List-to-sale ratio measures the relationship between the price a seller initially lists a property at and the price a home actually sold for, expressed as a percentage. A ratio of 100% means a home sold exactly at its list price. Above 100% means buyers paid over asking. Below 100% means the seller accepted less than their original price.

Sold median prices tell you where the market is moving relating to home value; list-to-sale ratio measures what the market is telling us about the bargaining position between buyers and sellers.

The data for April shows that the list-to-sale price in four L.A. area sample markets: Studio City, Encino, Santa Monica, and West LA have stayed essentially flat from March:

• Studio City: 98.9% - up 1% month-over-month
• Encino: 97.7% - up 2% month-over-month
• West LA: 99.3% - down 1% month-over-month
• Santa Monica: 100.5% - up 2% month-over-month

List-to-sale ratios in the 97%-100% range are showing us a balanced market, and this by-and-large continued from March-to-April.

What the flat ratios suggest is that sellers are pricing with discipline and not anchoring to wishful numbers. Buyers, while more selective than they were two years ago, are still willing to transact at realistic prices. This means despite the tariffs and economic uncertainties, the market is functioning.

For sellers, this is meaningful. It suggests that a well-priced property in these markets is still meeting the market and highlights the importance of understanding values in your particular sub-market.

For buyers, this means sellers are pricing realistically and willing to wait for the right buyer rather than discounting to close quickly. The sellers who are transacting are the ones who have priced correctly, and those properties are selling close to ask.

While one month of data should be viewed with appropriate caution, it is notable that the ratio is holding steady across four neighborhoods with different price points and buyer pools. The bottom line is that the market data is showing balance between sellers and buyers, and knowing an accurate market value is more essential than ever.