This week, the median list price for Sherman Oaks, CA is $2,749,475, with the Market Action Index (MAI) slightly decreasing to 37 from last month's 38, indicating a slight seller's advantage. Inventory has increased to 114 active listings. Stay informed on Sherman Oaks market trends!
Market Action Index
The Market Action Index measures how the market is performing by comparing the rate of sales versus the available inventory.
- Current MAI: 37 (Slight Seller's Advantage)
- Last Month's MAI: 38
The market has cooled recently, with prices holding steady for some time. While we remain in a seller’s market, the consistent decrease in the MAI suggests that the market could shift if the trend continues. If the MAI climbs, prices may follow; if it drops further, buyers may gain more leverage.
Market Narrative
Sherman Oaks remains in a seller's zone despite the market cooling over time. Buyers should monitor the MAI, as any increase could result in higher prices, while a continued drop may signal more buyer-friendly conditions.
Real-Time Market Profile
Here’s the current snapshot of the Sherman Oaks real estate market:
- Median List Price: $2,749,475
- Median Price of New Listings: $2,835,000
- Price per Square Foot: $873
- Average Days on Market: 92
- Median Days on Market: 56
- Price Decreased: 55% of listings
- Price Increased: 0% of listings
- Relisted Properties: 26%
- Inventory: 114 homes
- Median Rent: $8,500 per month
With over half of the properties experiencing price reductions and a growing inventory, there may be opportunities for buyers to negotiate favorable terms. However, sellers still maintain a slight advantage for now.
Market Segments
Here’s a breakdown of the Sherman Oaks market into key segments, each representing about 25% of the market:
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $4,072,497 | 5,008 | 0.25 - 0.5 acre | 5 | 5.5 | 14 | 3 | 2 | 70 |
| $3,187,500 | 3,654 | 8,000 - 10,000 sqft | 5 | 4.5 | 47 | 5 | 0 | 49 |
| $2,299,000 | 2,757 | 6,500 - 8,000 sqft | 4 | 3 | 66 | 2 | 4 | 56 |
| $1,649,500 | 1,836 | 6,500 - 8,000 sqft | 3 | 2.5 | 74 | 4 | 5 | 56 |
This breakdown highlights the diversity of homes in Sherman Oaks, from luxury estates to more modest properties, catering to a range of buyers.
Conclusion
Sherman Oaks continues to favor sellers, but the cooling trend suggests potential opportunities for buyers as inventory increases and prices stabilize. Monitoring the Market Action Index will provide insights into future price movements.
Contact Information
For expert advice and personalized insights into the Sherman Oaks real estate market, reach out to the local experts at Spitz Chavez Group.
- Andrew: (818) 453-9119, [email protected]
- Fran: (818) 517-1411, [email protected]
Stay tuned for more market updates!
