Surprisingly, both NAR and Diana at cnbc.com got it right when they blamed the low supply for declining sales. Inventory is reported down 20% from last year nationwide.
But when you look at our sub-market of La Jolla-to-Carlsbad, sales aren’t declining – in fact, they’ve improved. Here are closed sales and average cost-per-sf between Jan. 1st and May 31st:
| Year | $0-$700K | $701-$1.1M | $1.1M+ | Total Sales & Avg. Cost-per-sf |
| 2009 | ||||
| 2010 | ||||
| 2011 | ||||
| 2012 |
Interesting that pricing seems to be firming up in the higher-end range first, and that there have already been 321 closings over $1,100,000 this year!
