The second month of 2020 brought both increased home sales as well as higher sale prices in Sherman Oaks.
SHERMAN OAKS COMPARATIVE MARKET UPDATE FEBRUARY 2020
Registering a 40% increase year to year, 62 homes sold in February in Sherman Oaks, compared to 58 in January 2020 and 43 February 2019. With listings increasing from 91 in February 2019 and 119 in January 2020 to 112 in February 2020, the average days on the market recorded a decrease from 51 in February 2019 and 37 in January 2020 to 36 in February 2020.
Moving upwards from $118,520 in February 2019 and $1,089,197 in January, the average sale price of a Sherman Oaks home in the second month of the year was $186,646. The February list price to sale price ratio of 100.5% registered a steady increase from 97.5%, year over year, and 99.6 from the previous month.
Of the 62 sales, 40 were single residences, 2 were townhouses and 20 were condominiums. A 1 bedroom, 1 bathroom updated condominium with in-unit laundry and $379.61/month HOA fees was the lowest sale of the month for $400,000, selling nearly 3% over the asking price in just 4 days. In the median range, a charming, somewhat original, 3 bedroom, 2 bathroom bungalow sold for 7% over the asking price in 7 days for $962,000. And the highest price sale came in at $4,483,000, 2.4% under the list price in 18 days, for a 5 bedroom 6 bathroom new construction contemporary gated estate on over 1/3 acre.
SHERMAN OAKS CURRENT LISTING REPORT MARCH 2020
As of late March, there are 116 homes listed for sale, including 100 single residences, 2 townhouses, 13 condominiums and 1 duplex. The lowest price offering is a 1 bedroom, 2 bathroom updated condominium with $400/month HOA, listed for $350,000 and on the market for 31 days. A 4 bedroom, 6 bathroom new construction view home on an acre, priced at $4,995,000 for 62 days marks the median spot. At the top of the Sherman Oaks market is a 6 bedroom, 7 bathroom expansive Longridge Estates home on 2.3 acres, on the market for 80 days, listed at $10,000,000.
To see the current and past year-to-date statistics for market activity in Sherman Oaks, click on the report snapshot image or here to view the full report