The La Jolla Real Estate Market Report for September 2013 is available! The Single Family Residence or Detached Home market in La Jolla is in balance. We are seeing strong gains on a monthly and year to date basis. The condo market in La Jolla is completely different right now. It is a very strong seller’s market with just under 3 month’s supply of real estate. Prices have also trended way up since a year ago. Please review the results below:
The La Jolla Real Estate Market Report for September 2013:
Single Family Residence (Detached Homes)
- 198 Active Listings for Sale as of September 12th, 2013
- Average Days on Market to Sell: 53 Days (September 2012 was 95 Days)
- 29 Total Sales for September 2013 (September 2012 had 31 Total Sales)
- Median Sales Price for September 2013: $1,650,000 (September 2012 was $1,258,456) ▲ 24%
- Median Sales Price YTD 2013: $1,550,000 (YTD 2012 was $1,300,000) ▲ 16%
- 7 Month’s Inventory (198 Active Listings / 29 Sales) Balanced Market
Condominiums and Town Homes (All Attached Homes)
- 119 Active Listings for Sale as of September 12th, 2013
- Average Days on Market to Sell: 42 Days (September 2012 was 86 Days)
- 50 Total Sales for September 2013 (September 2012 had 36 Total Sales)
- Median Sales Price for September 2013: $466,500 (September 2012 was $509,500) ▼ 8%
- Median Sales Price YTD 2013: $575,000 (YTD 2012 was $475,000) ▲ 17%
- 2.38 Month’s Inventory (119 Active Listings / 50 Sales) Seller’s Market
Breakdown by Neighborhood for the Previous 3 Month’s in 2013:
- Bird Rock – 8 Total Sales, median price was $1,463,750
- Beach Barber Tract– 11 Total Sales, median price was $1,171,000
- Country Club – 5 Total Sales, median price was $2,550,000
- Hidden Valley – 2 Total Sales , median price was $2,507,500
- La Jolla Alta – 17 Total Sales, median price was $900,000
- La Jolla Farms– 5 Total Sales, median price was $1,248,500
- La Jolla Heights – 10 Total Sales, median price was $1,400,000
- La Jolla Mesa– 5 Total Sales, median price was $1,582,000
- La Jolla Shores– 9 Total Sales, median price was $775,000
- La Jolla Village– 53 Total Sales, median price was $369,000 Most Sales
- Lower Hermosa – 1 Total Sales, median price was $2,775,000 Highest Median Price
- Muirlands – 13 Total Sales, median price was $1,995,000
- Muirlands West – 1 Total Sales, median price was $2,006,500
- Soledad South – 16 Total Sales, median price was $979,500
- Village – 47 Total Sales, median price was $1,225,000
Summary: Overall, the median real estate price for real estate in La Jolla has increased dramatically in the last 12 months. Sales are still very strong although the rise in interest rates combined with an increase in available inventory is showing some impacts. Real estate for sale in La Jolla will sell quickly if priced right (don’t use Zillow, it’s always wrong) and are marketed effectively.
See All La Jolla Real Estate for Sale in the 92037
(If you read my Downtown San Diego report, this is the same paragraph). La Jolla real estate that is overpriced, not marketed correctly, or sold by owner tend to linger and go “stale”. Think of bread at the bakery. If it doesn’t sell right away, it starts to go stale. What does the baker do? They drop the price and add it to the “day old” basket. Buyers in the bakery don’t want “day old” bread. If they do purchase “day old” bread, they certainly expect a discount because there must be something wrong with it if it’s been for sale this long and hasn’t sold.
Real estate works the same way. Your best buyer will likely be your first buyer and the buyer that makes an offer when you price your La Jolla home or condo correctly. I have a new video blog on the way completely dedicated to this subject, please check back for it soon.
Questions? Comments? Please send them my way!
