Studio City is continuing to see homes selling and new listings coming on the market at the continued, slower pace of Covid-19 times. Of the 106 homes for sale, 47 are newly listed this month, 22 of those in the past week. There have been 14 closed sales in the first 3 weeks of April with an average list price of $1,459,571 and average days on the market of 27.
Check out Wende’s most current Market Snapshot for Studio City here:
The average sale price in Studio City in April was $1,084,918, compared to $1,471,900 in the same month in 2019. Does that mean prices have fallen over 26% since last year? Not necessarily. When we look at the parallel decrease in average list price from $1,500,000 to $1,120,350 for the same comparative period, that translates to only a slight drop in the average listing to sale price ratio. The list price to sale price ratio in April 2020 was 97.7%, a small decrease from 98.6% the previous year. For more details on last month’s Studio City’s listings and sales, click the link below::
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Source: CRMLS, The MLS