Hello Fellow Friends and Neighbors,
We hope you had a great month of June. Sales activity this month again has shown signs that the market in the Met in adjusting compared to previous years. We’ve had 6 or more closed sales for the 5th straight month. We are currently on pace for lower sales totals than last year. Last year’s sales totals were about 25% lower than 2017. June was another strong month with 9 units going into escrow. I am very interested to see what June’s new escrows close for. Interest rates have recently dipped at or near 12 month lows so this should get more buyers out there looking to take advantage of lower interest rates.
Values for 1 bedrooms had a good month as we were able to sell a 1 bedroom for $355k which would be the highest price of 2019. There were some great 2 bedroom with loft sales with a highly upgraded unit closing at $487k. There was also a highly upgraded 3BR sale that sold for $476k. The Met also had its first 2 bedroom sale under $400k in 2019. It was a 2nd floor 2 bedroom unit that closed at $395k.
I recently sold a 2+Loft that went into escrow in the first week with multiple offers and we closed escrow in under 20 days. The 2+Loft is currently one of the hottest segments of the Met Market currently. There were two great looking 3 bedroom units that came on the market for $430k that I am very interested in seeing what they sell for.
Units in June took a little bit longer to sell than in May with the average days on market being 32 days for June units sold compared to 27 days for April sales. This is not saying that every unit will take that long, but just highlights the importance of pricing in this market. It seems sellers are starting to price more in tune with the current market. There is still great buyer demand as interest rates have recently decreased, but buyers are much more sensitive to pricing than they were last year. The thing we will be watching this month is how fast this new batch of inventory in the complex moves as our current inventory levels are starting to rise again.
Here’s a link to the current inventory:
Rental Activity Update:
We get asked about rental activity at the Met quite often so we’ve added additional information to our updates that may be of interest. Please let us know if you have any questions about the rental or sale market.
What are units renting for at the Met (Year to Date)?
| Unit Type | Average Rents ($/MO) |
| 1 Bedroom | $1,828 (+$13) |
| 1 Bedroom PLUS Den/Loft | $2,033 (+$13) |
| 2 Bedroom | $2,265 (+$4) |
| 2 Bedroom PLUS Loft | $2,390 |
| 3 Bedroom | $2,567 |
May San Fernando Valley Condo/Townhouse Stats:
On a macro level, San Fernando Valley Condo/Townhouse Sales had a great month of May. Every month this year so far has had sales greater than the previous month.
Total # of condos sold in the SFV increased 13% compared to April. Total # of condos going under contract in the SFV increased 6% compared to April’s totals. Average days on market decreased from 43 days to 40 days in May. Average condo sale prices in the SFV slightly increased 0.9% from May to April. These statistics were compiled from the Southland Regional Association of Realtor Statistics.
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 |
| 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:
20 Active Listings
10 Listings in Escrow
June 2019 New Listings
- 5535 Canoga Ave, 1st Floor, 1BR/1BA, 610 SF, Listed for $329,900
- 5550 Owensmouth Ave, 1st Floor, 1BR/1BA, 610 SF, Listed for $339,000
- 5530 Owensmouth Ave, 1st Floor, 2BR/2BA, 920 SF, Listed for $410,000 (Listed by Kevin)
- 5510 Owensmouth Ave, 3rd Floor, 2BR/2BA, 820SF, Listed for $425,000
- 5510 Owensmouth Ave, 2nd Floor, 2BR/2BA, 920 SF, Listed for $431,900
- 5535 Canoga Ave, 3rd Floor, 2BR+LOFT, 1,050SF, Listed for $445,000
- 5510 Owensmouth Ave, 3rd Floor, 2BR/2BA, 920SF, Listed for $445,000
- 5535 Canoga Ave, 3rd Floor, 2BR+LOFT, 1,050SF, Listed for $450,000
June 2019 Listings Put in Escrow
- 5540 Owensmouth Ave, 1st Floor, 2BR/2BA, 920 SF, Listed for $395,000
- 21450 Burbank Blvd, 2nd Floor, 2BR/2BA, 920 SF, Listed for $396,500 (Listed by Kevin)
- 5550 Owensmouth Ave, 1st Floor, 3BR/2BA, 1,020 SF, Listed for $430,000
- 5550 Owensmouth Ave, 1st Floor, 3BR/2BA, 1,020 SF, Listed for $430,000
- 5510 Owensmouth Ave, 3rd Floor, 2BR/2BA, 910SF, Listed for $434,900
- 21550 Burbank Blvd, 3rd Floor, 2BR/2BA, 920SF, Listed for $435,000 (Listed by Kevin)
- 5500 Owensmouth Ave, 2nd Floor, 3BR/2BA, 1,020SF, Listed for $439,000
- 5520 Owensmouth Ave, 3rd Floor, 2BR+LOFT, 1,050SF, Listed for $455,000 (Listed by Kevin)
- 5510 Owensmouth Ave, 3rd Floor, 2BR+LOFT, 1,050SF, Listed for $455,000
June 2019 Closed Sales
- 21520 Burbank Blvd, 1st Floor, 1BR/1BA, 610 SF, Sold for $355,000 (Record Sale by Kevin-818Life)
- 21500 Burbank Blvd, 2nd Floor, 2BR/2BA, 920SF, Sold for $395,000
- 21400 Burbank Blvd, 3rd Floor, 2BR/2BA, 920SF, Sold for $419,000
- 5500 Owensmouth Ave, 2nd Floor, 3BR/2BA, 1,020SF, Sold for $439,000
- 21520 Burbank Blvd, 3rd Floor, 2BR+LOFT, 1,030SF, Sold for $445,000 (Sold by Kevin in 1st Week)
- 5515 Canoga Ave, 2nd Floor, 3BR/2BA, 1,020SF, Sold for $476,000 (Highly Updated 3 Bedroom Unit)
- 5525 Canoga Ave, 3rd Floor, 2BR+LOFT, 1,050SF, Sold for $487,000 (Highly Updated Unit)
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:
JUST LISTED…MOVE IN READY 2 BEDROOM WITH LARGE BALCONY
JUST LISTED…GREAT VALUE 2 BEDROOM TOWNHOUSE WITH GARAGE
IN ESCROW…ONE OF THE FINEST CALABASAS TOWNHOUSES
IN ESCROW…ARGUABLY THE FINEST LOCATION IN THE MET
SOLD BY KEVIN…BUILDING 16 2 BEDROOM +LOFT UNIT
JUST LISTED…3BR WOODLAND HILLS TOWNHOUSE…WALK TO THE VILLAGE
IN ESCROW…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 7/1/19 as reported through the Southland Regional Association of Realtors multiple listing service.
