How do July sales stack up to sales of previous months?
Values in the Met have continued the strong activity from June, but there appear to be signs of the market slowing in the condo section. There were many great sales this month. We were able to sell a 2+Loft freeway facing unit (no balcony) for the highest ever price of $510,000 for that location. There was also a record high sale in the complex with a top floor unit in building 12 that sold for $573,000 which overlooks the pool area. There were multiple closed sales this month for Met units that sold over $500k for the third consecutive month.
In my experience, the top level penthouses generate a premium compared to the lower level units.
We are watching how quickly the current inventory moves to gauge the temperature of the market. Currently, there are 4 one bedroom units, 1 One+Loft unit and 2 two bedroom units on the market. Another thing to watch would be if the current increase in COVID cases causes any future restrictions or shut downs.
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.
California Association of Realtors Chief Economist Thoughts on the 2nd Half of 2021
“On a year-over-year basis, the statewide median price increased more than 30 percent for the third consecutive month. Tight supply, low rates and the change in the mix of sales continue to be the primary factors pushing up home prices to record levels,” said C.A.R. Vice President and Chief Economist Jordan Levine. “However, we are expecting price growth to slow from this point on as the top end of the market begins moderating. With pending sales down for the first time in 14 months, closed sales – which have been declined 5 out of the last 6 months – will likely remain lackluster as the market enters the second half of the year.”
Thinking About Buying?
Interest rates are much lower than they were at this time last year. Last year, rates were hovering around 4.5% and now we are hovering around in the low 3’s/high 2’s which is a huge savings in interest and increased buying power. Feel free to reach out if you have any questions and let’s see if there’s an opportunity for you to score a deal.
Here’s a link to the current and in escrow inventory:
https://matrix.crmls.org/Matrix/Public/Portal.aspx?ID=73957756628
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 (2021-PRESENT)?*
| Unit Type | Average Rents ($/MO) |
| 1 Bedroom | $1,889/Mo |
| 1 Bedroom PLUS Den/Loft | No 2021 Data Yet |
| 2 Bedroom | $2,443/Mo |
| 2 Bedroom PLUS Loft/3 Bedroom | $2,593/Mo |
*Statistics reported from MLS
Southland Association of Realtors June 2021
SFV Real Estate Highlights
June Home Sales up 57% Even as Median Home Price Inches Toward $1 Million
The median price of homes that changed owners during June in the San Fernando Valley hit a record high while sales soared 56.9 percent and the number of properties listed for sale lingered at low levels, the Southland Regional Association of Realtors reported recently.
The median price — meaning half the homes sold at a higher price and half lower — came in at $955,000, up 28.9 percent from June 2020 and 1.1 percent higher than the prior record set this April. June was the fourth consecutive month with the median above the $900,000 benchmark. “Not long ago it would have been inconceivable that the San Fernando Valley would see the median home price inching toward $1 million,” said Diane Sydell, president of the Association. “Now it seems inevitable, especially with today’s wealth of buyers, dearth of inventory, and heated competition over virtually every listing.”
The condominium median price for June was $519,000, up 12.8 percent from June 2020, but 3.9 percent below the record high $540,000 set this April. A total of 554 single -family homes closed escrow during June, up 56.9 percent from a year ago and 11.5 percent ahead of May’s tally. It was the first month this year above 500 sales and the highest monthly total since June 2018. The statistics for condominium sales were not as dramatic, in part because of the extremely limited supply of condominiums listed for sale. REALTORS® assisted the close of escrow on 169 condo transactions during June, up 29.0 percent from a year ago, but down 2.9 percent from this May.
“The market has been overheated and buyer fatigue may be a factor going forward,” said Tim Johnson, the Association’s chief executive officer. “Too many buyers are weary of competing with unseen competitors and losing to a higher bidder even when they come to the market fully prepared to buy. ” That may translate in buyers being a bit more cautious, which when combined with the reopening of the economy, may yield a slowdown in sales and a few more listings. Yet Johnson stressed that a “few more listings” doesn’t go far, even if some buyers are starting to take a bit longer to jump into the market. There were 725 active home and condominium listings at the end of June. That was down 24.8 percent from a year ago. It also was the first month above 700 listings this year, though well below the 2,500 listings needed to ease pressure off prices. The 725 listing represented a mere 1.0 -month supply at the current pace of sales.
Over 33 years, the supply has averaged a 5.6 -month supply, Association statistics indicate. Pending escrows — an indicator of future closed escrows — support the notion that the market is cooling, albeit ever so slightly. There were 755 open home and condominium escrows at the end of June. That was up a mere 0.8 percent from a year ago.
The Southland Regional Association of REALTORS® is a local trade association with more than 10,300 members serving the San Fernando and Santa Clarita Valleys. SRAR is one of the largest local associations in the nation.
If there’s anything you need, Real Estate related or not, please feel free to contact me at [email protected] or 818-256-7514.
MONTHLY MET WOODLAND HILLS SALES ACTIVITY
2021 TOTALS
| MONTH | # OF NEW LISTINGS | # OF LISTINGS IN ESCROW | # OF LISTINGS CLOSED ESCROW |
| 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 |
2020 TOTALS
| MONTH | # OF NEW LISTINGS | # OF LISTINGS IN ESCROW | # OF LISTINGS CLOSED ESCROW |
| DECEMBER | 3 | 11 | 20 |
| NOVEMBER | 12 | 17 | 11 |
| OCTOBER | 18 | 10 | 7 |
| SEPTEMBER | 11 | 11 | 13 |
| AUGUST | 12 | 11 | 6 |
| JULY | 15 | 10 | 9 |
| JUNE | 15 | 14 | 8 |
| MAY | 11 | 6 | 6 |
| APRIL | 3 | 4 | 5 |
| MARCH | 6 | 7 | 6 |
| FEBRUARY | 8 | 10 | 6 |
| JANUARY | 6 | 8 | 11 |
2019 TOTALS
| MONTH | # OF NEW LISTINGS | # OF LISTINGS IN ESCROW | # OF LISTINGS CLOSED ESCROW |
| DECEMBER | 4 | 6 | 6 |
| NOVEMBER | 4 | 4 | 3 |
| OCTOBER | 10 | 6 | 8 |
| SEPTEMBER | 6 | 6 | 6 |
| AUGUST | 9 | 7 | 6 |
| 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:
7 Active Listings
11 Listings in Escrow
JULY 2021 Closed Sales
| ADDRESS | SALE PRICE | $/SQFT | BR/BA | SQFT | |
| 5545 | Canoga Ave 3RD FLR | $573,000 | $622.83 | 2/2 | 920 |
| 5530 | Owensmouth AVE 3RD FLR | $545,000 | $519.05 | 2/2 | 1050 |
| 21550 | Burbank BLVD 3RD FLR | $500,000 | $543.48 | 2/2 | 920 |
| 5530 | Owensmouth AVE 1ST FLR | $475,000 | $516.30 | 2/2 | 920 |
| 5530 | Owensmouth AVE 3RD FLR | $510,000 | $451.33 | 2/2 | 1130 |
| 5530 | Owensmouth AVE 2ND FLR | $490,000 | $532.61 | 2/2 | 920 |
| 5535 | Canoga AVE 1ST FLR | $505,000 | $548.91 | 2/2 | 920 |
| 5530 | Owensmouth AVE 1ST FLR | $500,000 | $543.48 | 2/2 | 920 |
| 5515 | Canoga AVE 1ST FLR | $370,000 | $616.67 | 1/1 | 600 |
| 5550 | Owensmouth AVE 1ST FLR | $510,000 | $554.35 | 2/2 | 920 |
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 this past Monday, 2/8/21, 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 8/1/2021 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.
