What's the Value of My La Jolla Home?
La Jolla Real Estate Market September 2018
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 51 homes sell in September 2018, a decrease in sales by 20% from last month, and the 3rd decline. 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
51 (down 20%), 42 Days on Market, Ave. Sales Price $1,987,643 (up 19%), Ave. sale 95% of asking price
Detached Homes Sold
23 (down 4%), 42 Days on Market, Ave. Sales Price $3,576,996 (up 23%), Ave. sale 94% of asking price
Attached Homes (condos, town homes) Sold
28 (down 30%), 41 Days on Market, Ave. Sales Price $678,950 (down 22%), Ave. sale 96% of asking price
The overall volume of sales in the La Jolla real estate market dropped fairly significantly from last month, especially for attached homes, and was the 3rd consecutive decline in sales. Average sales prices increased for detached homes substantially (likely due to the sale of 4 homes over $5M – 1 over $16M – that raised the average), but dropped for attached homes. 41% of the sales were cash transactions compared to 30% last month.
La Jolla buyers negotiated, on average, 4 - 6% off list price; however, 31% of the homes sold at or above asking price. Days on market decreased for detached single family homes but rose for attached homes.
The median sales price of detached homes increased to $2,125,000 (up 5%), and to $678,950 for attached homes (up by 4%).
There were 2 La Jolla homes with a contingent status at the end of September, the same as 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). In this case these are both homes with first rights of refusal.
There were 308 La Jolla homes on the market at the end of September, an increase by 3% from August, yet another improvement. This translates to an inventory of 7.7 months for detached homes (up from 6.7 months last month), and 2.9 months for attached (up from 1.9 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 balanced market for detached single family homes, and trending toward a buyer’s market.
113 homes came on the La Jolla real estate market in September, 6% more than the number of new listings in August; 58 homes went pending (excluding those that closed escrow), the same as 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 conditions, or assist you, friends or family in a purchase or sale, please contact my mobile office or text me at (760) 840-1360, or email me at JeffDowlerSolutions@gmail.com
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