Coldwell Banker: Sherman Oaks / Encino Market Update
Sales for our office are steady, with some seasonal slowing evident. Inventory has returned to a low 3 months’ worth after some increasing slightly during the summer months. The number of incoming new listings has steadily decreased as sellers are holding off selling due in part to the time of year and the small percentage of price increases the area is currently experiencing. Average sales price has been steadily declining from a high in June, leveling off in mid $800,000 range. Price reductions are rampant as sellers who overpriced their properties try and find that “magic number” that will garner an offer.
The number of active listings decreased, but only nominally, remaining somewhere in the 500 to 550 range. Days to sell are in decline as well priced properties, investors with money and pre-approved buyers help to close deals quickly. The number of sales has been steadily increasing since summer, showing that the while prices have leveled off somewhat, demand for housing remains strong.
Affordability remains an issue for first-time home buyers. Low inventory is keeping pressure on prices, but buyers and sellers seem much more well matched in this market, with no clear advantage for either. Multiple offers are still a part of our market, but seem to tapering off.
As we head into the Holiday Season, we expect steady sales, hopefully leading into a slightly stronger 2015 market.
By: Bill Dalton
