Market Overview
As of July 10, 2024, the Encino, CA real estate market shows the following trends for single-family homes:
- Median List Price: $2,988,000
- Market Action Index (MAI): 34 (Slight Seller's Advantage)
- Inventory: 123 homes
- Median Rent: $11,998
The market is experiencing a slight seller's advantage, indicating a competitive environment for buyers. Inventory remains moderately high, providing a variety of options for potential homeowners.
Key Metrics
- Median Price of New Listings: $2,124,999
- Price per Square Foot: $846
- Average Days on Market: 93
- Median Days on Market: 56
- Price Decreased: 46%
- Price Increased: 2%
- Relisted: 21%
These metrics suggest a steady market with a balance between new listings and sales. The significant percentage of price decreases indicates that sellers are adjusting to market conditions to attract buyers.
Detailed Market Segments
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Top Tier Properties
- Median Price: $6,997,499
- Square Footage: 8,000 sq. ft.
- Lot Size: 0.5 - 1 acre
- Bedrooms: 6
- Bathrooms: 7.8
- Average Days on Market: 87
High-end properties in this segment are luxurious and spacious, catering to affluent buyers looking for large estates.
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Upper Tier Properties
- Median Price: $3,999,000
- Square Footage: 4,818 sq. ft.
- Lot Size: 0.25 - 0.5 acre
- Bedrooms: 5
- Bathrooms: 6
- Average Days on Market: 84
This segment offers premium homes with ample living space and modern amenities, ideal for families seeking comfort and luxury.
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Lower Tier Properties
- Median Price: $2,495,000
- Square Footage: 3,039 sq. ft.
- Lot Size: 0.25 - 0.5 acre
- Bedrooms: 5
- Bathrooms: 4
- Average Days on Market: 56
Homes in this tier provide a balance of affordability and quality, making them attractive to a broad range of buyers.
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Bottom Tier Properties
- Median Price: $1,399,000
- Square Footage: 1,782 sq. ft.
- Lot Size: 4,500 - 6,500 sq. ft.
- Bedrooms: 3
- Bathrooms: 3
- Average Days on Market: 14
These properties are more accessible in terms of price and size, appealing to first-time buyers or those looking to downsize.
Market Insights
- Cooling Market: The Encino market has been cooling, with a noticeable plateau in prices. This trend could be beneficial for buyers looking for better deals.
- Seller Adjustments: A high percentage of price decreases (46%) indicates that sellers are responsive to market demands, potentially leading to more competitive pricing.
- Relisting Rate: With 21% of properties being relisted, buyers have multiple opportunities to explore properties that may not have sold initially.
Investment Opportunities
Encino remains a desirable location with diverse property options catering to different buyer segments. Investors can find opportunities across all market tiers, from luxurious estates to more affordable homes.
For more information or to explore similar properties, please contact:
- Andrew: (818) 453-9119, [email protected]
- Fran: (818) 517-1411, [email protected]
Encino continues to offer a dynamic real estate market with opportunities for buyers and investors alike. Whether looking for a high-end luxury home or a more modest property, Encino's market provides diverse options to meet various needs and preferences.
