What's the Value of My La Jolla Home?
La Jolla Real Estate Market February 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 informed decisions about buying or selling your home in La Jolla.
La Jolla is a beautiful coastal community with many homes 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 amazing 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 42 homes sell in February 2020, 1 more sale than 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
20 (down 13%), 75 Days on Market, Average Sales Price $2,679,276 (down 9%), Average sale 95% of original asking price
Attached Homes (condos, town homes) Sold
22 (up 22%), 63 Days on Market, Average Sales Price $960,818 (up 17%), Average sale 90% of original asking price
The overall volume of sales in the La Jolla real estate market remained about the same, with a drop in single family detached homes but several more attached home sales, for a net gain of 1 per the MLS (NOTE – 1 attached home was listed twice due to a co-listing so the true number of attached sales was 21).
The average sales price was lower for detached homes, no doubt due to the sale last month of 5 homes over $3M with one selling at $15,250,000 that raised the average substantially; in contrast, the average sales price of the attached homes rose from last month. 36% of the sales were cash transactions, versus 34% last month.
While La Jolla buyers negotiated, on average, 5 - 10% 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 longer for both detached single family homes and attached homes compared to February.
The median sales price of detached homes, $1,927,500, was about the same as last month, but the median sales price was lower for attached homes at $718,500 (down 5%).
There were 3 La Jolla homes with a contingent status at the end of January, the same as in February (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 (this home has been contingent and awaiting approval since October 2019).
There were 242 La Jolla homes on the market at the end of February (ranging in price from $365,000 to $37,000,000), a 6% increase from January, the first improvement following successive 5 declines. The total number of active listings for detached homes is a little misleading – 1 home (at $37M) is listed 3 times due to co-listing and the opportunity to purchase all 3 lots or just 1 lot with the main house; 3 other luxury homes are each listed twice apparently due to co-listings with other brokerages…not unusual with luxury homes (none of these are new listings in February).
This translates to an inventory of 6.8 months for detached homes (up from 6 months last month), and 3.6 months for attached (the same as 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, and is a balanced market for detached single family homes.
111 new listings came on the market in February, an increase of 20% over the number of new listing last month (93); 56 homes went pending (excluding those that closed escrow), also an increase, by 22% from last month, indications of a busy 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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