La Jolla Homes for Sale - What Happened in the La Jolla Real Estate Market in January 2012?

The La Jolla real estate market is one of the most expensive in San Diego County. A visit to La Jolla on-line, or better yet in real life, will quickly give you a good sense of why this is so.

La Jolla, “The Jewel,” is an extraordinarily beautiful coastal community with many homes offering fabulous views of the ocean from the hills, and a trendy, very up-scale village offering the finest in shopping and dining. La Jolla is often compared to the French and Italian Rivieras with wonderful ocean and coastline vistas from the hills, amazing homes, beautiful architecture, and a terrific year-round climate, attracting visitors from around the world.

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Having current, local information on the La Jolla real estate market is essential so you can make informed decisions about your home buying and selling in La Jolla. Despite the shift in prices over the last 5+ years, La Jolla remains an expensive real estate market, particularly for ocean view and ocean front homes.

The La Jolla real estate market saw 26 homes sell in January 2011, a decline by 48% from December sales. Here’s a summary of the real estate activity (these MLS summary data do not include private sales, and are believed to be accurate but are not guaranteed).

	TOTAL	DETACHED	ATTACHED
# SOLD	26 (down 48%)	14 (down 39%)	12 (down 56%)
Average $	$1,053,552 (down 26%)	$1,448,596 (down 40%)	$592,666 (up 8%)
DOM	106	53	168
Sale $/List $	92%	89%	95%

The volume of sales in the La Jolla real estate market decreased significantly, by almost half, from December sales, which is similar to the pattern of decreased sales we saw in some other North County communities in January. The holidays and post-holiday period may have been having an impact on people’s purchases.

Average sales prices declined for detached homes, but rose for attached. Buyers are still negotiating for their homes, off list price by 5 – 11% on average.

25 La Jolla homes (7% of the total) had a contingent status at the end of January (these homes are still considered active, but have offers that are being considered by either the short sale or REO lenders).

There were 350 La Jolla homes on the market at the end of January, just 4 more than in December. This translates into an inventory of 8.8 months for detached homes (the same as last month), and 7.3 months for attached (up from 6.1 months in December), based on the rate of sales over the last 6 months.

READ MORE: How Important is Inventory when Buying or Selling? Very!!

116 homes entered the La Jolla real estate market in January, almost 3 times as many as in December (up 190%) which should make buyers happy, with 40 homes going pending, 74% more than the December pendings.

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 their market conditions (the Village, Muirlands, La Jolla Shores, La Jolla Farms, Bird Rock, Mt. Soledad, Windansea) please let me know.

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