What's the Value of My La Jolla Home?
La Jolla Home Sales for March 2019
Having up-to-date local information about La Jolla homes for sale is essential in order to 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 or shoreline, 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 54 home sales in March 2019, up substantially, by 63%, from 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
27 (up 50%), 60 Days on Market, Average Sales Price $2,373,342 (up 7%), Average sale 94% of original asking price
Attached Homes (condos, town homes) Sold
27 (up 80%), 46 Days on Market, Average Sales Price $882,629 (down 21%), Average sale 96% of original asking price
The volume of sales in the La Jolla real estate market rose considerably for both detached single family home and attached home sales over last month. Average sales price increased for detached homes (with the sale of 4 homes over $4M) but declined for attached homes (the sale of 1 home at over $4M last month clearly impacted the overall higher average price in February). 39% of the sales were cash transactions, the same as last month.
While La Jolla buyers negotiated, on average, 3 - 6% off list price, 30% of the La Jolla buyers paid full price or more for their homes. Days on market rose for detached single family homes but decreased for attached homes.
The median sales price of detached homes decreased to $2,025,000 (down 1%), but increased to $761,000 for attached homes (up 16%).
There were 2 La Jolla homes with a contingent status at the end of March, versus 3 in February (these homes are still considered active, but may not actually be accepting more offers or be available to tour). 1 is a first right of refusal, the other 1 requires 3rd party approval.
There were 270 La Jolla homes on the market at the end of March, an increase, by 3%, from February, and another improvement in inventory, and more homes available for buyers than in March of 2018. This translates to an inventory of 8.5 months for detached homes (down from 9.7 months last month), and 5.2 months for attached (the same as last month), based on the rate of sales over the last 3 months. The La Jolla real estate market remains a seller’s market for attached homes, but is trending toward a balanced market, and is a market that favors buyers for detached single family homes.
120 homes came on the La Jolla real estate market in March, 30% more new listings than in February and good news for buyers; similarly, 46 homes went pending (excluding those that closed escrow), another increase, by 46%, from last month’s pendings and a good indication of the active market in La Jolla!
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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