Here are the La Jolla Real Estate Market as of the beginning of February 2010

Inventory is down substantially since last October.
I doubt that the homebuyer tax credit will have much effect on the La Jolla market as a whole. Given the inventory levels and, more importantly, today's interest rates, I would recommend that if your price range shows less than 8-months of inventory, you consider moving before the interest rates increase.
If you are looking for homes where there is much more inventory, I recommend looking, but be more selective. Again, today interest rates are your friend.
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