Overview: Encino's real estate market has shown a dynamic trend over the past month, with a median list price currently at $3,395,000. The Market Action Index (MAI) remains stable at 33, indicating a slight seller's advantage despite an overall cooling trend.
Key Metrics:
- Median List Price: $3,395,000
- Median Price of New Listings: $2,699,000
- Price per Sqft: $869
- Average Days on Market: 105
- Inventory: 111 properties
- Price Decrease: 34% of properties
- Price Increase: 3% of properties
- Relisted Properties: 18%
Market Segments: The market is segmented into four main price tiers:
- Top Tier: $7,995,000 - typically larger homes (approx. 7,406 sqft) with extensive lot sizes.
- Upper Tier: $4,375,000 - moderately large homes (approx. 5,374 sqft).
- Lower Tier: $2,849,000 - mid-sized homes (approx. 3,857 sqft).
- Bottom Tier: $1,787,000 - smaller homes (approx. 1,995 sqft).
Current Trends: The market has plateaued, with inventory levels increasing. The MAI suggests we are in a seller's market, but any significant drop in MAI could shift this balance, applying downward pressure on prices.
Implications for Buyers and Sellers:
- Sellers: Now is a good time to list properties as the market favors sellers slightly.
- Buyers: Watch for potential shifts in the MAI which could create more favorable buying conditions.
Median List Price
For more information, please call or email Andrew (818) 453-9119 or Fran (818) 517-1411 or email them at [email protected] or [email protected].
This comprehensive overview offers a detailed understanding of the current real estate market in Encino, helping both buyers and sellers make informed decisions.
