Hello Fellow Friends and Neighbors,
I hope this update finds you and your loved ones safe and healthy. We’ve completed our first full month since the shelter at home orders were enacted and we are able to get an idea of the effect on the market from these orders.
Our Real Estate market is going through an adjustment, but buyers, sellers, realtors and all other parties to the Real Estate sales process have been quick to adapt and adjust. 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 are 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.
On a more somber note, there are many people going through financial hardship currently due to the virus with work furloughs and reductions in pay. 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.
This Month Compared to Others
As expected, April was a much slower month than previous months with much slower activity across the board. Even compared to this time last year, the activity was much lower. On the bright side, we had some very strong sales in the community such as a Warner Village 3 unit selling within the first 10 days for a price near recent highs. Many of the units in desirable locations and in good condition are still selling quickly.
What are the Hot Complexes Currently?
Inventory has dropped to near record low levels so most units that are priced competitively are getting a favorable response to the market. We will be watching how the market does moving forward, but we are still receiving calls from parties looking to see what we know of coming on the market soon which is a good indication of demand. In past experience, sellers tend to do better when there’s less inventory (competition) out there. It’s definitely something to consider if the process can be done in a manner that you are comfortable with in regards to your health and safety. Feel free to reach out if you have any questions.
Thinking About Buying?
Interest rates are much lower than they were at this time last year. Last year, rates were hovering around 4.5% and now we are hovering around 3.5%. That’s a huge savings in interest! Feel free to reach out if you have any questions and let’s see if there’s an opportunity for you to score a deal.
March 2020 SFV Condo/Townhouse Sales Statistics and Overview
from San Fernando Valley Association of Realtors
March Home Sales Fall 8%, Listings Drop 28%, Pending Sales Down 34%, While Home Price Sets Record
The median price of homes sold during March set a record high $775,000 while listings and pending sales dropped in the face of “Stay at Home” orders resulting from the Coronavirus pandemic, the Southland Regional Association of REALTORS® reported on Monday, April 20.
The March home price broke the prior record of $755,000 set in October and was up 12.0 percent from the prior year.
REALTORS® assisted the close of escrow during March of 367 single-family home sales, which were down 8.0 percent from the prior year. Condominium sales totaled 153 units, an increase of 20.5 percent from March 2019.
“March closed escrows reflected sales activity that occurred mainly in January and February with closed escrows most likely not severely impacted by the mid-month orderthat shut down all nonessential businesses and implemented social distancing rules,” said Nancy Troxell Carnahan, president of the 10,600-member Southland Regional Association of REALTORS®. “The heaviest impact on residential real estate of the stay at home order will be reflected in statistics reporting April and subsequent months.”
However, the Association said the order had an impact on the number of active listings and pending escrows that were wending their way through the market as the shut-down orders took effect.
At a time of year when listings typically rise for the traditional Spring homebuying season, the Association reported 876 active listings on the Multiple Listing Service. That was down 28.0 percent from a year ago. The 876 listings represented a 1.7-month supply under the market that existed prior to the pandemic, but an unknown number of sellers may have chosen to delay selling in the fact of the pandemic while others moved forward with their listing.
March marked the 10thconsecutive month where the active listing total came in lower than the prior year. Following ten consecutive months of rising listings, the market started to slow down in June, and then fell to a record low of 770 active listings in December.
Since then, there have been slight month-to-month increases, even as comparisons to the prior year showed listings falling dramatically.
The Coronavirus pandemic probably hit pending escrows — a measure of future activity — the hardest. The Association reported 444 open escrows at the end of March. That was down 34.2 percent from the March 2019.
“We’ll see steep drop offs in sales totals in the coming months as the region fights to contain the pandemic,” said Tim Johnson, the Association’s chief executive officer. “REALTORS® are adapting to virtual sales activity and implementing safe practices and social distancing as they work with the buyers and sellers who still want to proceed with a real estate transaction.”
While real estate has been added to the list of essential businesses, the City of Los Angeles has banned in-person open houses and in-person showings of occupied homes. However, it does allow showings of unoccupied homes, though under strict safety guidelines.
While the future remains uncertain, Johnson and Carnahan expected residential real estate activity to pick up once the region emerges from the self-isolation imposed by the coronavirus pandemic.
The Southland Regional Association of REALTORS® is a local trade association with more than 10,300 members serving the San Fernando and Santa Clarita Valleys. SRAR is one of the largest local associations in the nation.
I’d recommend anyone who has their unit as a rental property contact me to discuss the market conditions before you decide to rent the property out for another year or sell. I’d love to help you make an informed decision with no pressure or obligation. This is why it is important to consult with someone who is an expert in the complex so you don’t waste time on the market at a price that the market will not respond to. I can also advise on what improvements can net you the best ROI when it comes time to sell.
We are here to help you! Each complex is different! If you are interested in getting more information about your complex please feel free to contact me at [email protected] or 818-256-7514 if you have any questions.
|MONTH||# OF NEW LISTINGS||# OF LISTINGS IN ESCROW||# OF CLOSED ESCROWS|
|MONTH||# OF NEW LISTINGS||# OF LISTINGS IN ESCROW||# OF CLOSED ESCROWS|
Inventory Level Today:
28 Active Listings
16 Listings in Escrow
Link to Current Inventory and Properties in Escrow:
APRIL Woodland Hills Condos/Townhouses Sold:
|5515||Canoga AVE #115||$330,000||$540.98||1/1||610|
|21500||Burbank BLVD #218||$332,000||$544.26||1/1||610|
|5525||Canoga AVE #323||$410,000||$455.56||2/2||900|
|5500||OWENSMOUTH AVE #231||$435,000||$472.83||2/2||920|
|5515||Canoga AVE #230||$465,000||$505.43||2/2||920|
|21500||Califa ST #143||$525,000||$408.24||2/2||1286|
|6234||SHOUP AVE #1/2||$535,000||$517.41||2/2||1034|
|5404||QUAKERTOWN AVE #7||$570,000||$381.53||2/3||1494|
|21821||Burbank BLVD #151||$570,000||$281.90||3/2.5||2022|
Latest Customer Testimonial:
Over 10 years ago, I bought my one bedroom, one bathroom condominium located in the Warner Center area of Woodland Hills. The purchase was during an early phase of developer sales, who was converting apartments to condos. It was called The Metropolitan. The project name was changed to The Met.
Prior to my decision; I learned Pinnacle had a great resume selling units in The Met and in addition, estimated the lowest total costs. I recently decided to sell my rental unit and to work with Kevin McDonald and Kevin Godley of Pinnacle Estate Properties, Calabasas. I am very happy with the decision I made and the results that were achieved. I also thought their suggestion to use RidgeGate Escrow, enhanced the seamless professional experience. RideGate was also a pleasure to work with.
I appreciated the very professional experience. The regular consistent communication was something that exceeded my expectations. I was never left wondering, what is going on. I found the professional experience to be fantastic and very refreshing. I have no hesitation recommending Kevin McDonald and Kevin Godley, with Pinnacle Estate Properties, Calabasas to anyone considering selling or buying real estate.
-Alan M., Sold 1 Bedroom Unit in Woodland Hills in December 2019.
At Your Service,
Kevin McDonald & Kevin Godley
The 818 Life
Pinnacle Estate Properties
If your property is currently listed with another Broker, this is not intended as a solicitation of that listing. This information is based on all homes closed in “Woodland Hills” as reported through the Southland Regional Association of Realtors multiple listing service.
Click Below to See Our Latest Activity:
Want to View Some Homes on the Market?? Want to View a Different Area? Contact me at 818-256-7514.
If your property is currently listed with another Broker, this is not intended as a solicitation of that listing. This information is based on all homes closed in “Woodland Hills” as of 3/31/2020 reported through the Southland Regional Association of Realtors multiple listing service. Not all listed homes are represented by Kevin Mcdonald, Kevin Godley and Pinnacle Estate Properties.