La Jolla Highlights:
January - August 2020
Single family homes average LIST price went up 24% ($4,002,923 from $3,216,732) but the average SALE price only went up 8% ($2,994,493 from $2,784,303).
Condominiums average LIST price went up 33% ($1,206,496 from $909,939) but the average SALE price only went up 10% ($971,754 from $$880,633).
What this tells us about the La Jolla housing market is that the demand in La Jolla continues to be strong. Covid-19 brought many buyers from more dense markets, e.g. San Francisco, L.A., and the east coast looking for sun, space, and beach living at a more affordable price. Yes more affordable. We are a value compared to large, urban cities.
Pacific Beach Highlights:
January - August, 2020 single family homes LIST price went up 3% ($1,683,590 from $1,627,580) but the SALE price went down 10% ($1,318,606 from $1,459,050).
Even more interesting, condominiums LIST price went up 3% ($833,096 from $811,361) and the SALE price went up 6% ($725,866 from $684,062)!
What this tells us about the Pacific Beach housing market is that list pricing went up due to the lack of inventory, but for single-family homes, buyers are not willing to pay the higher prices even though we have record low-interest rates. We speculate that the condominium rise in price may have come from the desire for second and vacation properties by the beach where people can retreat during COVID-19.