The real estate market in Studio City in January 2023 shows a disparity between the listed homes and those that were sold. With 38 single family homes listed for sale, the average asking price per square foot was $933 with an average asking price of $3,078,563. However, only 4 homes were sold with an average sold price per square foot of $922 and an average sales price of $1,404,500. This suggests that lower-priced homes are selling while higher-priced homes are not.
The difference in the average days on market between the sold homes (21 days) and the remaining listed homes (89 days) further supports this conclusion. The increase in interest rates by the federal government may also play a role in the slow sales of the higher-priced homes, as both sellers and buyers adopt a wait-and-see attitude towards the economy.
The current market trend in Studio City seems to favor lower-priced homes, and the economy's stability may affect the sales of higher-priced homes.
If you or anyone you know is considering buying or selling a luxury property, please don't hesitate to reach out to Misraje Real Estate Partners. I have the expertise and experience to guide you through the market and make your real estate dreams a reality.
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