Note from Kevin & Kevin
We 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 Woodland Hills Condo/Townhouse Report
This is how “Woodland Hills” sales totals for Q1 2020 compared to those of previous quarters. This information is based on all condos & townhomes closed in “Woodland Hills” 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 Woodland Hills Q1 2020 sales list.
|1st Quarter, 2020||4th Quarter, 2019||3rd Quarter, 2019||2nd Quarter, 2019|
|# of Sales||48||45||70||50|
|High Sale Price||$619,999||$695,000||$689,000||$709,500|
|Low Sale Price||$285,000||$290,000||$235,000||$240,000|
|Average Price per SQFT||$425||$418||$410||$417|
|Average Days on Market||55||45||51||69|
Sales activity in Woodland Hills had a solid 1st Quarter of 2020 with a slight increase in sales compared to Q419. Falling interest rates helped increase buyer demand, but lack of inventory was the main thing holding back our sales numbers. Average price per square footage slightly rose this quarter, but this quarter’s high sale price was considerably lower than the three previous quarters which again I feel is a supply issue. Now more than recent past, it appears that many of our home owners who are renting out their units are opting to sell rather than keep renting out their units. Also, I’ve been receiving calls from homeowner’s worried about increasing HOA dues and special assessments that have recently been levied in their complexes.
It’s important to keep in mind that 1st Quarter activity was completed pre-COVID.
Q1 2020 VS Q4 2019 Comparison
1st Quarter 2020 had a few similarities to 4th Quarter 2019 with similar number of sales. The top end of this market segment had a lack of supply which hurt the statistics. The $450k-$600k price point had very robust activity and is still the hottest segment of the market.
Woodland Hills Community Breakdown of Sales Activity
|Complex||# of Sales||Price Range of Sales|
Villa Complexes (Madrid, Barcelona,
|Warner Club Villas||1||$550k|
|Warner Woodlands 1||1||$478k|
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 government 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.
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 consider selling 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.