As we enter the fall season in 2023, the real estate market in Tarzana, CA continues to be dynamic and competitive. In this blog post, we will explore the absorption rate for condominiums (condos) in Tarzana for the month of October 2023. This valuable metric provides insights into how quickly condos are being sold in this vibrant market.

Absorption Rate Overview

Absorption rate is a critical metric that measures the pace at which available properties are being sold. It's an important indicator of market activity and can help both buyers and sellers make informed decisions. In Tarzana for October 2023, the absorption rate for condos stands at an impressive 50%.

Key Metrics

To better understand the Tarzana condo market, let's look at the following key metrics for October 2023:

1. Number of Active Properties: 2
2. Number of Condos Sold: 1
3. Median Days on the Market: 6
4. Median Listed Price: $542,450
5. Median Price per Square Foot: $533
6. Median Sold Price: $525,000

Analysis

The numbers indicate a lively market with significant demand for condos in Tarzana. With only two active properties and one condo sold in October, this market shows signs of robust activity. The median days on the market is remarkably low at just six days, suggesting that well-priced condos are selling quickly.

The median listed price of $542,450 is relatively close to the median sold price of $525,000, indicating that sellers are not achieving their asking prices. Additionally, the median price per square foot at $533 is a useful metric for both buyers and sellers, providing insight into the value of properties.

The Absorption Rate

An absorption rate of 50% is a positive sign for sellers, indicating that half of the available condos are being sold each month. This is a strong indication of a seller's market, where demand outpaces supply, potentially leading to favorable selling conditions. Buyers should be prepared to act quickly and make competitive offers to secure a condo in this market.

Conclusion

The Tarzana, CA condo market for October 2023 exhibits an absorption rate of 50%, reflecting a robust real estate landscape. With a limited number of active properties, condos are selling rapidly, and buyers and sellers alike should be aware of the dynamic nature of this market. The low median days on the market and the close correlation between the median listed and sold prices indicate favorable conditions for sellers, while buyers should be prepared to make well-informed and competitive offers.

As the real estate market in Tarzana continues to evolve, staying updated on absorption rates and other key metrics is essential for making sound investment decisions in this vibrant community