Introduction
Encino, a prestigious neighborhood in the San Fernando Valley, is known for its luxurious homes and high quality of life. This report offers an in-depth analysis of the current real estate market conditions in Encino, providing essential information for buyers, sellers, and investors.
Market Overview
- Median List Price: $2,998,500
- Median Price of New Listings: $2,250,000
- Price Per Square Foot: $822
- Average Days on Market: 95
- Median Days on Market: 56
- Inventory: 114 homes
- Median Rent: $12,000
- Market Action Index: 35 (Slight Seller's Advantage)
Market Dynamics
The Encino real estate market is characterized by a high median list price of $2,998,500, reflecting the area's upscale nature. The median price of new listings is $2,250,000, suggesting that newer listings are entering the market at more competitive prices.
Price Trends
- Price Decreased: 49%
- Price Increased: 2%
- Relisted Properties: 20%
Nearly half of the properties (49%) have experienced price reductions, indicating potential opportunities for buyers to secure better deals. Additionally, 20% of homes have been relisted, hinting at possible initial overpricing or changing seller circumstances.
Property Characteristics
- Median Home Price: $3,999,500
- Average Square Footage: 4,919 sq. ft.
- Lot Size Range: 0.25 - 0.5 acre
- Typical Bedrooms/Bathrooms: 5 beds / 6 baths
- Average Home Age: 24 years
Detailed Property Breakdown
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High-End Market Segment:
- Median Price: $7,497,499
- Square Footage: 8,280 sq. ft.
- Lot Size: 0.25 - 0.5 acre
- Beds/Baths: 6 beds / 8 baths
- Average Age: 6 years
- New Listings: 1
- Absorbed Listings: 3
- Days on Market: 87
-
Upper Mid-Range Segment:
- Median Price: $3,999,500
- Square Footage: 4,919 sq. ft.
- Lot Size: 0.25 - 0.5 acre
- Beds/Baths: 5 beds / 6 baths
- Average Age: 24 years
- New Listings: 2
- Absorbed Listings: 2
- Days on Market: 73
-
Mid-Range Segment:
- Median Price: $2,549,000
- Square Footage: 3,247 sq. ft.
- Lot Size: 0.25 - 0.5 acre
- Beds/Baths: 4 beds / 4 baths
- Average Age: 63 years
- New Listings: 5
- Absorbed Listings: 4
- Days on Market: 35
-
Entry-Level Segment:
- Median Price: $1,595,000
- Square Footage: 1,920 sq. ft.
- Lot Size: 4,500 - 6,500 sq. ft.
- Beds/Baths: 3 beds / 3 baths
- Average Age: 75 years
- New Listings: 5
- Absorbed Listings: 5
- Days on Market: 28
Conclusion
Encino's real estate market remains active with a slight seller's advantage. The high median prices and significant property values per square foot highlight the area's luxury appeal. The notable percentage of price reductions offers opportunities for buyers, while the relisting rate suggests some market adjustments are ongoing. The rental market also demonstrates strong demand with a median rent of $12,000.
For those looking to buy, sell, or invest in Encino, staying updated with the latest market data is crucial for making informed decisions. For personalized advice and detailed information, contact your local real estate experts at Spitz Chavez Group.
Contact Information
For more information or to explore similar properties, please contact:
- Andrew: (818) 453-9119, [email protected]
- Fran: (818) 517-1411, [email protected]
