This week, the median list price for Sherman Oaks, CA is $2,696,750, with the Market Action Index (MAI) holding steady at 36, the same as last month. Inventory has increased slightly to 108 homes. Stay updated on the latest market trends in Sherman Oaks by clicking here!
Market Action Index
The Market Action Index compares the rate of sales versus the available inventory to answer “How’s the Market?”
- Current MAI: 36 (Slight Seller's Advantage)
- Last Month's MAI: 36
The market has been cooling, and prices have plateaued over time. Despite the stable MAI, Sherman Oaks remains in a seller’s market zone. Keep an eye on the MAI, as any upward movement could result in price increases. A drop in the MAI might signal downward pressure on prices.
Market Narrative
The Sherman Oaks real estate market has been cooling, with prices flattening over the past few weeks. While the Market Action Index remains steady, there is still a slight seller's advantage due to the balance of demand and available inventory. Sellers should watch for changes in the MAI, as a rise could indicate stronger price growth. If the MAI drops into buyer territory, prices may soften.
Real-Time Market Profile
Here’s a snapshot of the current Sherman Oaks real estate market:
- Median List Price: $2,696,750
- Median Price of New Listings: $2,699,000
- Price per Square Foot: $876
- Average Days on Market: 94
- Median Days on Market: 63
- Price Decreased: 62% of listings
- Price Increased: 1% of listings
- Relisted Properties: 25%
- Inventory: 108 homes
- Median Rent: $7,500 per month
The high percentage of price reductions suggests that buyers may have opportunities to negotiate, while sellers should remain aware of the softening demand.
Market Segments
Here’s a breakdown of Sherman Oaks’ real estate market, segmented into four key groups, each representing approximately 25% of the market:
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $4,145,000 | 4,793 | 8,000 - 10,000 sqft | 5 | 5.5 | 37 | 2 | 3 | 70 |
| $3,095,000 | 3,615 | 8,000 - 10,000 sqft | 5 | 4 | 66 | 3 | 3 | 63 |
| $2,385,000 | 2,977 | 8,000 - 10,000 sqft | 4 | 3 | 63 | 2 | 1 | 63 |
| $1,649,000 | 1,836 | 6,500 - 8,000 sqft | 3 | 2.5 | 73 | 2 | 3 | 70 |
This segmentation shows the diversity of home options available in Sherman Oaks, from expansive luxury properties to more mid-range homes.
Conclusion
Sherman Oaks continues to offer a slight seller’s advantage, with stable prices and inventory levels. Buyers may find opportunities in price-reduced listings, while sellers benefit from continued demand. Pay attention to the Market Action Index for any signs of price movement in the coming weeks.
Contact Information
For personalized real estate advice and the latest insights on the Sherman Oaks market, reach out to the experts at Spitz Chavez Group:
- Andrew: (818) 453-9119, [email protected]
- Fran: (818) 517-1411, [email protected]
Stay informed with real-time updates on Sherman Oaks real estate!
