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January 26, 2011

The Real Estate Trends for UTC/La Jolla Colony Condominiums!
Here's a quick look backward at what happened in the market in zip code 92122 during the last two quarters and what was going on a year ago in the La Jolla Colony, and University City condominium market. The numbers indicate that all is pretty stable in this very desirable condominium community over the course off the last year. Number of Short Sales on the market has been reduced and the inventory has been reduced.

When looking at the market for 2010 the tax credit from the federal government and the tax incentive from the state have to be considered. This inflated the number of sales during the first two quarters, but depressed the last two quarters as home buyers rushed to get in on these stimulus programs having to close the sale prior to 30 June 2010.

The Median price held its own; and the ratio for sale price to asking price was down slightly. Again this can most likely be explained by the artificial demand created in the last quarter of 2009 and the first two of 2010.

Antidotal data tells us that January's volume and prices will be up from December of 2010, in the La Jolla / UTC/ University City and Carmel Valley communities. (While the figures perhaps will not be over the figures from January 2010, because of the artificial market stimulus.)



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