This week, the median list price for Sherman Oaks, CA is $2,695,000, with the Market Action Index (MAI) dipping slightly to 34 from last month's 36. Inventory has increased to 117 homes. Stay current on Sherman Oaks’ market trends by clicking here!
Market Action Index
The Market Action Index compares the rate of sales with inventory levels to assess market conditions.
- Current MAI: 34 (Slight Seller's Advantage)
- Last Month's MAI: 36
The market has been cooling, with prices plateaued recently. Although the MAI remains in the Seller’s zone, if the index continues to decrease or falls into Buyer’s territory, downward pressure on prices could result. If the MAI climbs again, we may see an upward trend in prices.
Market Narrative
Sherman Oaks is experiencing a cooling trend, with stable prices over the past few weeks. Inventory has increased, and the decrease in Market Action Index suggests a gradual shift. While still a seller's market, any consistent drop in the MAI could lead to price adjustments, potentially favoring buyers.
Real-Time Market Profile
Key stats in the Sherman Oaks market this week:
- Median List Price: $2,695,000
- Median Price of New Listings: $2,147,000
- Price per Square Foot: $844
- Average Days on Market: 95
- Median Days on Market: 70
- Price Decreased: 54% of listings
- Price Increased: 1% of listings
- Relisted Properties: 25%
- Inventory: 117 homes
- Median Rent: $7,500 per month
The increase in inventory and substantial price reductions suggest negotiation opportunities for buyers, while sellers may benefit from quicker listings at market-competitive prices.
Market Segments
Sherman Oaks’ real estate market is segmented into four groups, each representing around 25% of listings:
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $3,995,000 | 5,015 | 0.25 - 0.5 acre | 5 | 5.5 | 24 | 3 | 0 | 77 |
| $2,999,999 | 3,651 | 8,000 - 10,000 sqft | 5 | 4.5 | 46 | 3 | 1 | 70 |
| $2,299,000 | 3,066 | 8,000 - 10,000 sqft | 4 | 3 | 65 | 3 | 1 | 77 |
| $1,662,000 | 1,937 | 6,500 - 8,000 sqft | 3 | 2.5 | 72 | 7 | 4 | 66 |
This breakdown highlights the range of available homes in Sherman Oaks, from larger luxury properties to mid-range family homes.
Conclusion
Sherman Oaks retains a slight seller's advantage, with steady prices and growing inventory. Buyers may find room to negotiate, while sellers can still capitalize on demand. Keep an eye on the Market Action Index for shifts in price dynamics in the coming weeks.
Contact Information
For expert advice and insights on the Sherman Oaks real estate market, reach out to the Spitz Chavez Group:
- Andrew: (818) 453-9119, [email protected]
- Fran: (818) 517-1411, [email protected]
Stay updated with real-time insights on Sherman Oaks real estate!
