March MET Real Estate Update

Kevin McDonald
Published on April 3, 2019

March MET Real Estate Update

Hello Fellow Friends and Neighbors,

We hope you had a great March. Sales activity really picked up for the Met Woodland Hills as sales activity has started to pick up to levels more similar to that of what we had last year. February’s increased activity has yielded a strong month for escrows closed with 9 units closing in March.

The total amount of sales increased 33% compared to February’s totals. Values for 2 bedrooms are trending towards stabilization as 6 of the 7 two bedrooms that closed escrow this month between $410k-$415k. I was able to close the lone unit over that range with a top floor 2 bedroom that closed at $430,000. 13 units came on the market in the Met in March would would an amount higher than any month last year. Many homeowners who are renting their units out are opting to sell at the end of leases rather than re-rent.

The trend I am seeing is the increasing time it is take for homes to sell. March had an average days on market of 69 days for unit sold in the Met. This is not saying that every unit will take that long, but just highlights the importance in pricing in this market. 5 of the 9 homes that sold this month sold in about 30 days or less. The thing I 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=60771944991

On a macro level, San Fernando Valley Condo/Townhouse Sales had a great month of February.

Total condos going under contract in the SFV increased 13% compared to January’s totals. Average days on market increase from 51 days to 55 days in February. Average condo sale prices in the SFV had decreased 5% from February to January. These statistics were compiled from the Southland Regional Association of Realtor Statistics.

In light of these statistics, it appears buyer activity is starting to pick up as buyers as interest rates had recently been on a streak of decreases. Hopefully this will spur more buyers to get off the fence. 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. For sellers, 1 bedroom units are more desirable again in the Met as inventory has reduced significantly for 1 bedrooms. 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 (7 years at the Met) 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. 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.

Properties are still moving very quickly in the Met. 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. I’ve recently helped a few of your former neighbors sell their condos and move into larger homes. One of my recent clients just sold their 2 bedroom + Loft unit and purchased a larger unit in a different area. The information below compares the Real Estate Activity of March 2019 to February 2019 as reported by the Southland Regional Association of Realtors MLS.

I am here to help you! I live in 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
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:

19 Active Listings

5 Listings in Escrow

March 2019 New Listings (Homes Brought on Market in February)

  1. 5540 Owensmouth Ave, 1st Floor, 1BR/1BA, 610SF, Listed for $339,900
  2. 21520 Burbank Blvd, 2nd Floor, 1BR/1BA, 610SF, Listed for $345,000
  3. 21550 Burbank Blvd, 2nd Floor, 1BR/1BA, 610SF, Listed for $349,999
  4. 21520 Burbank Blvd, 1st Floor, 1BR/1BA, 610 SF, Listed for $359,000
  5. 5510 Owensmouth Ave, 1st Floor, 2BR/2BA, 920 SF, Listed for $408,000
  6. 5530 Owensmouth Ave, 1st Floor, 2BR/2BA, 920 SF, Listed for $415,000
  7. 21500 Burbank Blvd, 1st Floor, 2BR/2BA, 920SF, Listed for $425,000
  8. 5540 Owensmouth Ave, 1st Floor, 2BR/2BA, 920SF, Listed for $425,000
  9. 5525 Canoga Ave, 3rd Floor, 2BR/2BA, 1,010SF, Listed for $429,000
  10. 5550 Owensmouth Ave, 3rd Floor, 2BR+LOFT, 1,050SF, Listed for $465,000
  11. 21520 Burbank Blvd, 1st Floor, 1BR/1BA, 610SF, Listed for $345,000
  12. 5530 Owensmouth Ave, 1st Floor, 1BR+DEN, 770 SF, Listed for $379,900
  13. 21400 Burbank Blvd, 3rd Floor, 1BR/1BA, 610 SF, Listed for $340,000

March 2019 Listings Put in Escrow

  1. 21520 Burbank Blvd, 1st Floor, 1BR/1BA, 610 SF, Listed for $345,000
  2. 5510 Owensmouth Ave, 3rd Floor, 1BR+LOFT, 740 SF, Listed for $374,500
  3. 5530 Owensmouth Ave, 1st Floor, 1BR+DEN, 770 SF, Listed for $379,900
  4. 5535 Canoga Ave, 3rd Floor, 2BR+LOFT, 1,050, Listed for $454,000
  5. 21400 Burbank Blvd, 3rd Floor, 1BR/1BA, 610 SF, Listed for $340,000

March 2019 Closed Sales

  1. 5530 Owensmouth Ave, 1st Floor, 1BR/1BA, 610 SF, Sold for $325,000
  2. 21550 Burbank Blvd, 2nd Floor, 1BR/1BA, 610SF, Sold for $358,000 ($8k Credit to Buyer-Net to Seller $350,000)
  3. 5510 Owensmouth Ave, 1st Floor, 2BR/2BA, 820 SF, Sold for $410,000 (Sold by Kevin)
  4. 5550 Owensmouth Ave, 3rd Floor, 2BR/2BA, 820 SF, Sold for $410,000
  5. 21550 Burbank Blvd, 2nd Floor, 2BR/2BA, 920 SF, Sold for $410,000
  6. 21500 Burbank Blvd, 2nd Floor, 2BR/2BA, 910 SF, Sold for $413,000
  7. 21400 Burbank Blvd, 1st Floor, 2BR/2BA, 920 SF, Sold for $415,000
  8. 21520 Burbank Blvd, 2nd Floor, 2BR/2BA, 920SF, Sold for $415,000
  9. 21520 Burbank Blvd, 3rd Floor, 2BR/2BA, 920SF, Sold for $430,000 (Sold by Kevin)

Latest Customer Testimonial:

Kevin is THE ONLY agent you would ever need!

After working with a different agent trying to sell our condo for months we finally decided to go with Kevin. The best decision we ever made. Kevin got our condo sold in no time and it was completely hassle free. We are a busy couple with two little kids,   Kevin made the whole process absolutely stress free.

Kevin is very knowledgeable, thorough, detail oriented, prompt, professional, transparent and above all extremely honest, trustworthy and committed. He knows what he is doing in every single step of the process. He provided timely update emails/texts to keep us posted of any development. We never had to chase him and we were never left dubious about what was happening. We can have him represent us even if we are a million miles away.

He went the extra mile to keep us happy, respected and satisfied in the whole transaction.

We can’t thank him enough and would not think of any other agent for our future real estate needs. We would highly recommend him for any family, friends or anyone reading this review.

Thanks a ton Kevin!!

Krishna & Lavanya S., Sold Unit in Building 16 in 8 Days after Working with 2 Agents Previously

At Your Service,

Kevin McDonald & Kevin Godley

The 818 Life

Realtor & Met Woodland Hills Homeowner

Pinnacle Estate Properties

818-256-7514

[email protected]

Lic# 01810388/01216088

www.KevMcdonald.com

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…TOP FLOOR 2 BEDROOM WITH POOL VIEW

JUST LISTED…PRIME LOCATION 1 BEDROOM WITH WOOD FLOORS AND LARGE BALCONY

JUST LISTED…MOVE IN READY 1 BEDROOM WITH PRIVATE LOCATION AND COMMUNITY VIEWS

JUST LISTED…WARNER CENTER TOWNHOUSE CLOSE TO EVERYTHING

FIND OUT WHAT IT COSTS TO SELL A HOME

GREAT VALUE…RARE 2+LOFT UNIT WITH TREETOP VIEWS

IN ESCROW…UPDATED 1 BEDROOM CONDO! WALKING DISTANCE TO KOREATOWN AMENITIES

JUST SOLD…MOVE IN READY TOP FLOOR UNIT IN BUILDING 16

IN ESCROW…LOWEST PRICED 2 BEDROOM IN THE MET WOODLAND HILLS

IN ESCROW… MOVE IN READY WARNER CENTER TOWNHOUSE $529K

IN ESCROW…GREAT VALUE UNDER $599K IN WOODLAND HILLS

IN ESCROW…BUILDING 9 2 BEDROOM WITH OPEN KITCHEN

LISTED BY KEVIN…NEW CONSTRUCTION CONTEMPORARY ESTATE IN TARZANA

Want to View Some Homes on the Market?? Want to View a Different Area? Contact me at 818-256-7514.

Woodland Hills Homes for Sale

West Hills Homes for Sale

Calabasas Homes for Sale

Tarzana Homes for Sale

Encino Homes for Sale

Granada Hills Homes for Sale

Winnetka Homes for Sale

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.