Sherman Oaks, Los Angeles, for the First Time Homebuyer
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Sherman Oaks, Los Angeles, for the First Time Homebuyer

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The real estate neighborhood according to ‘Sherman Oaks, California, Real Estate Market Update’ (October 2015) has a flourishing but pricey market. At the moment, for instance, there are 139 available homes for sale in the region, and all of them are standard sales. Thirty-nine listings are under one million dollar the rest go from $1,000,000 to $6,900,000. This may give you some idea of what to expect if you’re an agent intending to invest in this region.

Sherman Oaks is located on the southern side of the San Fernando Valley, rubbing ankles with Studio City, and straddling Encino on its west and Van Nuys on its north. Celebrities such as Christina Aguilera and Charlie Sheen, live on the hills side. Want a star-studded and wealthy neighborhood? Come here.

The city has two city parks and a senior center. The neighborhood includes eight public and seven private schools.

Population

According to the San Fernando Valley Almanac, Sherman Oaks has a population of 52,677 people and 25,255 households. The racial makeup of the neighborhood is 82% non-Hispanic white, 5% Asian American and 3% African American. 11% are Hispanic or Latino of any race. Other races made up less than 1%.

Celebrities

Sherman Oaks has its predictable mix of Los Angeles/ Hollywood type entertainers. Of particular mention are: Paula Abdul, entertainer, singer, television personality; Baba Ali, Islamic comedian; Shane Dawson, actor, entertainer; Joseph Gordon-Levitt, actor, director and producer; Bridget Marquardt, actress; and the Olsen Sisters. Other prominent names include Yasiel Puig, baseball player; Paul London, professional wrestler; Bill Paparian, mayor of Pasadena, California; and – unusual for an inventor to live in Hollywood (!) – Daniel Van Meter, historian and inventor.

Anything outstanding?

Maybe the cost of living. Economists calculate cost of living indices on a US average of 100. An amount below 100 means that the city is cheaper than the US average. A cost of living index above 100 means that the city is more expensive.

Overall, the cost of living of Sherman Oaks is 227.30. Fits in well with its neighbors.

To break it down: Grocery is 10% higher than its typical national price. Health costs, transportation, and utility costs are each 11% more expensive. Housing is 379% higher. And miscellaneous costs which include prices of products and services such as food, clothing, entertainment, gas, restaurants, and repairs is 5% higher. In short, the city is no less and no more expensive than its neighboring regions.

Other figures:

As of 2014, the population of Sherman Oaks is 23,377 people. Since 2000, it has had a population growth of 3.64 percent. Median age is 40.3. Household size is 2.07 (this is slightly higher than Hollywood Hills and Studio City). Median home price is $814, 900. Home appreciation during the last year has been 17.80 percent. Unemployment rate is 8.5% (U.S. average is 6.30%).. Recent job growth is positive. Jobs in Sherman Oaks have increased by 2.50 percent. The average commute time is 31.33 minutes; the National Average is 25 minutes.

Public schools in the city spend $12,346 per student. Compare this to the average school expenditure in the U.S. which is $12,435. There are about 19.9 students per teacher. All figures come from Sperling’s Best Places.

Real estate facts

Sherman Oaks housing reports show that now is a good time to buy in this area. Home appreciation was up 17.8% in the last 12 months.

As of today October 19, 2015, there are 139 available homes for sale in Sherman Oaks, and all of them are standard sales. Thirty-nine listings are under one million dollar; the rest range from $1,000,000 to $6,900,000. Property lasts an average of 39 days on the market.

During the last month, thirty-two homes closed escrow. Eight were under 1 million the rest were above it; all of them were standard sales with an average span 53 days on market. Eleven houses expired, two were under a million and the rest above. Average days on the market is 67.

The average Selling Price is $495,000 with 2 bedrooms. The Maximum Selling Price is $2,995,000, with 7 bedrooms, and an approximate 202 days on market. The average selling price for a 3 bedroom was $1090,097.

I think these prices give you some estimation of price range and market stability in the real estate Sherman Oaks region. If you’re a first-time homebuyer in Sherman Oaks, buying that house may involve a lot of time, energy, and budgeting. You may want to expend time into finding a qualified and reputable broker to help you.

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