La Jolla California real estate is some of the most prized real estate in the world. Home to UCSD, the village of La Jolla, and some of the most stunning coastline in San Diego, there is a lot to love about La Jolla. From ocean front mansions to hilltop estates, La Jolla California real estate is synonymous with luxury. La Jolla is a San Diego neighborhood that also boasts some of the most expensive homes in the region. Whether you are considering buying or selling a home in La Jolla, this article will detail key metrics and graphs for clear insight into La Jolla market conditions. All the stats and graphs here are updated daily to deliver completely up to date market information to you, laser focused on only La Jolla.
Before we cover market stats, you can also find broader information about La Jolla in my La Jolla real estate neighborhood guide.
La Jolla has both single family detached homes as well as condos and townhomes. The gap between the two categories can be significant. Join me as we delve into La Jolla California real estate, detailing home prices and some of the supply / demand stats that define the market here.
La Jolla California Real Estate Home Prices
As you evaluate La Jolla real estate, the value of homes in the area is a metric that tends to stand out relative to other San Diego areas. For buyers, information on average and median home sales prices can provide a rough gauge on what they can expect to pay for La Jolla California real estate vs San Diego home prices in other neighborhoods.
For sellers, the average price per square foot can provide insights into what they might expect to sell for. The average price per square foot can also provide buyers with a metric to compare the cost to live in different neighborhoods. In other words, homes in a neighborhood that averages close to $1,000 per square foot will be less affordable than a neighborhood where the average is $600 a square foot.
Ideally, sellers will want a detailed comparative market analysis by an experienced La Jolla real estate agent. That analysis should look at homes most comparable to yours, vs the more general statistics seen here. Particularly in La Jolla, there can me substantial variations in home values depending the build quality, location and views of the property. I have the average and median home prices and price per square foot information for La Jolla broken down into two categories: 1) single family homes, and, 2) “attached” homes including townhomes and condos.
La Jolla – Average Home Price
La Jolla – Median Home Price
La Jolla – Average Price Per Square Foot
La Jolla California Real Estate – Home Supply
Many La Jolla California real estate purchases over the years have been profitable. Longtime homeowners in La Jolla have enjoyed substantial appreciation in home values over the decades. Despite the favorable track record historically, market conditions have varied in the past and will continue to vary in the future.
One key component of determining the type of market we are currently seeing in La Jolla California real estate is the level of supply. Taking a look at both the number of active listings along with the inventory (measured in months) delivers insight into the type of market we are experiencing in La Jolla.
The months of inventory noted here is also known as the absorption rate. Our real estate data source defines this as: “Active Listings at the end of a given month, divided by the average monthly Closed Sales for the last 12 months.” In short, if there were suddenly no new listings, the inventory level would be how many months it would take for existing demand to purchase all the listings left on the market.
Economists will often use a six month threshold for evaluating housing supply. Anything shorter than six months of inventory is viewed as a seller’s market. Anything greater than six months as a buyer’s market. For some broader context, the last twenty years has had significant variation in inventory levels. From over ten months in 2007-2011 during the great recession, to unheard of lows close to one month early in 2021. With this six month threshold equating to a “healthy” mix of buyers and sellers, La Jolla has spent time both above and below that threshold.
La Jolla – Number of Active Listing
La Jolla – Inventory
La Jolla California Real Estate – Market Time and Pending Sales
With tight inventory more commonplace in the market here, it is not surprising to see time on market drop when inventory is low. When you combine low inventory with high demand (like we have seen from historically low interest rates), some very short market times can result. In times of higher inventory and/or reduced demand, market times generally increase.
Thanks to La Jolla’s high median sales price, market times in La Jolla tend to be longer than in less expensive neighborhoods in San Diego. There are simply fewer buyers of multi-million dollar luxury homes vs buyers of homes closer to San Diego’s median prices. The Active Market time graphed below is defined as the median number of days between when a property is listed in La Jolla and when an offer is accepted in a given month.
La Jolla – Median Active Market Time
Many real estate stats focus on closed sales, which are vital for many reasons. Closed sales pinpoint actual market prices and they are used by appraisers when they are assessing homes for what they believe is market value. However, closed sales are a glimpse into the recent past. Pending sales, as shown here, are a count of the properties on which contracts have been accepted in a given month. These pending numbers can sometimes provide insight into where a market is headed.
La Jolla California Real Estate – Pending Sales
This article on the La Jolla market is part of a series focusing on statistics and data from specific San Diego neighborhoods. If you would like to review more general market information, please visit my article on the broader San Diego real estate market. I am also happy to provide more insights into your specific San Diego neighborhood’s real estate market upon request.
If you or someone you know might be buying or selling real estate in San Diego, regardless of location or price point, please let me know. I can also assist in connecting buyers and sellers outside San Diego with outstanding Sotheby’s International Realty agents via our 1000+ offices in over 75 countries. For a sense of the level of service I provide, please take a moment to read some of my recent client reviews. Please don’t hesitate to call, text, chat or email me with any real estate questions or to schedule a no-obligation consultation.
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