Hello Fellow Friends and Neighbors,
We hope you had a great month of July. Closed sales activity has started to pick up with July sales being the most of the year with 11 units sold which is almost 50% higher than July 2018. We are still currently on pace for lower sales totals than last year. The one soft spot of the month was that units in escrow decreased 33% compared to June which is a bit surprising due to the recent dip in Interest rates.
3 bedrooms had a busy month with 3 units selling between $438k-$441k. 2 bedroom with LOFT units were also busy as well with units selling between $448-$450k. Regular 2 bedroom sales were solid as well with two top floor units selling for $425 and $430k which are near the top levels for the year. Top floor units are still in demand while 1st and 2nd floor units have cooled a bit. Prices seem to be lower in 2019 compared to 2018, but not too far off peak 2018 highs.
Most surprising this month is dip in 1 bedroom unit values as there was one closing this month at the lowest level of 2019 and almost $40k less than a unit I sold in June 2019.
Last Two 1 Bedroom Closed Sales
In July we sold a 2+Loft that went into escrow before it hit the market. The 2+Loft and top floor units are currently the hottest segments of the Met Market currently.
Units in July sold 15% faster than in June with the average days on market being 27 days for July units sold compared to 32 days for June sales. This is not saying that every unit will take that long, but just highlights the importance of pricing in this market. It seems sellers are starting to price more in tune with the current market. There is still great buyer demand as interest rates have recently decreased, but buyers are much more sensitive to pricing than they were last year. The thing we will be watching this month is how fast this new batch of inventory in the complex moves as our current inventory levels are starting to rise again.
Here’s a link to the current inventory:
https://matrix.crmls.org/Matrix/Public/Portal.aspx?ID=62728574279
Rental Activity Update:
We get asked about rental activity at the Met quite often so we’ve added additional information to our updates that may be of interest. Please let us know if you have any questions about the rental or sale market.
What are units renting for at the Met (Year to Date)?
| Unit Type | Average Rents ($/MO) |
| 1 Bedroom | $1,845 (+$17) |
| 1 Bedroom PLUS Den/Loft | $2,033 (+$0) |
| 2 Bedroom | $2,285 (+$20) |
| 2 Bedroom PLUS Loft | $2,410 (+$20) |
| 3 Bedroom | $2,567 (+$0) |
June San Fernando Valley Condo/Townhouse Stats:
On a macro level, June San Fernando Valley Condo/Townhouse Sales was the first month of the year that number of closed sales decreased from the month prior. On the positive side, average sales prices had a 5.8% increase compared to May.
Total # of condos sold in the SFV decreased 16% compared to May. Total # of condos going under contract in the SFV decreased 5.6% compared to May’s totals. Average days on market increased from 40 days to 42 days in June. Average condo sale prices in the SFV greatly increased 5.8% from May to June. These statistics were compiled from the Southland Regional Association of Realtor Statistics. To summarize, sales activity was a bit slower in June, but sales prices were much higher which falls in line with national news about US Real Estate.
The drop in interest rates as increased buyer activity, but these buyers much more sensitive to pricing levels than buyers of recent years. We are also seeing more showings and activity at my listings in the area as well. Our market is starting to become more balanced after being a strong seller’s market for so long. Competition amongst sellers has brought prices down a bit compared to last year.
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 wouldn’t let this discourage anyone looking to sell as there is still demand for units in the Met. 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. We 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 us. I own a unit at the Met too so your success is also my success! We are local experts 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. We know of many buyers still looking for homes in the area. The current inventory is just not what they are looking for.
We’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. We’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.
Properties are still moving very quickly in the Met. We 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. We’ve recently helped a few of your former neighbors sell their condos and move into larger homes. The information below compares the Real Estate Activity of May 2019 to April 2019.
We are here to help you! I own a unit at 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 LISTINGS CLOSED ESCROW |
| JULY | 6 | 6 | 11 |
| JUNE | 8 | 9 | 7 |
| MAY | 14 | 9 | 6 |
| APRIL | 10 | 7 | 6 |
| MARCH | 13 | 5 | 9 |
| FEBRUARY | 8 | 11 | 6 |
| JANUARY | 9 | 4 | 3 |
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:
15 Active Listings
7 Listings in Escrow
July 2019 New Listings
- 5515 Canoga Ave, 2nd Floor, 2BR/2BA, 900 SF, Listed for $388,000 (FREEWAY UNIT)
- 5540 Owensmouth Ave, 3rd Floor, 2BR/2BA, 910 SF, Listed for $415,000
- 21500 Burbank Blvd, 2nd Floor, 2BR/2BA, 920 SF, Listed for $429,000
- 21450 Burbank Blvd, 1st Floor, 2BR/2BA, 920 SF, Listed for $447,500
- 5550 Owensmouth Ave, 3rd Floor, 2BR+LOFT, 1,030 SF, Listed for $430,000 (In Escrow with Kevin-818Life)
- 21400 Burbank Blvd, 3rd Floor, 2BR+LOFT, 1,030SF, Sold for $450,000 (Sold by Kevin-818Life)
July 2019 Listings Put in Escrow
- 5530 Owensmouth Ave, 1st Floor, 2BR/2BA, 920 SF, Listed for $410,000 (Listed by Kevin-818Life)
- 5550 Owensmouth Ave, 3rd Floor, 2BR+LOFT, 1,030 SF, Listed for $430,000 (In Escrow with Kevin-818Life)
- 5550 Owensmouth Ave, 1st Floor, 1BR/1BA, 610 SF, Listed for $339,000
- 5535 Canoga Ave, 3rd Floor, 2BR+LOFT, 1,050 SF, Listed for $445,000
- 5535 Canoga Ave, 3rd Floor, 2BR+LOFT, 1,050 SF, Sold for $450,000
- 21400 Burbank Blvd, 3rd Floor, 2BR+LOFT, 1,030SF, Sold for $450,000 (Sold by Kevin-818Life)
July 2019 Closed Sales
- 21450 Burbank Blvd, 2nd Floor, 2BR/2BA, 920 SF, Sold for $398,000 (Sold by Kevin-818Life)
- 21550 Burbank Blvd, 3rd Floor, 2BR/2BA, 920SF, Sold for $425,000 (Sold by Kevin-818Life)
- 5510 Owensmouth Ave, 3rd Floor, 2BR/2BA, 910SF, Sold for $430,000
- 5500 Owensmouth Ave, 2nd Floor, 3BR/2BA, 1,020SF, Sold for $438,000
- 5550 Owensmouth Ave, 1st Floor, 3BR/2BA, 1,020SF, Sold for $440,000
- 5550 Owensmouth Ave, 1st Floor, 3BR/2BA, 1,020SF, Sold for $440,500
- 5510 Owensmouth Ave, 3rd Floor, 2BR+LOFT, 1,050SF, Sold for $448,000
- 5535 Canoga Ave, 3rd Floor, 2BR+LOFT, 1,050SF, Sold for $450,000
- 21400 Burbank Blvd, 3rd Floor, 2BR+LOFT, 1,030SF, Sold for $450,000 (Sold by Kevin-818Life)
- 21500 Burbank Blvd, 2nd Floor, 2BR/2BA, 910SF, Sold for $380,000 (Buyer paid $20k in Seller Fees so offer net is $400k) Sold by Kevin with existing renter in place.
- 5550 Owensmouth Ave, 1st Floor, 1BR/1BA, 610SF, Sold for $317,500
Latest Customer Testimonial:
Kevin McDonald sold our condo for us in Woodland Hills Warner Center. Kevin is very knowledgeable and is especially well-versed in the Woodland Hills/Met Warner Center condominiums where we lived. We had an excellent, smooth experience with Kevin as our realtor and felt that we were in great hands from start to finish. Kevin was detailed-oriented, professional, efficient and always on top of things, letting us know what actions we needed to take and what to expect next. He was very responsive and great at communicating with us. Also, Kevin’s marketing was fantastic and we were impressed by the quality of the photos and the virtual staging. Less than one week after our condo was listed, we had an offer at list price. The entire escrow process took less than one month, which was even faster than we had hoped. I highly recommend hiring Kevin McDonald and his partner, Kevin Godley, as your realtors.
Joyce & Doron W., Sold Unit in Building 16 for Full Price in 1st Week.
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.
Click Below to See My Latest Activity:
RECORD SALE $100K OVER COMPLEX HIGH…ONE OF THE FINEST CALABASAS TOWNHOUSES
IN ESCROW…MOVE IN READY 2 BEDROOM WITH LARGE BALCONY
IN ESCROW…GREAT VALUE 2 BEDROOM TOWNHOUSE WITH GARAGE
IN ESCROW…ARGUABLY THE FINEST LOCATION IN THE MET
SOLD BY KEVIN…BUILDING 16 2 BEDROOM +LOFT UNIT
IN ESCROW…3BR WOODLAND HILLS TOWNHOUSE…WALK TO THE VILLAGE
SOLD…AVAILABLE FOR SALE FULLY FURNISHED
SOLD BY KEVIN…TOP FLOOR 2 BEDROOM WITH POOL VIEW
RECORD SALE…PRIME LOCATION 1 BEDROOM WITH WOOD FLOORS AND LARGE BALCONY
SOLD…MOVE IN READY 1 BEDROOM WITH PRIVATE LOCATION AND COMMUNITY VIEWS
SOLD…WARNER CENTER TOWNHOUSE CLOSE TO EVERYTHING
FIND OUT WHAT IT COSTS TO SELL A HOME
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 7/30/19 as reported through the Southland Regional Association of Realtors multiple listing service.
