La Jolla – 2013 Real Estate Review Sales, Trends & A Lot of Cash Buyers
By: Ryan Mathys & Tracie Kersten
This year has proven to be a strong year in real estate for La Jolla and other luxury markets. We have seen higher prices, higher sales volume and shorter marketing times.
When reading real estate articles and sales statistics, it is helpful to understand what is being reported and the source of the information. A quick overview on understanding real estate statistics can be viewed here.
As agents, we have access to sales data directly from the MLS. This gives us the ability to search and use the data in a number of ways. The better one can use, interpret and apply the information the better we can assist and educate our clients.
Below are some interesting statistics for the year. These statistics are directly from the San Diego MLS provider Sandicor as of December 5, 2013 and may not include any off market sales:
4 Homes have sold over $10 million this year in La Jolla with one more in escrow. In 2012 there was only one home sold on the MLS over $10 million. That is a substantial increase year over year for the high end
2012 Total Transactions: 711 Average Price: $1,207,160
2013 Total Transactions: 732 Average Price: $1,274,394 closed YTD with 83 pending sales
In real estate you hear the term “Cash is King,” but in La Jolla cash just gets you a spot at the table.
Of the 732 sales so far this year, 314 of them were all cash sales, almost 43 percent. As you increase in price, the cash sale becomes even more common. Of 44 sales over $3 million, 26 or 59% were all cash. Of the 14 sales over $5 million, 10 of them or 71% were all cash. These numbers are almost exactly what we have experienced in our sales this year as well.
Another observation is that buyers that are using financing are putting down substantial down payments. Prospective buyers can use these numbers to understand where they stand when writing offers.
While we have experienced a moderate slowdown in the market compared to the first of the year, there is still a strong demand and stable market conditions.
As you make decisions in real estate, make sure you have access to good, relevant information and numbers for the best outcome.
View all 311 active La Jolla Listings at LaJollaAgent.com Active Listings
For more specific statistics you can visit. Coastal San Diego Market Reports
- Location, Location, Location: Beyond the Cliché, Sellers Must Navigate Variables to Come Out on Top
- Construction Loans Pave Way to Ideal La Jolla Dream Home
- San Diego Real Estate Roundup: Home Prices Hit 5-Year High as Interest Rates Rise
- Confidence on the upswing: San Diego real estate sales continue on high demand
- Growth of U.S. economy tempered by housing recovery, experts say
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