What's the Value of My La Jolla Home?
La Jolla Real Estate Market October 2020
As a La Jolla buyer or seller, having up-to-date local market information about La Jolla homes for sale is essential in order to 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 89 homes sell in October 2020, 5% fewer than the number of sales 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).
Single Family Homes Sold
48 (6% fewer); Average Sales Price $2,883,030 (down 11%); Average sales price was 95% of original asking price.
Condos, Townhomes & Duplexes Sold
41 (down 5%); Average Sales Price $1,010,535 (down 9%); Average sales price was 95% of original asking price
The overall volume of sales in the La Jolla real estate market dropped modestly in October, and for single family home sales as well as condo, townhome and duplex sales.
The average sales price was lower for detached homes; this is due, in part, to the sale last month of 5 homes sold at over $7M with 1 at $19,250,000 that raised that average substantially. The average sales price of the attached homes was also lower than last month.
While La Jolla buyers negotiated, on average, 5% off the original list price, 24% of the La Jolla buyers paid full price or more for their homes.
The median sales price of single family homes, $2,110,000, was 18% higher than last month, but the median was 26% lower for condo, townhomes and duplexes at $688,500.
There was 1 La Jolla home with an Active Under Contract status at the end of October, compared to none 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 October (ranging in price from $349,000 to $26,900,000), 85 fewer than last month, but still fairly strong inventory despite the pandemic.
The current inventory is 2.5 months for single family homes (down from 3.4 months last month), and 3 months for attached (up from 2.9 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, becoming even more competitive in October.
New listings in October increased to 110, compared to 100 last month, which was good news for buyers; similarly 74 homes went pending (excluding those that closed escrow), also an increase, by 12%, from last month. It was 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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