Hello Fellow Friends and Neighbors,
Hope you had a great month of February! February was a great month for Woodland Hills condo/townhouse sales! Buyer activity massively increased with 25 properties going into escrow. Number of new listings coming on the market stayed level with January with another 25 properties being listed in February. The speed at which this inventory gets sold will be a telling indicator of the strength of our market.
On a macro level, San Fernando Valley Condo/Townhouse Sales had a great month of January.
Total condos/townhouses 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 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 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. The threat of increasing interest rates has also brought back some buyers who are looking to get into something know before their buying power decreases with a rise in interest rates. 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.
Many properties are still moving very quickly with my listings having a lot of buyer activity and some even selling before going on the market for record prices. 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. Now is the time to get some of the best prices of the year if you are looking to purchase a new home. The information below compares the Real Estate Activity of February 2019 to January 2019 as reported by the Southland Regional Association of Realtors MLS.
I am 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.
2019 TOTALS
| MONTH | # OF NEW LISTINGS | # OF LISTINGS IN ESCROW | # OF CLOSED ESCROWS |
| JANUARY | 25 | 8 | 9 |
| FEBRUARY | 25 | 25 | 9 |
Inventory Level Today:
46 Active Listings
23 Listings in Escrow
Link to Current Inventory:
https://matrix.crmls.org/Matrix/Public/Portal.aspx?ID=60313686457
FEBRUARY Woodland Hills Condos/Townhouses Sold:
| St. # | St. Name | L/C Price | Price Per SQ.FT. | Br/Ba | Sq.Ft. | Sale Date |
| 5565 | Canoga Ave. | $355,000 | $581.97 | 1/1 | 610 | 2/6/19 |
| 5535 | Canoga Ave. | $372,000 | $469.70 | 1/1 | 792 | 2/27/19 |
| 5565 | Canoga Ave. | $410,000 | $445.65 | 2/2 | 920 | 2/25/19 |
| 5510 | Owensmouth Ave. | $420,000 | $456.52 | 2/2 | 920 | 2/25/19 |
| 5510 | Owensmouth Ave. | $434,000 | $529.27 | 2/2 | 820 | 2/15/19 |
| 5535 | Canoga Ave. | $480,000 | $470.59 | 2/2 | 1020 | 2/19/19 |
| 21730 | Marylee St. | $493,000 | $243.82 | 3/2.5 | 2022 | 2/6/19 |
| 5800 | Owensmouth Ave. | $500,000 | $420.17 | 2/2 | 1190 | 2/20/19 |
| 21900 | Marylee St | $599,000 | $309.56 | 2/2.5 | 1935 | 2/28/19 |
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
Lic# 01810388/01216088
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 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!
FIND OUT WHAT IT COSTS TO SELL A HOME
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.
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.
