Hello Fellow Friends and Neighbors,
January was another busy month for the Woodland Hills condo market. Many of the sales completed were higher than the previous month. Inventory also jumped up a lot from December. Demand is still very strong for Woodland Hills as most of the new inventory went into escrow very quickly.
I’m still seeing the majority of landlord owners I speak to are still opting to sell instead of re-rent out their units as many feel that taking their equity into another investment makes more sense than the risks and work of being a landlord in today’s climate. Please feel free to reach out if you are interested in getting an idea of what your property could potentially be worth and see if exploring a sale is in your best interest.
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.
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.
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.
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.
Woodland Hills Condo/Townhouse Inventory Level Today:
13 Active Listings
18 Listings in Escrow
Link to Current Inventory and Properties in Escrow:
Current Woodland Hills Condo/Townhouse Inventory
2022 TOTALS
| MONTH | # OF NEW LISTINGS | # OF LISTINGS IN ESCROW | # OF CLOSED ESCROWS |
|---|---|---|---|
| JANUARY | 25 | 17 | 14 |
2021 TOTALS
| MONTH | # OF NEW LISTINGS | # OF LISTINGS IN ESCROW | # OF CLOSED ESCROWS |
|---|---|---|---|
| DECEMBER | 10 | 13 | 18 |
| NOVEMBER | 13 | 19 | 23 |
| OCTOBER | 19 | 16 | 22 |
| SEPTEMBER | 22 | 24 | 14 |
| AUGUST | 24 | 22 | 21 |
| JULY | 25 | 19 | 22 |
| JUNE | 18 | 18 | 21 |
| MAY | 23 | 22 | 19 |
| APRIL | 15 | 17 | 19 |
| MARCH | 25 | 25 | 18 |
| FEBRUARY | 24 | 22 | 30 |
| JANUARY | 21 | 37 | 30 |
JANUARY Woodland Hills Condos/Townhouses Sold:
| ADDRESS | SALE PRICE | $/SQFT | BR/BA | SQFT | ||
| 5515 | Canoga AVE #218 | $500,000 | $520.83 | 2/2 | 960 | |
| 5520 | Owensmouth | $535,000 | $587.91 | 2/2 | 910 | |
| 5520 | Owensmouth AVE #107 | $555,000 | $603.26 | 2/2 | 920 | |
| 5525 | Canoga AVE #317 | $545,000 | $598.90 | 2/2 | 910 | |
| 21500 | Burbank BLVD #114 | $500,000 | $543.48 | 2/2 | 920 | |
| 6209 | Nita AVE | $670,000 | $441.08 | 2/3 | 1519 | |
| 21650 | BURBANK #303 | $660,000 | $537.02 | 2/2 | 1229 | |
| 21901 | Burbank BLVD #200 | $800,000 | $419.95 | 3/3 | 1905 | |
| 5540 | Owensmouth AVE #312 | $579,000 | $562.14 | 2/2 | 1030 | |
| 21301 | Erwin ST #535 | $475,000 | $730.77 | 1/1 | 650 | |
| 23011 | Del Valle ST #5 | $580,000 | $439.39 | 3/3 | 1320 | |
| 21551 | Burbank BLVD #90 | $650,000 | $467.63 | 2/3 | 1390 | |
| 21900 | Marylee ST #249 | $740,000 | $435.55 | 3/3 | 1699 | |
| 5530 | Owensmouth AVE #118 | $387,500 | $635.25 | 1/1 | 610 |
Latest Customer Testimonial:
I used Realtors Kevin McDonald and Kevin Godley to sell my townhome in Woodland Hills, CA in July 2021. I began speaking with Kevin in April 2021 as I had a bit of a complicated situation in that I wanted to put my house on the market but I needed it done with a closing date that was a couple of months later. Kevin provided sound advice on when to put the house on the market, how best to price according to market, provided a photographer, visited the home to make suggestions on decluttering and staging, and used a super efficient lock box system. There were many showings and Kevin coordinated every visit to make sure I was going to be available to leave for the showing. He confirmed every showing via text and made sure to provide me a summary of the showings daily. Selling a home and moving is a stressful process and Kevin was my emotional support throughout especially when there was a water leak only a week before closing date. Kevin and Kevin handled the sale of my home excellently and if I were still in the area I would use them again for my next home. Thank you Kevin and Kevin!
-Natasha B., Sold 2 Bedroom Woodland Hills Townhouse with Kevin & Kevin
At Your Service,
Kevin McDonald & Kevin Godley
The 818 Life
Realtor
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.
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 2/2/2022 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.
