Introduction
Sherman Oaks, a desirable neighborhood in the San Fernando Valley, continues to be a vibrant and competitive real estate market. This report provides a comprehensive overview of the current market conditions, leveraging the latest data to offer valuable insights for buyers, sellers, and investors.
Market Overview
- Median List Price: $2,699,000
- Median Price of New Listings: $2,272,000
- Price Per Square Foot: $885
- Average Days on Market: 76
- Median Days on Market: 42
- Inventory: 107 homes
- Median Rent: $9,900
- Market Action Index: 41 (Slight Seller's Advantage)
Market Dynamics
The Sherman Oaks real estate market is characterized by a median list price of $2,699,000, indicating a robust market with high-value properties. The median price of new listings stands at $2,272,000, slightly lower than the overall median, suggesting a trend towards more competitively priced new entries.
Price Trends
- Price Decreased: 39%
- Price Increased: 0%
- Relisted Properties: 21%
A significant portion of properties, 39%, have seen price reductions, indicating potential opportunities for buyers to negotiate better deals. Meanwhile, 21% of homes have been relisted, which could suggest previous overpricing or changing seller circumstances.
Property Characteristics
- Median Home Price: $2,999,000
- Average Square Footage: 3,540 sq. ft.
- Lot Size Range: 8,000 - 10,000 sq. ft.
- Typical Bedrooms/Bathrooms: 4 beds / 5 baths
- Average Home Age: 46 years
Detailed Property Breakdown
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High-End Market Segment:
- Median Price: $4,599,500
- Square Footage: 5,129 sq. ft.
- Lot Size: 0.25 - 0.5 acre
- Beds/Baths: 5 beds / 7 baths
- Average Age: 48 years
- New Listings: 4
- Absorbed Listings: 2
- Days on Market: 49
-
Upper Mid-Range Segment:
- Median Price: $2,999,000
- Square Footage: 3,540 sq. ft.
- Lot Size: 8,000 - 10,000 sq. ft.
- Beds/Baths: 4 beds / 5 baths
- Average Age: 46 years
- New Listings: 4
- Absorbed Listings: 5
- Days on Market: 42
-
Mid-Range Segment:
- Median Price: $2,385,000
- Square Footage: 2,750 sq. ft.
- Lot Size: 8,000 - 10,000 sq. ft.
- Beds/Baths: 4 beds / 3 baths
- Average Age: 65 years
- New Listings: 6
- Absorbed Listings: 3
- Days on Market: 42
-
Entry-Level Segment:
- Median Price: $1,749,000
- Square Footage: 1,965 sq. ft.
- Lot Size: 6,500 - 8,000 sq. ft.
- Beds/Baths: 3 beds / 3 baths
- Average Age: 73 years
- New Listings: 8
- Absorbed Listings: 3
- Days on Market: 35
Conclusion
Sherman Oaks remains a dynamic and slightly competitive market with a slight seller's advantage. The market is characterized by high median prices and significant property values per square foot. While there is a noticeable trend of price reductions, indicating some flexibility in the market, the relisting rate suggests that sellers are keen to find the right buyers. With a median rent of $9,900, the rental market also shows strong demand.
This report underscores the importance of strategic pricing and market timing for both buyers and sellers in Sherman Oaks. Whether you're looking to buy, sell, or invest, staying informed with the latest market data is crucial to making sound real estate decisions.
Contact Information
For more information or to explore similar properties, please contact:
- Andrew: (818) 453-9119, [email protected]
- Fran: (818) 517-1411, [email protected]
