The Sherman Oaks market mirrors neighborhoods over the hill: lower median sale price, overabundance of REOs and and short sales, and brisk sales on the lower end.
In the first quarter of 2009 in Sherman Oaks there were 67 single family home sales. The median sale price was $645,000. A solid 16% (11) of these sales were over $1 million. The average days on the market was 49.
The highest-priced sale was 15664 Castlewoods Drive (above), closing at $4,383,000 before it was put on the market. There are few comparable properties -- 7,305 sq ft of living area, 32,051 sq ft lot, pool, tennis court, new construction, views.
28% of all home sales were either REO (13) or short sales (6), and these were not exclusively on the lower end of the market. One REO, 2946 Glenridge Drive, sold for $1,250,000. Another sold for $900,000.
One MLS listing advertised:“this is a regular sale.” It should read, “this is a liability”, since ordinary sellers not in distress are competing with the ultimate motivated sellers: the banks.
The Sherman Oaks condo market in the first quarter of 2009 did not differ significantly from the single family market. 5% of sales were REO, 20% of sales were short sales. The median sale price of a condo was $415,000. Average sale time was 142 days on the market.
Saturday, April 25, 2009