- calendar_month November 6, 2023
- folder Absorption
Sharing Tags
91607, Absorption, California, Homes For Sale, Housing Market Update, Los Angeles, Studio City
The real estate market in Studio City, CA 91607, is continually evolving, and it's crucial to keep an eye on the key metrics that shape the buying and selling landscape. In this blog post, we'll delve into the absorption rate for homes in 91607 for October 2023, providing valuable insights into the pace of property sales in this highly desirable area.
Understanding Absorption Rate
The absorption rate is a vital metric in the real estate world, offering a glimpse into the speed at which properties are being bought and sold. For 91607, in October 2023, the absorption rate stands at a remarkable 66.67%.
Key Metrics
To gain a comprehensive understanding of the 91607 market, let's examine the following crucial metrics for October 2023:
- Number of Active Properties: 15
- Number of Homes Sold: 10
- Median Days on the Market: 17
- Median Listed Price: $2,245,000
- Median Price per Square Foot: $840
- Median Sold Price: $1,317,500
Market Analysis
The numbers reflect an active and competitive real estate market in 91607, with high demand for homes. With 15 active properties and 10 homes sold in October, the market is showing strong activity. The median days on the market, at 17, indicates that well-priced homes are moving relatively quickly.
The median listed price of $2,245,000 is significantly higher than the median sold price of $1,317,500, suggesting that sellers might have to be flexible with their asking prices to attract buyers. The median price per square foot, at $840, provides valuable information on the overall property value in this area.
The Absorption Rate
An absorption rate of 66.67% signifies a thriving market where two-thirds of the available homes are selling each month. This demonstrates a seller's advantage, indicating that demand is outpacing supply, which can lead to favorable selling conditions. Buyers should be prepared to act decisively and make competitive offers to secure a home in 91607.
Conclusion
In October 2023, the Studio City, CA 91607 real estate market boasts an absorption rate of 66.67%, reflecting a dynamic and active landscape. With a limited number of active properties and homes selling at a good pace, buyers and sellers should be aware of the dynamic nature of this market.
The median days on the market, price per square foot, and the gap between the listed and sold prices provide essential insights for both buyers and sellers. As the Studio City real estate market continues to evolve, staying informed about key metrics like the absorption rate is vital for making informed decisions in this highly sought-after community.
