Market Overview
As of Wednesday, July 31, 2024
Current Market Conditions
The real estate market in Studio City, CA, is experiencing a slight seller's advantage. This balanced market condition suggests opportunities for both buyers and sellers.
Key Market Indicators:
- Median List Price: $2,773,500
- Median Price of New Listings: $2,699,000
- Price per Square Foot: $947
- Average Days on Market: 88
- Median Days on Market: 56
- Price Decreased: 46%
- Price Increased: 6%
- Relisted: 19%
- Inventory: 80 homes
- Median Rent: $10,000
- Market Action Index: 36
The Market Action Index of 36 indicates a slight seller's advantage. This index has remained stable from last month, indicating consistent market conditions. The decrease in inventory to 80 homes shows a tightening market, which could favor sellers.
Price Analysis by Home Type
Below are detailed statistics on different types of properties in Studio City:
| Median Price | Sq. Ft. | Lot Size | Beds | Baths | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $5,000,000 | 5,107 | 0.5 - 1 acre | 5 | 5.5 | 25 | 1 | 0 | 87 |
| $3,197,000 | 3,195 | 0.25 - 0.5 acre | 4 | 4 | 61 | 3 | 3 | 66 |
| $2,212,500 | 2,611 | 6,500 - 8,000 sqft | 3 | 3 | 67 | 1 | 4 | 31 |
| $1,397,000 | 1,640 | 6,500 - 8,000 sqft | 3 | 2 | 72 | 4 | 2 | 59 |
Property Price Segmentation:
- High-end properties in Studio City reach a median price of $5,000,000, offering expansive living spaces of over 5,000 sq. ft. on substantial lot sizes.
- Mid-range properties typically have a median price of around $3,197,000, featuring large living areas and substantial amenities.
- More affordable options have a median price of $1,397,000, providing more modest living spaces suitable for smaller families or those looking to downsize.
Days on Market (DOM): The average DOM for properties in Studio City is 88 days, with a median of 56 days. This indicates a market where properties may take longer to sell, giving buyers more time to make decisions.
Rental Market
The rental market in Studio City remains strong, with a median rent of $10,000. This reflects the high demand for rental properties in this desirable area.
Contact Information: For more information or to explore similar properties, please contact:
- Andrew: (818) 453-9119, [email protected]
- Fran: (818) 517-1411, [email protected]
