JULY WOODLAND HILLS CONDO/TOWNHOUSE REAL ESTATE UPDATE
Hello Fellow Friends and Neighbors,
Hope you had a great month of July! It was another busy month for Woodland Hills condo/townhouse sales! Total number of sales in Woodland Hills was much busier than June with a 35% increase in closed sales. The high sale for Woodland Hills townhouses was $630k which would be considerably less than 2019’s high sale of $709,500 for a larger sized unit in Warner Hill. August has the potential to be a great month with recent low interest rates. People going on vacation this summer could slow down the activity though. I am looking forward to seeing what some of the units currently in escrow sell for. Average price per SQFT for condo/townhomes in Woodland Hills very slightly increased in July compared to June.
Homes sold much faster in July with units selling 49% faster than condos/townhomes in June. This shows me that market positioning and pricing is very important as sellers are starting to price their homes more in line with the current market climate. The recently decreased interest rates have also spurred much activity. The market is definitely transitioning to more of a balanced market. I’m seeing that when homes are listed too high, buyers are just not putting in offers even though sellers are wanting to negotiate.
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, 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.
Values are still at or near peak values, but the sales climate is changing.
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 June 2019 to May 2019 as reported by the Southland Regional Association of Realtors MLS.
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.
|MONTH||# OF NEW LISTINGS||# OF LISTINGS IN ESCROW||# OF CLOSED ESCROWS|
Inventory Level Today:
42 Active Listings
26 Listings in Escrow
Link to Current Inventory:
JULY Woodland Hills Condos/Townhouses Sold:
|St#||St Name||Sale Price||Price Per Square Foot||Br/Ba||Sqft||DOM||Sales Date|
|5550||Owensmouth AVE #121||$317,500||$520.49||1/1,0,0,0||610||21||7/31/19|
|21500||Burbank BLVD #216||$380,000||$417.58||2/2,0,0,0||910||0||7/31/19|
|5800||Owensmouth AVE #39||$565,000||$355.79||3/2.5||1588||23||7/31/19|
|5800||Owensmouth AVE #48||$490,000||$411.76||2/2,0,0,0||1190/A||37||7/26/19|
|22107||Burbank BLVD #1||$496,000||$418.21||3/3,0,0,0||1186/A||22||7/26/19|
|5800||Owensmouth AVE #28||$530,000||$333.75||3/2,0,1,0||1588/A||12||7/24/19|
|21650||Burbank BLVD #308||$497,000||$407.71||2/2,0,0,0||1219/A||120||7/23/19|
|21301||Erwin ST #205||$510,000||$485.71||2/2,0,0,0||1050/A||42||7/23/19|
|5510||Owensmouth AVE #305||$448,000||$426.67||2/2,0,0,0||1050/A||47||7/22/19|
|5757||Owensmouth AVE #15||$570,000||$281.90||3/2,0,1,0||2022/A||79||7/22/19|
|21550||Burbank BLVD #316||$425,000||$461.96||2/2,0,0,0||920/A||59||7/19/19|
|5510||Owensmouth AVE #307||$430,000||$472.53||2/2,0,0,0||910/A||23||7/19/19|
|5535||Canoga AVE #328||$450,000||$428.57||2/2,0,0,0||1050/A||10||7/19/19|
|21930||Marylee ST #62||$500,000||$373.69||2/2,0,1,0||1338/A||17||7/19/19|
|21450||Burbank BLVD #205||$398,000||$432.61||2/2,0,0,0||920/A||28||7/16/19|
|21301||Erwin ST #222||$505,000||$435.34||2/2,0,0,0||1160/A||11||7/16/19|
|21901||BURBANK BLVD #168||$560,000||$336.13||3/3,0,0,0||1666/||9||7/12/19|
|5550||Owensmouth AVE #112||$440,000||$431.37||3/2,0,0,0||1020/A||5||7/10/19|
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 Condo Unit in Woodland Hills for Full Price in 1st Week.
At Your Service,
Kevin McDonald & Kevin Godley
The 818 Life
Pinnacle Estate Properties
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.
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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 7/31/19 reported through the Southland Regional Association of Realtors multiple listing service.