JANUARY MET REAL ESTATE UPDATE
Hello Fellow Friends and Neighbors,
Happy New Year! I hope you had a great first month of the year. Sales activity in the complex was slow again this month which would be the third consecutive month of slower activity with only 4 units going into escrow in January.
The total amount of sales slightly increased from December 2018’s totals with 3 units closing escrow in the complex this month. The closed sale prices of the units that closed were for lower prices with a 2+Loft unit selling for $469k with a $12k Credit to the buyer which would make the net selling price $457,000. The big increase this month was the number of new listings going on the market with 9 listings going on the market in January. To date, none of the new inventory has gone into escrow.
The number of current listings on the market for 2019 has been higher than recent memory.
Past & Present New Years Inventory levels (# of units for sale coming into
the New Year as of 1/3/19):
2019-23 units
2018-8 units
2017-3 units
What this is telling me is that sellers have more competition than in recent memory. December 2016 only had 3 units for sale coming in to January 2017 compared to the 23 we have coming into January 2019. We had 6 listings come on the market on 1/2/19. The rate that this inventory sells will be a great indicator of how the demand for our community is. The complex did have 5 sellers decide to take their listings off the market and either not sell or rent their units out.
Here’s a link to the current inventory:
https://matrix.crmls.org/Matrix/Public/Portal.aspx?ID=59775470041
On a macro level, 2018 condo sales totals in the San Fernando Valley were down 19% compared to 2017 while median condo prices rose 5%.
Total condos going under contract in the SFV decreased 14% compared to December’s totals. Total number of escrows cancelled stayed reduced by 12% in December 2018 compared to November. Average condo sale prices in the SFV had decreased stayed pretty flat from December to November 2018. These statistics were compiled from the Southland Regional Association of Realtor Statistics.
In light of these statistics, it appears our market is starting to become more balanced after being a strong seller’s market for so long. It’s still too soon to tell if this is the beginning of a market shift or if consumers still haven’t woken up from their holiday slumber. The last few customers I’ve spoken to 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 January 2019 to December 2018 as reported by the Southland Regional Association of Realtors MLS.
I am here to help you! I live in the Met too! 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 CLOSED ESCROWS |
| JANUARY | 9 | 4 | 3 |
2018 TOTALS
| MONTH | # OF NEW LISTINGS | # OF LISTINGS IN ESCROW | # OF CLOSED ESCROWS |
| 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:
19 Active Listings
4 Listings in Escrow
January 2019 New Listings (Homes Brought on Market in January)
- 21550 Burbank Blvd, 2nd Floor, 1BR/1BA, 610SF, Listed for $359,000
- 5535 Canoga Ave, 3rd Floor, 1BR/2BA, 792SF, Listed for $385,000
- 5510 Owensmouth Ave, 1st Floor, 2BR/2BA, 820SF, Listed for $410,000 (Listed by Kevin)
- 21500 Burbank Blvd, 2nd Floor, 2BR/2BA, 910SF, Listed for $419,900
- 5550 Owensmouth Ave, 3rd Floor, 2BR/2BA, 920SF, Listed for $425,000
- 5500 Owensmouth Ave, 2nd Floor, 2BR/2BA, 920SF, Listed for $425,000
- 5565 Canoga Ave, 2nd Floor, 2BR/2BA, 920SF, Listed for $425,000
- 5550 Owensmouth Ave, 1st Floor, 2BR/2BA, 920SF, Listed for $429,950
- 5530 Owensmouth Ave, 3rd Floor, 2BR/2BA, 1050SF, Listed for $475,000
January 2019 Listings Put in Escrow
- 5510 Owensmouth Ave, 3rd Floor, 2BR/2BA, 820SF, Listed for $439,000
- 5565 Canoga Ave, 2nd Floor, 2BR/2BA 820SF, Listed for $419,000
- 5535 Canoga Ave, 3rd Floor, 2BR/2BA, 1020SF, Listed for $486,000
- 21500 Burbank Blvd, 2nd Floor, 2BR/2BA, 910SF, Listed for $419,900
January 2019 Closed Sales
- 5510 Owensmouth Ave, 1st Floor, 1BR/1BA, 610SF, Sold for $330,000
- 5515 Canoga Ave, 1st Floor, 2BR/2BA, 920SF, Sold for $415,000
- 5565 Canoga Ave, 3rd Floor, 2BR/2BA, 1050SF, Sold for $469,000 ($12,000 Credit to Buyer, Net to Seller is $457,000)
Latest Customer Testimonial:
“Kevin was absolutely wonderful to work with. I am relocating to Camarillo from NY and he made the enire house hunting experience a real pleasure. I was in town for a week and hoped to find a home in that short time. Kevin listened to my needs and did not waste my time showing me things that did not satisfy all of my wants. As we looked at homes and he saw exactly what i liked and didn’t like, he adjusted accordingly. Kevin did not make me feel stressed out and no “salesman” pressure was put on me. Kevin helped me find a great condo in wonderful area. He helped me out throughout the entire process and went beyond in helping me out with some of the details since I was in NY and unable to be there for the inspection or the final walk through. I highly recommend Kevin who made the entire process of purchasing a home fun, relaxing and informative.”
Condo Buyer Closed Sep ’18
3360 Shadetree Way, Camarillo, CA
$554K • 4 Bed, 3.5 Bath, 1920 Sq. Ft.
At Your Service,
Kevin McDonald
Realtor & Met Woodland Hills HomeOwner
Pinnacle Estate Properties
818-256-7514
Lic# 01810388
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:
LISTED BY KEVIN…LOWEST PRICED 2 BEDROOM IN THE MET WOODLAND HILLS
COMING SOON! MOVE IN READY WARNER CENTER TOWNHOUSE $529K
GREAT VALUE UNDER $599K IN WOODLAND HILLS
LISTED BY KEVIN…NEW CONSTRUCTION CONTEMPORARY ESTATE IN TARZANA
SOLD BY KEVIN…Rare Top Floor Unit!
SOLD BY KEVIN…Best Value in Warner Village!
SOLD BY KEVIN…Move in Ready 1 Bedroom + Loft Unit!
SOLD BY KEVIN…Gorgeous 2 bedroom with loft with treetop views!
SOLD BY KEVIN…Move in Ready 2 Bedroom in Building 13!
IN ESCROW…Fully Updated and Move In Ready Top Floor One Bedroom Unit in Building 4!
FIND OUT WHAT IT COSTS TO SELL A HOME
SOLD AT THE MET! GREAT 1 BEDROOM VALUE AT THE MET….IMMACULATE CONDITION 1 BEDROOM UNIT
SOLD at the Met! Multiple Offers Within 24 Hours of Meeting Me!
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 “The Met” as reported through the Southland Regional Association of Realtors multiple listing service.
