What's the Value of My La Jolla Home?
La Jolla Real Estate Market December 2019
Having up-to-date local 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 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, 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 58 home sales in December 2019, a substantial increase by 32% from November, a trend seen in other nearby communities. 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
25 (up 19%), 55 Days on Market, Average Sales Price $2,353,353 (up 16%), Average sale 93% of original asking price
Attached Homes (condos, town homes) Sold
33 (up 43%), 54 Days on Market, Average Sales Price $962,802 (up 5%), Average sale 94% of original asking price
The overall volume of sales in the La Jolla real estate market rose substantially, and for both single family detached homes and attached homes, especially the latter. The average sales price was higher for detached homes as well as attached homes. 33% of the sales were cash transactions, versus 34% last month.
While La Jolla buyers negotiated, on average, 6 - 7% off the original list price, 19% of the La Jolla buyers paid full price or more for their homes. The time on the market was slightly longer for detached single family homes, but shorter for attached homes than in November.
The median sales price of detached homes increased to $1,880,000 (up 9%), and also rose for attached homes to $870,000 (up 47% from last month).
There were 3 La Jolla homes with a contingent status at the end of December, the same as in November (these homes are still considered active, but may not actually be accepting more offers or be available to tour). 2 are first right of refusals and 1 is a short sale.
There were 267 La Jolla homes on the market at the end of December (ranging in price from $350,000 to $22,000,000), a decrease by 22% from November; this is the 4th decline, and a trend we saw in other communities in North San Diego County for December. This translates to an inventory of 5 months for detached homes (down from 6.2 months last month), and 2.6 months for attached (down from 3.5 months last month), based on the rate of sales for the last 3 months.
The La Jolla real estate market remains a strong seller’s market for attached homes, but shifted from a balanced market back to one favoring sellers for detached single family homes.
44 new listings came on the market in December, 34% fewer than last month (67), not a surprise given the holidays; 37 homes went pending (excluding those that closed escrow), a decrease by 21% from last month.
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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