Market Overview
As of Wednesday, July 31, 2024
Current Market Conditions
The real estate market in Sherman Oaks, CA, is experiencing a slight seller's advantage. This means that while sellers have some leverage, the market is relatively balanced, offering opportunities for both buyers and sellers.
Key Market Indicators:
- Median List Price: $2,699,000
- Median Price of New Listings: $2,199,990
- Price per Square Foot: $887
- Average Days on Market: 76
- Median Days on Market: 42
- Price Decreased: 38%
- Price Increased: 0%
- Relisted: 19%
- Inventory: 102 homes
- Median Rent: $9,622
- Market Action Index: 42
The Market Action Index of 42 indicates that the market is slightly tilted towards sellers, but not overwhelmingly so. This index has remained steady from last month, suggesting stable market conditions.
Price Analysis by Home Type
Below are some detailed statistics on different types of properties in Sherman Oaks:
| Median Price | Sq. Ft. | Lot Size | Beds | Baths | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $4,699,000 | 5,015 | 0.25 - 0.5 acre | 5 | 7 | 16 | 3 | 3 | 42 |
| $2,998,000 | 3,706 | 8,000 - 10,000 sqft | 5 | 5 | 46 | 2 | 5 | 49 |
| $2,390,000 | 2,630 | 8,000 - 10,000 sqft | 4 | 3 | 65 | 3 | 2 | 35 |
| $1,749,500 | 1,948 | 4,500 - 6,500 sqft | 3 | 3 | 76 | 3 | 6 | 38 |
Property Price Segmentation:
- High-end properties in Sherman Oaks can reach a median price of $4,699,000, offering expansive living spaces of over 5,000 sq. ft. on substantial lot sizes.
- Mid-range properties typically have a median price of around $2,998,000, featuring large living areas and substantial amenities.
- More affordable options have a median price of $1,749,500, providing more modest living spaces suitable for smaller families or those looking to downsize.
Days on Market (DOM): The average DOM for properties in Sherman Oaks is 76 days, with a median of 42 days. This indicates a relatively brisk market where well-priced properties do not remain unsold for long.
Rental Market
The rental market in Sherman Oaks is also robust, with a median rent of $9,622. This reflects the desirability of the area and the high demand for rental properties.
Contact Information: For more information or to explore similar properties, please contact:
- Andrew: (818) 453-9119, [email protected]
- Fran: (818) 517-1411, [email protected]
