Is 2023 the Right Time to Explore Encino Homes for Sale?March 9th, 2023 by Administrator
The housing market of Encino has been one of the most sought-after real estate markets in Southern California for several decades. Encino is located in the San Fernando Valley and in proximity to LA’s most desirable attractions, making this LA neighborhood a desirable place to call home. If you are also wondering if it is the right time to buy a home in Encino, continue reading the current (2023) trends of the Encino housing market to make an informed decision.
Current Trends of the Encino Housing Market
In 2023, experts believe that Encino real estate is competitive to some degree.
The average price of Encino homes for sale was $1.25M in December 2022, which is down 2.2% compared to that of 2021 when the median home sale price in Encino was $1.3M. On the other hand, the average sale price per square foot in Encino was $582 in December last year, 13.3% lower since 2021.
On average, Encino homes sell after 59 days on the market listing in December 2022, which is a significant increase from 37 days in the last year.
While the trend might seem downward, it is actually going upward, keeping the Encino housing market upward.
For a better understanding, look at the following graph.
Is it a good idea to buy Encino homes for sale in 2023?
Even when the prices of Encino homes for sale are going down, it is usually advantageous for buyers to buy a home in Encino they want. Since foreclosures and owners require to sell their homes to stay afloat in a slow housing market, they are likely to increase a larger number of available Encino properties for sale, lowering home prices.
Mortgage rates have increased sharply in recent months. Those who are looking forward to buying homes in Encino should take advantage of the current market conditions.
Due to reduced home prices, home buyers in Encino can find great deals in today’s market. As your home prices will increase in the future, you will have more equity, which will ultimately improve your financial situation.
What makes Encino homes for sale a great choice?
The Encino housing market offers a variety of housing options for potential homebuyers. In Encino, you can find homes for everyone, right from traditional single-family homes to luxury estates. The beautiful LA neighborhood has an abundance of parks and recreation points, making it easier for families to get outside and enjoy the great outdoors.
Located north of Brentwood between Tarzana and Sherman Oaks in the San Fernando Valley, this neighborhood gives easy access to the 101 freeway, allowing residents to get around quickly. This place is equipped with top-rated farmer markets and the Balboa Sports Complex which features outdoor basketball, volleyball, and tennis courts.
You will find the main shopping mall on Ventura Boulevard which is known to be home to national brands as well as locally owned and operated specialty shops. For those who are health-conscious and who enjoy a leisurely lifestyle, Encino Commons offers a great community of restaurants, spas, and yoga studios.
Encino homes for sale are ideal for all those looking for a relaxing, upscale, and suburban lifestyle with easy access to all necessary and recreational amenities.
For more information on Encino homes for sale, get in touch with Gitta – a professional local real estate agent in Encino.