La Jolla Market Update

Sales Activity: Sales activity in La Jolla remains consistently active. There were 34 closed sales during the past month, raising the total number of closings year-to-date from 8 a month ago to 42. The number of homes in escrow increased to 68 from 56 a month ago. Subtracting the number of closed sales the previous month, there were 46 net new escrows opened.

Inventory Levels: The total number of homes listed for sale increased slightly to 325 from 320. The current inventory level is just over a six-month supply, the lowest since June 2009.

Conclusion: La Jolla's supply/demand ratio has continued to improve since we started reporting and continues to inch its way downward. This remains good news for both the buyers and sellers. Buyers still have a variety of homes to consider, and sellers are finding that with competitive pricing, they have the opportunity to sell their homes within a reasonable marketing period.