Lake Sherwood Real Estate Market Trends
July 31, 2017
Nestled peacefully among the beautiful Santa Monica Mountains, Lake Sherwood is one of the more affluent communities in Southern California and is known for the fact that it overlooks the serene Lake Sherwood Reservoir, which is a perfect destination for fishing, outdoor relaxation, and numerous fun recreational activities afforded to the fortunate residents of this community. When you’re searching for the right home in this premier location, there are a variety of types to select from, including spacious townhouses, single-family homes, and large estates. When living in Lake Sherwood, you and your family will also greatly benefit from the nearby award-winning schools and the numerous luxury shopping centers situated throughout the area.
In the following article, we’ll be looking at Lake Sherwood market trends and historical data, highlighting some of the most notable trends that you should be aware of when searching for your new home or looking to sell a current property.
Lake Sherwood Median Sales Price
In Lake Sherwood, the real estate market has remained relatively consistent over the past three years, with some slight fluctuations and one substantial change from 2014-2017. During the months of January and February of 2014, the median sales price for a home in Lake Sherwood was around $1.475 million, though prices continued to fluctuate between $1.2 and $1.5 million throughout the rest of the year. During 2015, the median sales price was similar to 2014, with the average sales price in most months resting between $1.3 and $1.5 million. In April 2015, the average median price for a home reached $3.8 million, but solely because only one home was sold during that month. The median sales price dropped quickly after that to the average of $1.3 to $1.5 million mentioned previously.
Since then, prices have continued to increase slowly, rising from $1.345 million in early 2016 to an average of $2 million in May-July 2017. During that time, the trend has been an ever increasing one with only slight dips in certain months to below the previous month’s average. This increasing trend of median sales price means great news for current homeowners who wish to sell at a favorable price as well as people looking to buy properties in Lake Sherwood with the expectation of continued growth! While the high of $2 million for the median home price in the months of May through July of this year has recently shown dramatic improvement, these prices have been steadily increasing throughout the past three years and show no signs of slowing down.
Increasing median sales prices show a strong and consistent growth pattern for Lake Sherwood homes
Trends in Lake Sherwood home prices (3/4 Bedrooms)
If you’re searching for a more specific analysis of different home types, the year-over-year differences in the median sales price in homes with 3 and 4 bedrooms should give you a better idea of how prices have been increasing. Currently, a 3-bedroom house in Lake Sherwood costs on average $1.355 million, which is an increase of two percent from last year. Although two percent may not sound like a lot to you, this is a difference of a little more than $27,000. As for a 4-bedroom home, the current average price is right around $4.65 million, a hefty 200 percent increase from last year.
Trends in Lake Sherwood home prices (2 Bedrooms)
Towards the beginning of 2014, the average sales price for a 2-bedroom house sat at $775,000, while the current price for a 2-bedroom home is at $1.285 million. Similar increases are found with a 3-bedroom home, with an increase from $850,000 in early 2014 to $1.355 million currently. As the houses in Lake Sherwood are among the most highly sought-after in California, it’s expected that these prices will only continue to rise. Though the average sales price for a property over the last few months has been a high $2 million, the fall and winter months generally prove to be among the busiest and most competitive when it comes to selling homes in Lake Sherwood, and an increased demand tends to push prices higher as well.
If you believe that it would be wise to wait and see if these prices are going to drop in the near future, recent trends point to the exact opposite, making it seem as though home values are only going to increase in the future, which is largely due to how appealing Lake Sherwood has become as a place to live for people searching for a more rural and peaceful destination in Southern California. We have no doubt that one of our professional real estate agents will be able to assist you in finding a home that fits your budget, as Lake Sherwood is filled with a with a wide range of different types of homes.
Sales Volume in Lake Sherwood
While the trends found when looking at the median sales price over the last few years are beneficial towards gaining a better understanding of the real estate market in Lake Sherwood, they don’t paint the whole picture, which is why it’s also useful to inspect the sales volume in the area from 2014-2017. Between 2014 and 2016, the fluctuations were smaller in size, typically ranging between 3-8 homes sold each month depending on the time of year. For example, three homes were sold in May 2014, which was the lowest amount of houses sold in a month until April 2015, when only one home was sold. However, these numbers rebounded quickly, averaging between 5-9 from June 2015 to January 2016. After a dip in March of that year, the monthly sales volume increased every month until September.
A total of nine houses were sold in August 2016, although the number of homes has dropped on a consistent basis since then. From September 2016 to April 2017, the highest amount of homes sold in a single month was just four, though two homes were sold each month from November to January and just one home per month in February and March.
What these trends tell us is that the overall amount of homes sales per month is decreasing, which means that more people are holding onto their properties, whether it be investments in future gains or satisfaction with area. With fewer homes on the market, buyers will find a more competitive landscape when searching for a property in Lake Sherwood. With these recent positive growth trends, now is a great time to buy, as the increasing median home price and decreasing sales volume appear appear likely to continue.
Lake Sherwood Stats
If you’re considering purchasing a home in Lake Sherwood, you’ll likely want to know more about the area and the data that supports this highly desired residential community. Understanding more about the crime and graduation statistics for the area should give you a peace of mind that moving to Lake Sherwood is the right decision.
Overall crime is extremely low (almost non-existent) in Lake Sherwood, as total crimes reported are 86 percent lower than the California average. When looking at a crime index with the national average being 100, Lake Sherwood is well below the average in every single metric of measurement.
For instance, robbery risk is scored less than 22 when compared to the national average of 100, while personal crime risk is just 36. The total crime risk, which encompasses all crimes, is 35 in comparison to the national average of 100, making the area very livable and very safe. Lake Sherwood is actually safer than around 90 percent of cities in the U.S. and is only getting safer, as the number of year-over-year crimes has decreased by 35 percent.
Graduation rates are exceedingly high in Lake Sherwood, which is highlighted by the fact that Lake Sherwood students have a 24 percent higher graduation rate than the California average, displaying an excellence in education that’s beneficial to everyone attending a school in the area. A total of 98.2 percent of people living in Lake Sherwood have completed high school, with just under 59 percent having completed a bachelors degree.
Lake Sherwood offers a very consistent housing market overall, with a median home value that’s 290 percent higher than that of the California average. This percentage is as high as it is due to the fact that the average price of a home per sq. ft. has increased dramatically over the past year, rising from $580 per sq. ft. to $835 per sq ft. When you’re searching for the right property in Lake Sherwood, you can be confident that the home you purchase will keep its value for a long time, likely even raising in value due to recent trends. The number of owner occupied households in the area is also 43 percent higher than the national average, as Lake Sherwood is comprised primarily of houses as opposed to apartments.
Join the Lake Sherwood Community
Lake Sherwood is an attractive real estate market for buyers, sellers, and families looking to put down roots in a safe and friendly community. The school system available to Lake Sherwood residents is among the best in California and the area as a whole offers a wide array of luxurious amenities, from the private Sherwood Country Club to the close proximity to Lake Sherwood Reservoir. If you wish to get started on your search for a new home, visit our Ewing & Associates Westlake Village office today and speak with one of our real estate professionals to find the home of your dreams!