!
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.
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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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