Studio City, CA 91602, has always been an attractive and sought-after area for homeowners. In this blog post, we'll explore the absorption rate for homes in 91602cfor October 2023, which provides a fascinating glimpse into the rapid pace of property sales in this vibrant community.

Understanding Absorption Rate

The absorption rate is a key metric in the real estate world that illustrates the speed at which properties are being bought and sold. In October 2023, the absorption rate for homes in 91602, is an astonishing 143%.

Key Metrics

To gain a comprehensive understanding of the 91602 real estate market, let's take a closer look at the following critical metrics for October 2023:

• Number of Active Properties: 7
• Number of Homes Sold: 10
• Median Days on the Market: 22
• Median Listed Price: $3,190,000
• Median Price per Square Foot: $897
• Median Sold Price: $2,347,500

Market Analysis

The numbers reflect an incredibly active and competitive real estate market with high demand for homes in the 91602 zip code. With just 7 active properties and 10 homes sold in October, the market is exceptionally dynamic. The median days on the market, at 22, indicates that well-priced homes are still moving relatively quickly, even with the limited inventory.

The median listed price of $3,190,000 is notably higher than the median sold price of $2,347,500, suggesting that sellers might need to be flexible with their asking prices to attract buyers in this competitive environment. The median price per square foot, at $897, highlights the overall property value in this highly desirable area.

The Absorption Rate

An absorption rate of 143% is extraordinary and signifies a seller's paradise, where more homes are being sold each month than are available on the market. Demand clearly outpaces supply, creating very favorable selling conditions. Buyers need to be well-prepared to act swiftly and make strong, competitive offers to secure a home in 91602.

Conclusion

In October 2023, the Studio City, CA, 91602 real estate market boasts a remarkable absorption rate of 143%, reflecting an extremely active and competitive landscape. With a limited number of active properties, homes are selling at a remarkable pace, making this area a hot spot for buyers and sellers.

The median days on the market, price per square foot, and the discrepancy between listed and sold prices offer valuable insights for those navigating this market. As Studio City's real estate scene continues to evolve, staying informed about crucial metrics like the absorption rate is essential for making well-informed decisions in this highly sought-after community.