The Studio City neighborhood in California's 91604 zip code has always been a popular choice for homeowners, and it's no wonder why. In this blog post, we'll explore the absorption rate for homes in 91604 for October 2023, offering a unique glimpse into the astonishing pace of property sales in this vibrant community.

Understanding Absorption Rate

The absorption rate is a crucial metric in the real estate world, shedding light on the speed at which properties are being bought and sold. In October 2023, the absorption rate for homes in 91604, is a remarkable 143%.

Key Metrics

To gain a comprehensive understanding of the 91604 real estate market, let's delve into the following essential metrics for October 2023:

• Number of Active Properties: 24
• Number of Homes Sold: 13
• Median Days on the Market: 14
• Median Listed Price: $2,224,475
• Median Price per Square Foot: $906
• Median Sold Price: $2,643,500

Market Analysis

The figures reveal an incredibly active and competitive real estate market in Studio City's 91604 zip code. With 24 active properties and 13 homes sold in October, the market is exceptionally dynamic. The median days on the market, at just 14, indicate that well-priced homes are moving swiftly, even with a significant number of homes available.

The median listed price of $2,224,475 is relatively close to the median sold price of $2,643,500, suggesting that sellers are achieving strong offers, and buyers are willing to meet the market's demands. The median price per square foot, at $906, underscores the high property value in this desirable area.

The Absorption Rate

An absorption rate of 143% is remarkable and indicates a seller's dream market. More homes are being sold each month than are available, which demonstrates a strong demand that surpasses supply. Buyers in 91604, should be well-prepared to act quickly and present competitive offers to secure their dream home.

Conclusion

In October 2023, the Studio City, CA 91604 real estate market boasts an astonishing absorption rate of 143%, showcasing an exceptionally active and competitive landscape. With a substantial number of active properties and homes selling at a rapid pace, this area is a hot spot for buyers and sellers alike.

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