This week, the median list price for Sherman Oaks, CA is $2,794,500, with the Market Action Index (MAI) at 31, slightly down from last month’s 32. Inventory has decreased to 92 properties, reflecting a slight Seller’s Advantage. Stay updated on Sherman Oaks real estate trends!
Market Action Index
The Market Action Index measures the balance of supply and demand:
- Current MAI: 31 (Slight Seller’s Advantage)
- Last Month’s MAI: 32
Sherman Oaks continues to favor sellers, though the slight decline in MAI suggests a leveling off. If demand picks up again, prices could resume an upward trend, but a further MAI decline may shift the balance toward buyers.
Market Narrative
Sherman Oaks has remained stable in recent weeks, with inventory levels low enough to keep the market in seller-friendly territory. If inventory remains tight and demand increases, prices may start climbing again. However, if the MAI continues to decline, buyers may gain negotiating power.
Real-Time Market Profile
Key data for the Sherman Oaks market this week:
- Median List Price: $2,794,500
- Median Price of New Listings: $1,895,000
- Price per Square Foot: $877
- Average Days on Market: 134
- Median Days on Market: 116
- Price Decreased: 47% of listings
- Price Increased: 1% of listings
- Relisted Properties: 22%
- Inventory: 92 properties
- Median Rent: $7,873 per month
Market Segments
Sherman Oaks properties are divided into four distinct segments, each representing approximately 25% of the market:
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $3,995,000 | 5,015 | 8,000 - 10,000 sqft | 5 | 6 | 8 | 1 | 1 | 154 |
| $3,284,000 | 3,764 | 8,000 - 10,000 sqft | 5 | 4.5 | 19 | 1 | 0 | 112 |
| $2,300,000 | 2,737 | 6,500 - 8,000 sqft | 4 | 3 | 69 | 2 | 1 | 112 |
| $1,499,000 | 1,827 | 6,500 - 8,000 sqft | 3 | 2 | 73 | 3 | 1 | 112 |
Conclusion
The Sherman Oaks market remains steady, with a slight Seller’s Advantage. Sellers can benefit from low inventory, while buyers should monitor price reductions and relisted properties for potential opportunities.
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 developments in Sherman Oaks real estate!
