Nestled in the iconic Hollywood Hills, California's 90068 zip code has long been a place of intrigue and allure. In this blog post, we'll explore the absorption rate for homes in Hollywood Hills for October 2023, providing insights into the pace of property sales in this captivating neighborhood.

Understanding Absorption Rate

The absorption rate is a pivotal metric in the real estate realm, shedding light on the speed at which properties are changing hands. In October 2023, the absorption rate for homes in Hollywood Hills, CA 90068, stands at a balanced 44%.

Key Metrics

To gain a comprehensive understanding of the Hollywood Hills real estate market, let's delve into the following key metrics for October 2023:

• Number of Active Properties: 32
• Number of Homes Sold: 14
• Median Days on the Market: 15
• Median Listed Price: $2,549,500
• Median Price per Square Foot: $906
• Median Sold Price: $2,762,000

Market Analysis

The figures paint a picture of a vibrant real estate market in the Hollywood Hills. With 32 active properties and 14 homes sold in October, there's a substantial amount of activity. The median days on the market, at 15, indicate that well-priced homes are moving efficiently.

The median listed price of $2,549,500 is in close proximity to the median sold price of $2,762,000, suggesting a healthy balance between seller's expectations and buyer's willingness to meet those expectations. The median price per square foot, at $906, indicates the value of property in this sought-after area.

The Absorption Rate

An absorption rate of 44% signifies a market that is relatively balanced, with demand and supply aligned. While there is activity, it's not as frenzied as some other areas, which can provide buyers with an opportunity to explore their options and make well-considered decisions.

Conclusion

In October 2023, the Hollywood Hills, CA 90068 real estate market boasts a balanced absorption rate of 44%, reflecting a thriving yet manageable landscape. With a substantial number of active properties and homes selling at a steady pace, this area is appealing to a broad spectrum of buyers and sellers.

The reasonable median days on the market, price per square foot, and the harmony between listed and sold prices offer valuable insights for those navigating this market. As Hollywood Hills' real estate market continues to evolve, staying informed about key metrics like the absorption rate is essential for making well-informed decisions in this highly desirable neighborhood.