Thinking about buying or selling in Sherman Oaks California? If you’re doing a little bit of research on the real estate market it can help you plan your sale and marketing of your home or we can help you not overpay for a home. So what’s going on in the Sherman Oaks real estate market right now?
Currently, as of the beginning of February 2021, the average list price is about $1.3 million, a 28% increase over last year at this time. The price per square foot is at $589, and nearly 18% increase since last year. Right now homes are pretty much selling around their list price.
Days on the market is at about 49 with a 29% down payment average and about 97 homes sold within the last few months. This is somewhat a competitive market but also fairly balanced as well. This means that there are just as many buyers as there are sellers on the market.
The median sold price is about $1.2 million. There are currently about 300 homes for sale and 343 homes for rent within the Sherman Oaks California area. The median list price is $1,582,000, up 5% a month ago and up 9% one year ago. There are very few if any foreclosure or short sale properties currently on the market. The median home size is about 2400 ft.² up about 4% over last year.
62% of Sherman Oaks residents rent their home where 38% own their own home. Home prices are anywhere from $500,000 to $2.5 million throughout the community. Higher priced homes are found south of Ventura Boulevard in the foothills of the Santa Monica Mountains. The median rent is about $1817.
55% of properties are in the $750,000 plus range. Only 7% or $400,000 and under.
So what is all this mean for buyers and sellers?
It’s actually a good time for both buyers and sellers. The Sherman Oaks real estate market is fairly balanced, which means that most sellers are likely to sell their home within a month or two and buyers are likely to not overpay or have to deal with too much of a bidding war depending on the property. Hot properties or those marked under fair market value technically sell a little bit faster but they also have to be worth the value. Investors are struggling to find properties that really fit their needs at the moment but it’s not impossible. Related: How to Get Started with Real Estate Investing
In many places across the country, there are no distressed properties and no properties anywhere under 10% below market value. However, throughout the Sherman Oaks market, you’re likely to find a few homes here or there but it does depend on having the right agent to help you find the right home.
For home sellers, you’re likely to sell within one or two months and get as close to list price as possible depending on the home. As with any real estate listing, if you offer more for slightly less than your competition, chances are your home will sell quicker. Pricing it correctly from the beginning, though, is the key. Letting it sit on the market too long means you’ll eventually have to lower the price to where it’s now undervalued.
If you’re planning on buying or selling in the Sherman Oaks real estate market contact my office at any time. I’d love to help you find the perfect home in this area or browse all available Sherman Oaks communities below.
If you’re looking to sell, contact my office as well for a free listing presentation. I take your safety and comfortability very seriously so we can either do it over a Zoom call or face-to-face, whichever you prefer.
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