This week, the median list price for Sherman Oaks, CA is $2,699,200, with the Market Action Index (MAI) at 32, slightly down from last month’s 33. Inventory has decreased to 102 properties, indicating a gradual cooling of the market. Stay informed on Sherman Oaks real estate trends!
Market Action Index
The Market Action Index measures the balance of sales and inventory:
- Current MAI: 32 (Slight Seller’s Advantage)
- Last Month’s MAI: 33
While Sherman Oaks remains in the Seller’s Market zone, the declining MAI suggests a cooling trend. If this trend continues, the market could shift more toward buyers.
Market Narrative
The Sherman Oaks market has seen prices plateau as demand softens. Sellers retain an advantage, but buyers may find opportunities in listings with price reductions or extended time on the market. Watch for changes in the MAI, as a rise could reignite price growth, while further declines may create favorable conditions for buyers.
Real-Time Market Profile
Key metrics for the Sherman Oaks market this week:
- Median List Price: $2,699,200
- Median Price of New Listings: $2,565,000
- Price per Square Foot: $854
- Average Days on Market: 114
- Median Days on Market: 98
- Price Decreased: 60% of listings
- Price Increased: 0% of listings
- Relisted Properties: 30%
- Inventory: 102 properties
- Median Rent: $7,500 per month
Market Segments
Sherman Oaks properties are divided into four segments, each representing approximately 25% of the market:
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $3,895,000 | 5,015 | 8,000 - 10,000 sqft | 5 | 6 | 5 | 1 | 4 | 112 |
| $3,139,000 | 3,764 | 8,000 - 10,000 sqft | 5 | 5 | 49 | 1 | 2 | 98 |
| $2,415,000 | 2,991 | 6,500 - 8,000 sqft | 4 | 3.5 | 68 | 3 | 5 | 94 |
| $1,562,000 | 1,880 | 6,500 - 8,000 sqft | 3 | 2.3 | 72 | 1 | 4 | 101 |
Conclusion
The Sherman Oaks market remains slightly favorable to sellers, but a cooling trend and reduced inventory suggest shifting dynamics. Buyers should monitor price reductions and relisted properties for opportunities, while sellers should focus on competitive pricing to attract interest.
Contact Information
For expert insights into Sherman Oaks real estate, contact the Spitz Chavez Group:
- Andrew: (818) 453-9119 | [email protected]
- Fran: (818) 517-1411 | [email protected]
Stay ahead with the latest trends in Sherman Oaks real estate!
