Note from Kevin and Kevin
I hope this report finds you and your loved ones safe and healthy. The virus has definitely tested us all, but I am sure we will all get through it together. It’s definitely been heartwarming to see the outcropping of good deeds and care we are doing for one another which gives me hope. If there’s anything we can do for you, please let us know.
There are many people going through financial hardship currently due to the virus with work furloughs, reductions in pay and other effects to business. If any of you are going through this, please contact us and we can try our best to direct you to any potential resources that may help you financially get through this. Any communication is strictly confidential.
We will get through this together. Let us know if there’s anything we can do to help.
2020 Q1 Met Real Estate Report
This is how “The Met” sales totals for Q1 2020 compared to those of previous quarters. This information is based on all homes closed in “The Met” as reported through the Southland Regional Association of Realtors multiple listing service from 1/1/20-3/31/2020. Following this summary, you will find the Met Woodland Hills Q1 2020 sales list.
|1st Quarter, 2020||4th Quarter, 2019||3rd Quarter, 2019||2nd Quarter, 2019|
|# of Sales||23||17||23||19|
|High Sale Price||$475,000||$445,000||$460,000||$487,000|
|Low Sale Price||$313,678||$313,500||$317,500||$320,000|
|Average Price per SQFT||$460||$474||$455||$474|
|Average Days on Market||61||55||43||42|
Sales activity at The Met had a solid 1st Quarter of 2020 with sales numbers and statistics that rival that of 2019’s best quarter. Total number of sales increased 35% compared to this time last year. Interest rates falling to new record lows helped with the increase in number of sales as affordability levels increased for buyers. We are still seeing higher numbers of unit owners selling instead of renting out their units this year with concerns over increasing dues and special assessments.
It’s important to keep in mind that 1st Quarter activity was completed pre-COVID.
Q1 2020 VS Q4 2019
1st Quarter 2020 was a better quarter than last with many great closed sales and consider buyer demand. Top floor units were the best performing units. We helped a client receive the highest sale of the quarter for a 2+Loft unit that sold for $475,000 with multiple offers in the first few days. This will be a great sales comp for others who want to sell this year.
Breakdown of Met Sales This
|2020||# of Sales||Average Sales Price|
|1 BR (Non Loft)||5||$337,000|
|2BR (Non Loft)||13||$398,640|
|2BR (with Loft) & 3 BR||4||$445,000|
What’s Are We Looking for
In Q2 2020?
Our Real Estate market is going through an adjustment as the effects of the virus are changing the ways we serve our clients. Our ancillary services such as lending and escrow are also being affected as much of the staff for these services are moving to remote work which can cause delays. We are all working out the kinks and are coming up with ways to serve that we will keep implementing even after the virus to help provide our customers the best service. On the real estate agent level, we have boosted our capabilities for providing our service in a way that provides the most safety for our clients, ourselves and the general public. We’ve recently been able to coordinate video showings for our buyer clients and complete virtual consultations with paperwork being completed electronically. We are so blessed to have clients who have been eagerly willing to adapt to this new environment with us.
As we write this, we are still in the midst of the virus with no firm date as to when the stay at home orders and ordered slow downs in businesses will end. I feel the market will be very strong once we are able to get back to normal.
Currently, the market is still moving ahead with homes coming on the market and homes going under contract. My Real Estate activity tracker which tracks activity in our immediate area still shows about 15-20 new homes going on the market and 15-20 homes going under contract each weekday. The inventory levels still remain near record lows with most of these homes garnering a lot of activity. People are still putting offers on homes even though they’ve only seen properties via video or 3d walk through. The buyers actively searching now are some of the most motivated that we’ve seen in a very long time as some are relocating for work, have sold their homes and need to find another or are renting and need to find something before their lease expires. There’s always opportunities in every market.
We’ve successfully helped many of your neighbors sell their homes at the Met and find a new home. These families had come to us because either their condos were getting too small for their needs or to shorten their commute times to work. We’ve also helped many families sell their homes after their renters move out. We’re here to help start to finish from setting up contractor work to setting up most of the paperwork to be signed electronically. Feel free to contact me if you have any questions about the process or for a free property evaluation.
If you are a property owner who rents out a unit with a lease close to expiring, please contact us for a property price check and help decide if you should keep renting the unit out or sell at a high point in the market. We’re here to help.
Are you thinking of selling your condo in 2020? Take the time and interview Kevin McDonald & Kevin Godley of the 818 Life Group. Especially in these difficult times, finding the right agents who specialize in your neighborhood is a very important step when selling or leasing your home. Our emphasis on honesty, integrity, responsiveness and in-depth knowledge of the local area and sales process are what make us the #1 choice to be YOUR realtors and advocates. Call us today for a free, easy market evaluation and let’s craft a plan to accomplish your goals. You should worry about the health and safety of your family, let us handle the rest.