As of Wednesday, August 14, 2024
Current Market Conditions
The real estate market in Sherman Oaks, CA, is showing balanced conditions, offering opportunities for both buyers and sellers. Here's a snapshot of the key market indicators:
Key Market Indicators:
- Median List Price: $2,800,000
- Median Price of New Listings: $2,850,000
- Price per Square Foot: $887
- Average Days on Market: 78 days
- Median Days on Market: 42 days
- Price Decreased: 41%
- Price Increased: 2%
- Relisted: 25%
- Inventory: 102 homes
- Median Rent: $9,973
- Market Action Index: 42
The Market Action Index of 42 indicates a balanced market, with neither buyers nor sellers having a distinct advantage. The inventory of 102 homes provides a variety of options for prospective buyers.
Price Analysis by Home Type
Below are detailed statistics on different types of properties in Sherman Oaks:
| Median Price | Sq. Ft. | Lot Size | Beds | Baths | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $4,500,000 | 5,347 | 0.25 - 0.5 acre | 5 | 5.5 | 10 | 7 | 1 | 49 |
| $3,299,000 | 3,764 | 6,500 - 8,000 sqft | 4 | 4.5 | 48 | 5 | 3 | 42 |
| $2,499,000 | 3,022 | 8,000 - 10,000 sqft | 4 | 3 | 63 | 4 | 7 | 52 |
| $1,722,000 | 1,897 | 6,500 - 8,000 sqft | 3 | 2.5 | 71 | 8 | 9 | 21 |
Property Price Segmentation:
- High-end properties in Sherman Oaks reach a median price of $4,500,000, offering expansive living spaces of over 5,000 sq. ft. on substantial lot sizes.
- Upper-mid range properties have a median price of $3,299,000, featuring large living areas and substantial amenities.
- Mid-range properties typically have a median price of $2,499,000, offering generous living spaces and amenities.
- Entry-level properties provide more modest living spaces with a median price of $1,722,000, suitable for smaller families or those looking to downsize.
Days on Market (DOM)
The average DOM for properties in Sherman Oaks is 78 days, with a median of 42 days. This indicates a market where properties are selling at a steady pace, giving both buyers and sellers time to negotiate.
Rental Market
The rental market in Sherman Oaks remains robust, with a median rent of $9,973. This reflects the strong demand for rental properties in this desirable area.
Contact Information
For more information or to explore similar properties, please contact:
- Andrew: (818) 453-9119, [email protected]
- Fran: (818) 517-1411, [email protected]
This report offers a comprehensive overview of the current market trends in Sherman Oaks, making it easier for both buyers and sellers to make informed decisions.
