This week, the median list price for Sherman Oaks, CA is $2,794,500, with the Market Action Index (MAI) at 32, up slightly from last month’s 31. Inventory has decreased to 86 properties, reflecting a strengthening seller's market. Stay updated on Sherman Oaks real estate trends!
Market Action Index
The Market Action Index compares the rate of sales to inventory:
- Current MAI: 32 (Slight Seller’s Advantage)
- Last Month’s MAI: 31
Sherman Oaks continues to favor sellers, with the MAI trending upward. Should this trend persist, prices may start climbing in tandem with increasing demand and reduced inventory.
Market Narrative
Sherman Oaks’ market has been steady, with prices plateaued and inventory decreasing. Rising demand relative to supply signals stronger market conditions for sellers. Buyers may face more competition as the MAI strengthens further.
Real-Time Market Profile
Key metrics for the Sherman Oaks market this week:
- Median List Price: $2,794,500
- Median Price of New Listings: $0 (No new listings reported)
- Price per Square Foot: $879
- Average Days on Market: 133
- Median Days on Market: 126
- Price Decreased: 52% of listings
- Price Increased: 0% of listings
- Relisted Properties: 26%
- Inventory: 86 properties
- Median Rent: $9,500 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 |
|---|---|---|---|---|---|---|---|---|
| $3,899,000 | 5,347 | 0.25 - 0.5 acre | 5 | 6 | 10 | 0 | 0 | 147 |
| $3,290,000 | 3,764 | 6,500 - 8,000 sqft | 5 | 5 | 18 | 0 | 1 | 98 |
| $2,415,000 | 2,820 | 6,500 - 8,000 sqft | 4 | 3.5 | 69 | 0 | 3 | 119 |
| $1,524,000 | 1,829 | 6,500 - 8,000 sqft | 3 | 2 | 73 | 0 | 1 | 119 |
Conclusion
The Sherman Oaks market shows strengthening demand with declining inventory, maintaining a slight Seller’s Advantage. Sellers can capitalize on the favorable market by pricing competitively, while buyers should act swiftly to secure properties before competition intensifies.
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 developments in Sherman Oaks real estate!
