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March 30, 2011

San Diego & La Jolla Home Sales Are on the Rise in 2011
Pending home sales (homes that are under contract and in escrow to be sold) are up by 13% over this time last year and sales to date for 2011 in La Jolla are at their highest level since 2007. Inventory has fallen for the third month in a row, February's numbers show a 12.4% in San Diego County.

At the current sales rate it would now take 198 days to sell the current inventory. (An average home inventory is enough homes to sell within 179 days.) Inventory is down for the first time since April of last year, 2.5% below this time last year. The ratio of the actual sales price to the asking price rose last month by .2 of a point to 96.7%, not a significant amount. The Average home sales price in La Jolla for January 2011 was $1,441,740 and in February the average sale was $1,404,000 not a statistically significant difference. The La Jolla home sales average price is down by 14.9%, from this time last year while the number of homes sold is up 15.4%.

Each neighborhood whether it is a ranch home in Del Mar or a beach cottage in Carlsbad or Coronado or a high rise condo in Little Italy downtown or overlooking the Pacific in La Jolla is a unique market. Call the Ruth Mills Team toll free at 888-450-6691 or locally at 858-459-9109 for a careful custom analysis by an expert of the area you are interested in.

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