Hello Friends and Neighbors!
January was another strong month for sales in the complex. Most of the sales completed in the complex this month came in at prices higher than the previous month. It’ll be interesting to see how the recent increase in HOA dues affect buyer appeal for the complex.
Current inventory in the Met is quite low with most of the listings that have recently come out have gone into escrow very quickly. Our current listings have garnered multiple showings and interest right away as well. We are watching how quickly the current inventory moves to gauge the temperature of the market. We listed a 2nd floor 1 bedroom unit in January that has an accepted offer at a price that would make it a record breaking sale.
Feel free to reach out for more details about the market conditions and my knowledge on any units.
Property values in the Met are highly dependent on their location and interior upgrades. Feel free to contact me if you have any questions about how the market is doing and what your unit could potentially fetch in today’s market.
Thinking About Buying?
The environment for buyers looks to have improved a little bit as we were able to get multiple buyers in escrow that needed to sell their units first which was something that was much more difficult to do in prior months without really overbidding on a property. Feel free to reach out if you have any questions about current buying conditions.
Here’s a link to the current and in escrow inventory:
Rental Activity Update:
We get asked about rental activity at the Met quite often so we’ve added additional information to our updates that may be of interest. Please let us know if you have any questions about the rental or sale market.
What are units renting for at the Met (2022-PRESENT)?*
| Unit Type | Average Rents ($/MO) |
| 1 Bedroom | $1,950/Mo |
| 1 Bedroom PLUS Den/Loft | $2,300/Mo |
| 2 Bedroom | No Data Yet |
| 2 Bedroom PLUS Loft/3 Bedroom | $2,950/Mo |
*Statistics reported from MLS
Southland Association of Realtors January 2022
SFV Real Estate Highlights
2021 Sales Rise 18% Even With Record Prices and Near Zero Inventory
Sales of existing single -family homes and condominiums took off during 2021 even as resale prices hit record highs and inventory plummeted to unprecedented lows, the Southland Regional Association of REALTORS® reported today. At the end of December, there were a record 381 active home and condo listings for the entire San Fernando Valley. That number is shocking considering that in 2007 the average monthly listing tally was 6,633 and the record high set in July 1992 totaled 14,976 listings, according to the Association’s historical statistics. “By any measure, 2021 was an extraordinary year,” said Jeff Phillips, the 2022 president of the Southland Regional Association of REALTORS®. “Following the economic shutdown of 2020 and working with restrictions in the middle of an ongoing pandemic,” he said, “REALTORS® and their clients managed to post the first positive year for home and condo sales after three consecutive annual declines.” Local REALTORS® assisted buyers and sellers in 5,800 home and 2,126 condominium closed escrows during 2021 — an increase of 17.9 percent and 18.2 percent, respectively. Those transactions generated more than $8.0 billion for the local economy, not including the added jolt from landscaping, remodeling, and appliance and furniture purchases that typically accompany changes in ownership.
“Pent-up demand for housing combined with record -low interest rates on home loans brought buyers to the market in numbers,” said Tim Johnson, the Association’s chief executive officer. “Multiple offers were common as buyers scrambled to get into a home, pushing prices up along the way.” Association statistics put the annual home price at a record high of $918,983, an increase of 16.8 percent over 2020. The annual local home price has risen every year since 2012, an unprecedented string of yearly hikes that started with the price at a low of $363,117. San Fernando Valley home prices peaked during the boom before the Great Recession at $611,933 in 2007, then fell 28.6 percent in 2008 with three subsequent annual declines before taking off in 2011. “Few people expected Valley home prices to ever come near the $1 million mark,” Phillips said, “yet that appeared likely in mid -2021 as inventory came not even close to meeting demand for housing while buyers kept bidding prices higher.” Similarly, condominium resale prices went through the same boom -bust -boom cycle as homes. Peaking at $394,917 in 2006, the condominium annual price dropped by double digits in 2008 and 2009 as it headed to its low point of $217,367 in 2011, only to rise again the following year and in each of the subsequent years. Compared to 2020, the condominium annual price jumped 13.8 percent last year to a record $535,167. The 381 active listings reported at the end of December were down 45.6 percent from a year ago.
At the then current pace of sales, that represented a mere 0.6-month supply, which itself was a record low and only the second time it has ever been less than a 1-month supply. “The expectation is that 2022 will be a solid year for local home sales,” Johnson said. “But now there are more obstacles — rising though still favorable rates, a resurgence of Covid, an inventory that is exceptionally tight and, of course, higher consumer prices on everything from gasoline to food.” Pending escrows, a gauge of future real estate activity, at the end of December totaled 449, which was down 21.2 percent from a year ago.
The Southland Regional Association of REALTORS® is a local trade association with 11,000 members serving the San Fernando and Santa Clarita Valleys. SRAR is one of the largest local associations in the nation.
If you are a homeowner looking to sell and purchase, sellers are now more willing to take contracts from buyers contingent on selling. If you are considering selling at this time, We would highly recommend sitting down with your realtor (hopefully us) and discussing your specific unit and how it compares to the current inventory. We’d love to interview with you if you do not currently have a realtor.
Values are still at or near peak values, but the sales climate is changing.
We’d recommend anyone who has their property as a rental 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. We can also advise on what improvements can net you the best ROI when it comes time to sell.
It may be a good time to consider selling for anyone thinking about taking their equity and purchasing a new home. There are still many opportunities out there for anyone looking to move up to a bigger home or move closer to shorten your commute.
If there’s anything you need, Real Estate related or not, please feel free to contact me at [email protected] or 818-256-7514.
Met Woodland Hills Inventory Level Today:
5 Active Listings
8 Listings in Escrow
Link to Current Met Inventory:
MONTHLY MET WOODLAND HILLS SALES ACTIVITY
2022 Totals
| MONTH | # OF NEW LISTINGS | # OF LISTINGS IN ESCROW | # OF LISTINGS CLOSED ESCROW |
| JANUARY | 10 | 9 | 7 |
2021 TOTALS
| MONTH | # OF NEW LISTINGS | # OF LISTINGS IN ESCROW | # OF LISTINGS CLOSED ESCROW |
| DECEMBER | 5 | 5 | 7 |
| OCTOBER | 10 | 8 | 8 |
| SEPTEMBER | 6 | 8 | 7 |
| AUGUST | 8 | 12 | 10 |
| JULY | 13 | 8 | 10 |
| JUNE | 10 | 10 | 10 |
| MAY | 11 | 13 | 10 |
| APRIL | 10 | 7 | 9 |
| MARCH | 8 | 13 | 6 |
| FEBRUARY | 8 | 8 | 13 |
| JANUARY | 12 | 14 | 13 |
Inventory Level Today:
5 Active Listings
8 Listings in Escrow
JANUARY 2022 Met Closed Sales
| ADDRESS | SALE PRICE | $/SQFT | BR/BA | SQFT | |
| 5515 | Canoga AVE 2ND FLR | $500,000 | $520.83 | 2/2 | 960 |
| 5520 | Owensmouth 2ND FLR | $535,000 | $587.91 | 2/2 | 910 |
| 5520 | Owensmouth AVE 1ST FLR | $555,000 | $603.26 | 2/2 | 920 |
| 5525 | Canoga AVE 3RD FLR | $545,000 | $598.90 | 2/2 | 910 |
| 21500 | Burbank BLVD 1ST FLR | $500,000 | $543.48 | 2/2 | 920 |
| 5540 | Owensmouth AVE 3RD FLR | $579,000 | $562.14 | 2/2 | 1030 |
| 5530 | Owensmouth AVE 1ST FLR | $387,500 | $635.25 | 1/1 | 610 |
Latest Customer Testimonial:
I lived in a condo at the Met in Woodland Hills for over 10 years and have received the market updates, postcards and flyers from realtors Kevin McDonald and Kevin Godley for many years. When it was time to sell my condo, I contacted Kevin McDonald and mentioned that I was thinking about selling my condo. I wasn’t sure, so Kevin would check in on me to ask me if I had any questions or needed help with getting the condo ready to sell. He referred me to a good HVAC vendor since I needed to get my unit either fixed or replaced. Once I had the unit ready to sell, Kevin arranged for a professional photographer to take pictures and visually stage the unit. I was impressed with the final outcome! Due to COVID, I never met Kevin in person, but we had an initial zoom chat and utilized emails, phone calls, and text message to communicate, which I appreciated. I was provided with the internet viewing activity on a regular basis and given feedback on appointments to see my unit. Documents were also signed electronically except for the escrow documents that required an original signature. I felt that Kevin was able to provide me with enough information at each step and he also followed-up with me on each of the deadlines during the escrow process. Kevin even helped me save $$ by walking me through how to check if my fireplace was working, since I never used it. That was much appreciated!! The escrow company that Kevin works with, Ridgegate escrow, was also great at answering any questions I had about the documents. Escrow closed and I am so happy that it closed on time! Thank you Kevin and Kevin! I would highly recommend either of them if you need a reliable, knowledgeable, and friendly realtor.
-Joyce N., Sold 1 Bedroom Woodland Hills Condo with Kevin & Kevin
Always 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 “The Met” as reported through the Southland Regional Association of Realtors multiple listing service.
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 of 2/2/2022 as reported through the Southland Regional Association of Realtors multiple listing service. Not all homes listed are represented by Kevin Mcdonald, Kevin Godley or Pinnacle Estate Properties.
