La Jolla, CA, Market Report for the Week of January 14, 2013
The median list price in LA JOLLA, CA this week is $2,695,000.
Inventory has been decreasing lately but the Market Action Index is falling also. With days-on-market climbing, these are relatively negative implications for the market.
Supply and Demand
In terms of supply and demand, the market is getting cooler – more supply is coming on the market relative to the sales demand. However, in recent weeks prices have been moving higher. Since it is technically a Buyer’s market, this price trend may be a result of improved quality (newer, larger homes) of the homes being listed. Look at the descriptive statistics where you may notice the homes being listed are larger and younger than they have been in the past.
Despite this week’s down tic, the price trend remains upward for several weeks. A persistent drop of the Market Action Index into the Buyer’s zone will be a leading indicator of the price strength subsiding.
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