La Jolla Quarterly Market Update Q2 2023

La Jolla Quarterly Market Update Q2 2023

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Continuing the story of the market cooling down for the second quarter in a row, both single families and condos saw a double-digit drop in average new listings and average closed sales per month. The median sales price for single family homes took a big slide, down 15.4% year over year.

Condos and townhomes showed a little more resilience with a nominal dip of only 1.8% in median sales price. For the second quarter in a row, we see again that homes are no longer selling for their asking prices. Homes this past quarter sold average 4% lower than list - so sellers need to build in negotiating room when they are choosing their listing prices.

Other key indications that the market is slowing down is that we are seeing substantial increases in Average days on market, Average inventory of homes, and Average months of supply of inventory. The big reason buyers are taking a pause? Interest rates.

Nationally, the average 30-year fixed mortgage rate today is nearly 7%. Last year, that figure was only 4.95%. Three years ago it was 3%. With the Fed discussing further rate hikes before the end of the year, now might be a good time to sell your property before values slide even further.

As for the highest sales this last quarter? For our single family category, we saw

#5 at 2745 Inverness Court sell for $6.4 million dollars or about $2,780 Per square foot.

8441 Whale Watch Way takes 4th place at $8.55 million.

Third place goes to 1011 Muirlands Vista Way with $8,625,000 dollars.

Second place goes to 5410 Calumet Avenue which sold for $3,144 per square foot, totaling $17,400,000.

First place for our single families this quarter category goes to 5228 Chelsea Street which was another ocean front home which closed at $22,500,000.

For townhouses and condos, our top five goes to:

6674 Caminito Lindrick for $2.9 million.

9393 Coast Boulevard 8C for $2.925 or just under $1600 per foot.

Number three goes to 6767 Neptune Place #101 which is a three bedroom three bathroom with an ocean view that closed for $3,460,000.

Second place goes to 464 Prospect Street #PH5 which although was only a two-bedroom home it was a generous 3,155 Square feet, and closed at $4.775 million dollars.

And first place for condos goes to 1001 Genter Street #31J which was a high floor 3,000 SF 3-bed with panoramic views closing for $5.2 million, or a little over $1700 per foot.

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