This week, the median list price for Sherman Oaks, CA is $2,750,000, with the Market Action Index (MAI) at 31, down slightly from last month’s 32. Inventory has decreased to 107 properties, signaling a stable yet cooling market. Stay informed on Sherman Oaks real estate trends!
Market Action Index
The Market Action Index compares the rate of sales to inventory:
- Current MAI: 31 (Slight Seller’s Advantage)
- Last Month’s MAI: 32
Sherman Oaks remains in the Seller’s Market zone, though the cooling trend continues. A further decline in the MAI could lead to a more balanced market, while an uptick may reignite price growth.
Market Narrative
The Sherman Oaks market has plateaued, with stable pricing and declining inventory. Sellers retain a slight advantage, but buyers may find opportunities in properties with price reductions or longer days on the market.
Real-Time Market Profile
Key data for the Sherman Oaks market this week:
- Median List Price: $2,750,000
- Median Price of New Listings: $2,645,000
- Price per Square Foot: $860
- Average Days on Market: 115
- Median Days on Market: 91
- Price Decreased: 58% of listings
- Price Increased: 0% of listings
- Relisted Properties: 34%
- Inventory: 107 properties
- Median Rent: $7,525 per month
Market Segments
Sherman Oaks properties are divided into four distinct market segments, each representing approximately 25% of the market:
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $3,995,000 | 5,181 | 8,000 - 10,000 sqft | 5 | 5.5 | 9 | 3 | 0 | 119 |
| $3,150,000 | 3,764 | 8,000 - 10,000 sqft | 5 | 4.5 | 49 | 0 | 0 | 91 |
| $2,395,000 | 3,000 | 6,500 - 8,000 sqft | 4 | 4 | 64 | 5 | 5 | 77 |
| $1,549,000 | 1,860 | 6,500 - 8,000 sqft | 3 | 2 | 72 | 3 | 1 | 105 |
Conclusion
The Sherman Oaks market remains slightly favorable to sellers, but cooling demand and stable inventory suggest shifting dynamics. Sellers should focus on competitive pricing to attract offers, while buyers should monitor price reductions and relisted properties for potential deals.
Contact Information
For personalized 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 updates on Sherman Oaks real estate!
