February Met Real Estate Update…The Market is Picking Up!

Kevin McDonald
Published on March 5, 2019

February Met Real Estate Update…The Market is Picking Up!

FEBRUARY MET REAL ESTATE UPDATE

Hello Fellow Friends and Neighbors,

I hope you had a great February. Sales activity really picked up for the Met Woodland Hills as sales activity has started to pick up to levels more similar to that of what we had last year. Buyer activity was greatly increased compared to the last few months with the Met having 11 units going under contract. This number is higher than any month in 2018. We came into the new year with much higher inventory than we are used to so it’s a good sign that many of the units are going under contract.

The total amount of sales doubled compared to January 2019’s totals with 6 units closing escrow in the complex this month. Some of the sales were for great prices as we had a remodeled top floor 2 bedroom end unit sell for $480k. Another great sale was a 1 bedroom unit that sold for $355k. The amount of new listings coming on the market is starting to stabilize as well which is good news.

The big news for the month was the number of listings going under contract. One of the things I wanted to keep an eye on is how fast the increased inventory we have in the complex moves. It’s good to see that a lot of the excess that was on the market has gone under contract. It’ll be interesting to see what prices these units close at. Some of the units in escrow are for listed for what I think would be 2017 pricing. There were a few 2 bedroom units in escrow that are listed between $410k-$415k which is right around the 2017 average for 2 bedroom units. In light of this, it seems that the market has found a bottom for 2 bedroom pricing at the Met as it seems that units priced in that range get the higher activity. The top end of the market still doesn’t seem to be established just yet as we have increased sitting inventory at prices over $450k. Currently, I have the highest listed property in escrow which is a top floor 2 bedroom with a list price of $435k.

Here’s a link to the current inventory:

https://matrix.crmls.org/Matrix/Public/Portal.aspx?ID=60277353563

On a macro level, San Fernando Valley Condo/Townhouse Sales had a great month of January.

Total condos going under contract in the SFV increased 13% compared to December 2018’s totals. Total days on market increase from 43 days to 51 days in January. Average condo sale prices in the SFV had increased 5% from January to December 2018. These statistics were compiled from the Southland Regional Association of Realtor Statistics

In light of these statistics, it appears buyer activity is starting to pick up as buyers see the interest rates starting to stabilize. Our market is starting to become more balanced after being a strong seller’s market for so long. There are almost twice as many SFV condos/townhouses currently for sale compared to January 2018. Competition amongst sellers has brought prices down a bit compared to last year. I’ve taken a survey of a few customers and most are waiting to file their taxes before they make a decision so that is also lingering in the minds of the consumer.

If you are a homeowner looking to sell and purchase, sellers are now more willing to take contracts from buyers contingent on selling. For sellers, 1 bedroom units are more desirable again in the Met as inventory has reduced significantly for 1 bedrooms. If you are considering selling at this time, I would highly recommend sitting down with your realtor (hopefully me) and discussing your specific unit and how it compares to the current inventory. I’d love to interview with you if you do not currently have a realtor.

I wouldn’t let this discourage anyone looking to sell as this is still a great market for sellers. The key is coming up with an effective marketing strategy that highlights the competitive advantages of the property. If you purchased between 2009-2015, current values are still significantly greater than when you purchased. If you purchased in 2006-2008, values are very close to your purchase at the height of the market so it may be a good time to get out with either a slight gain or minimal loss. Feel free to ask me about how I would do things in this market. I still think there is great opportunity to capture great prices for our units, but it is very important to analyze what your individual unit’s strengths and weaknesses are compared to what else is out there. If you have any questions about this, please reach out to me. I’m a local resident (7 years at the Met) and expert and can help you assess your property and compare it to what else is out there and how we stack up compared to what’s sold in the past. I know of many buyers still looking for homes in the area. The current inventory is just not what they are looking for.

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.

Properties are still moving very quickly in the Met. I know of many buyers looking right now and the low inventory is creating high demand of high quality buyers. It may be a good time to consider selling for anyone thinking about taking their equity and purchasing a new home either to get more space or shorten your commute. There are still many opportunities out there for anyone looking to move up to a bigger home or move closer to shorten your commute. I’ve recently helped a few of your former neighbors sell their condos and move into larger homes. One of my recent clients just sold their 2 bedroom + Loft unit and purchased a larger unit in a different area. The information below compares the Real Estate Activity of February 2019 to January 2019 as reported by the Southland Regional Association of Realtors MLS.

We are here to help you! I own a unit in the Met too! Your success is our success! Please feel free to contact me at [email protected] or 818-256-7514 if you have any questions.

MONTHLY MET WOODLAND HILLS SALES ACTIVITY

2019 TOTALS

MONTH # OF NEW LISTINGS # OF LISTINGS IN ESCROW # OF LISTINGS CLOSED ESCROW
JANUARY 9 4 3
FEBRUARY 8 11 6

2018 TOTALS

MONTH # OF NEW LISTINGS # OF LISTINGS IN ESCROW # OF LISTINGS CLOSED ESCROW
JANUARY 5 9 9
FEBRUARY 5 4 6
MARCH 7 7 4
APRIL 8 4 6
MAY 8 8 7
JUNE 10 5 8
JULY 8 5 6
AUGUST 11 6 7
SEPTEMBER 11 6 6
OCTOBER 11 8 6
NOVEMBER 6 2 10
DECEMBER 4 3 2

Inventory Level Today:

14 Active Listings

9 Listings in Escrow

February 2019 New Listings (Homes Brought on Market in February)

  1. 5530 Owensmouth Ave, 1st Floor, 1BR/1BA, 610SF, Listed for $319,500
  2. 21550 Burbank Blvd, 2nd Floor, 2BR/2BA, 920SF, Listed for $419,000
  3. 21550 Burbank Blvd, 2nd Floor, 2BR/2BA, 910SF, Listed for $430,999
  4. 21520 Burbank Blvd, 3rd Floor, 2BR/2BA, 920 SF, Listed for $435,000 (Listed by Kevin)
  5. 5510 Owensmouth Ave, 3rd Floor, 2BR/2BA, 1050 SF, Listed for $459,000
  6. 21400 Burbank Blvd, 1st Floor, 2BR/2BA, 920 SF, Listed for $415,000
  7. 21450 Burbank Blvd, 3rd Floor, 2BR/2BA, 1030 SF, Listed for $455,000 (Listed by Kevin)
  8. 5525 Canoga Ave, 3rd Floor, 2BR/2BA, 1050 SF, Listed for $485,000

February 2019 Listings Put in Escrow

  1. 21550 Burbank Blvd, 2nd Floor, 1BR/1BA, 610 SF, Listed for $359,000
  2. 5510 Owensmouth Ave, 1st Floor, 2BR/2BA, 820 SF, Listed for $410,000 (Listed by Kevin)
  3. 21400 Burbank Blvd, 1st Floor, 2BR/2BA, 920 SF, Listed for $415,000
  4. 5535 Canoga Ave, 3rd Floor, 1BR/1BA, 792 SF, Listed for $385,000
  5. 5510 Owensmouth Ave, 1st Floor, 2BR/2BA, 920 SF, Listed for $439,900
  6. 5565 Canoga Ave, 1st Floor, 1BR/1BA, 610 SF, Listed for $355,000
  7. 5530 Owensmouth Ave, 1st Floor, 1BR/1BA, 610 SF, Listed for $319,000
  8. 21520 Burbank Blvd, 2nd Floor, 2BR/2BA, 920 SF, Listed for $429,000
  9. 21520 Burbank Blvd, 3rd Floor, 2BR/2BA, 920 SF, Listed for $435,000 (Listed by Kevin)
  10. 5550 Owensmouth Ave, 1st Floor, 2BR/2BA, 920SF, Listed for $415,000
  11. 5550 Owensmouth Ave, 3rd Floor, 2BR/2BA, 820SF, Listed for $410,000

February 2019 Closed Sales

  1. 5565 Canoga Ave, 1st Floor, 1BR/1BA, 610 SF, Sold for $355,000
  2. 5510 Owensmouth Ave, 3rd Floor, 2BR/2BA, 820 SF, Sold for $434,000
  3. 5535 Canoga Ave, 3rd Floor, 2BR/2BA, 1020 SF, Sold for $480,000
  4. 5510 Owensmouth Ave, 1st Floor, 2BR/2BA, 920 SF, Sold for $420,000
  5. 5535 Canoga Ave, 3rd Floor, 1BR/1BA, 792 SF, Sold for $372,000
  6. 5565 Canoga Ave, 2nd Floor, 2BR/2BA, 920 SF, Sold for $410,000

Latest Customer Testimonial:

Kevin was amazing during this entire experience!

My condo in Woodland Hills had been a rental for a number of years before I decided that I no longer wanted ownership of the unit. Kevin McDonald, along with several realtors, had sent mailings highlighting their offerings and sales. I decided to call Kevin first to meet him and talk about my condo. At our meeting I sensed Kevin’s work ethic as he was friendly, kind, and knowledgeable. I liked him immediately and never called the other realtors. Kevin gave me advice on the correct procedures informing my tenant to relocate. Then he organized the necessary work to be done with a contractor prior to the open house. In a very short time, my unit was sold above the asking price. For escrow to close, Kevin coordinated with the contractor some additional work. Kevin was amazing during this entire experience. I highly recommend him for his outstanding competence, professionalism, and communication skills in the sale of my condo.

At Your Service,

Kevin McDonald & Kevin Godley

The 818 Life

Realtor & Met Woodland Hills Homeowner

Pinnacle Estate Properties

818-256-7514

[email protected]

Lic# 01810388/01216088

www.KevMcdonald.com

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 “The Met” as reported through the Southland Regional Association of Realtors multiple listing service.   

Click Below to See My Latest Activity:

FIND OUT WHAT IT COSTS TO SELL A HOME

JUST LISTED…RARE 2+LOFT UNIT WITH TREETOP VIEWS

JUST LISTED…UPDATED 1 BEDROOM CONDO! WALKING DISTANCE TO KOREATOWN AMENITIES

IN ESCROW…MOVE IN READY TOP FLOOR UNIT IN BUILDING 16

IN ESCROW…LOWEST PRICED 2 BEDROOM IN THE MET WOODLAND HILLS

IN ESCROW… MOVE IN READY WARNER CENTER TOWNHOUSE $529K

IN ESCROW…GREAT VALUE UNDER $599K IN WOODLAND HILLS

IN ESCROW…BUILDING 9 2 BEDROOM WITH OPEN KITCHEN

LISTED BY KEVIN…NEW CONSTRUCTION CONTEMPORARY ESTATE IN TARZANA

SOLD BY KEVIN…Top Floor Unit in Building 1!

SOLD BY KEVIN…Best Value in Warner Village!

SOLD BY KEVIN…Move in Ready 1 Bedroom + Loft Unit!

RECORD SALE…Warner Village Townhouse

Want to View Some Homes on the Market?? Want to View a Different Area? Contact me at 818-256-7514.

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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 “The Met” as reported through the Southland Regional Association of Realtors multiple listing service.