As of Wednesday, August 14, 2024
Current Market Conditions
The real estate market in Studio City, CA, is experiencing a slight seller's advantage. While opportunities exist for both buyers and sellers, the market slightly favors sellers at this time. Here's an overview of the key market indicators:
Key Market Indicators:
- Median List Price: $2,600,000
- Median Price of New Listings: $2,198,888
- Price per Square Foot: $930
- Average Days on Market: 79 days
- Median Days on Market: 56 days
- Price Decreased: 43%
- Price Increased: 4%
- Relisted: 26%
- Inventory: 81 homes
- Median Rent: $10,000
- Market Action Index: 35
The Market Action Index of 35 suggests a slight seller's advantage, indicating that sellers may find the market conditions favorable, though the market remains competitive.
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 |
|---|---|---|---|---|---|---|---|---|
| $4,824,500 | 5,054 | 0.25 - 0.5 acre | 5 | 5.5 | 25 | 2 | 2 | 91 |
| $3,099,500 | 3,170 | 8,000 - 10,000 sqft | 4 | 4 | 62 | 1 | 1 | 70 |
| $2,199,444 | 2,571 | 6,500 - 8,000 sqft | 3 | 2.8 | 70 | 3 | 2 | 38 |
| $1,549,000 | 1,676 | 6,500 - 8,000 sqft | 3 | 2 | 74 | 3 | 2 | 49 |
Property Price Segmentation:
- High-end properties in Studio City reach a median price of $4,824,500, offering expansive living spaces of over 5,000 sq. ft. on substantial lot sizes.
- Upper-mid range properties have a median price of $3,099,500, providing large living areas with luxurious amenities.
- Mid-range properties typically have a median price of $2,199,444, offering comfortable living spaces with desirable features.
- Entry-level properties provide more modest living spaces with a median price of $1,549,000, ideal for smaller families or those looking to enter the market.
Days on Market (DOM)
The average DOM for properties in Studio City is 79 days, with a median of 56 days. This indicates a market where properties are selling at a moderate pace, giving buyers some time to make decisions while still maintaining a sense of urgency.
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 sought-after neighborhood.
Contact Information
For more information or to explore similar properties, please contact:
- Andrew: (818) 453-9119, [email protected]
- Fran: (818) 517-1411, [email protected]
This report provides a comprehensive overview of the current market trends in Studio City, helping both buyers and sellers navigate this competitive real estate landscape.
