Sherman Oaks, CA, is known for its vibrant luxury real estate market. This comprehensive report delves into the latest trends and data shaping this upscale neighborhood.
Current Market Snapshot (As of June 26, 2024)
The real estate market in Sherman Oaks is thriving, with a strong seller’s market evident in the data. Here’s a detailed look at the key metrics:
- Median List Price: $3,099,000
- Median Price of New Listings: $2,799,000
- Price Per Square Foot: $889
- Average Days on Market: 75
- Median Days on Market: 28
- Inventory: 39 homes
- Market Action Index (MAI): 48 (indicating a strong seller's market)
Market Segmentation
Sherman Oaks' real estate market is divided into four distinct price tiers, catering to a range of luxury homebuyers:
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Top Tier:
- Median Price: $4,695,000
- Average Home Size: 5,600 sqft
- Features: Expansive estates, often with high-end amenities such as pools, home theaters, and extensive outdoor spaces.
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Upper Tier:
- Median Price: $3,499,499
- Average Home Size: 4,195 sqft
- Features: Spacious homes with modern designs, gourmet kitchens, and luxurious master suites.
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Lower Tier:
- Median Price: $2,647,000
- Average Home Size: 3,181 sqft
- Features: Comfortable family homes, often with updated interiors and attractive landscaping.
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Bottom Tier:
- Median Price: $1,599,000
- Average Home Size: 1,926 sqft
- Features: Smaller yet charming homes, ideal for buyers looking to enter the luxury market.
Market Trends
The Sherman Oaks real estate market has shown stability over the past few months, with prices remaining relatively flat. However, the persistent low inventory and strong seller’s market indicate that prices could rise if demand continues to outpace supply. The high demand is fueled by the neighborhood's desirable location, excellent schools, and high quality of life.
Neighborhood Highlights
Sherman Oaks is a highly sought-after neighborhood for many reasons:
- Prime Location: Centrally located in the San Fernando Valley, offering easy access to major freeways and the Westside.
- Quality of Life: Known for its family-friendly environment, abundant parks, and vibrant community atmosphere.
- Amenities: Features a variety of upscale dining, shopping, and entertainment options, including the popular Sherman Oaks Galleria.
- Education: Home to top-rated public and private schools, making it a desirable area for families.
Conclusion
Sherman Oaks continues to be a prime location for luxury real estate, characterized by its high demand, limited inventory, and strong seller's market. The diverse range of homes, from expansive estates to charming family residences, caters to various luxury buyers looking for upscale living in a vibrant community.
For more information, please call or email Andrew at (818) 453-9119 or Fran at (818) 517-1411, or email them at [email protected] or [email protected].
