Hello Fellow Friends and Neighbors,
We hope you had a great month of May. 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 4th straight month. We are currently on pace for lower sales totals than last year, but activity has started to pick up compared to previous months with a slight uptick in number of units going into escrow compared to April. I am very interested to see what May’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 there were two sales over $330k which is better than the previous sales that had closed in the $320ks. There were some great 2 bedroom with loft sales as well with two closing at $460k for nicely updated units. There was also another 2+Loft sale that sold for $435k that was move in ready, but not as desirable location or upgrades as the other two. I recently listed a 2+Loft that went into escrow in the first week with multiple offers. 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 $430k that I am very interested in seeing what they sell for.
Units in May sold much quicker than in April with the average days on market being 27 days for May units sold. This is not saying that every unit will take that long, but just highlights the importance of pricing in this market. It seems sellers are starting to price more in tune with the current market. There is still great buyer demand as interest rates have recently decreased, but buyers are much more sensitive to pricing than they were last year. The thing we will be watching this month is how fast this new batch of inventory in the complex moves as our current inventory levels are starting to rise again.
Here’s a link to the current inventory:
Rental Activity Update:
We get asked about rental activity at the Met quite often so we’ve added additional information to our updates that may be of interest. Please let us know if you have any questions about the rental or sale market.
What are units renting for at the Met (Year to Date)?
| Unit Type | Average Rents ($/MO) |
| 1 Bedroom | $1,815 (-$13) |
| 1 Bedroom PLUS Den/Loft | $2,020 (+$45) |
| 2 Bedroom | $2,261 (+$25) |
| 2 Bedroom PLUS Loft | $2,390 |
| 3 Bedroom | $2,567 (+$17) |
April San Fernando Valley Condo/Townhouse Stats:
On a macro level, San Fernando Valley Condo/Townhouse Sales had a great uptick in sales activity in the month of April.
Total # of condos sold in the SFV increased 22% compared to March. Total # of condos going under contract in the SFV increased 16.5% compared to Marchs totals. Average days on market decreased from 51 days to 43 days in April. Average condo sale prices in the SFV had decreased 3.5% from April to March. These statistics were compiled from the Southland Regional Association of Realtor Statistics.
It appears buyer activity is starting to pick up which is typical for this time of the year and sellers are starting to adjust their pricing to the current market climate. 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 |
| 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:
24 Active Listings
9 Listings in Escrow
May 2019 New Listings
- 5540 Owensmouth Ave, 1st Floor, 2BR/2BA, 920 SF, Listed for $415,000
- 5525 Canoga Ave, 1st Floor, 2BR/2BA, 920 SF, Listed for $459,900
- 5510 Owensmouth Ave, 2nd Floor, 2BR/2BA, 920 SF, Listed for $431,900
- 5525 Canoga Ave, 2nd Floor, 2BR/2BA, 1,010SF, Listed for $430,000
- 21520 Burbank Blvd, 1st Floor, 1BR+DEN, 750 SF, Listed for $399,000
- 5510 Owensmouth Ave, 3rd Floor, 2BR/2BA, 910 SF, Listed for $434,900
- 21400 Burbank Blvd, 2nd Floor, 1BR/1BA, 610SF, Listed for $339,000
- 5510 Owensmouth Ave, 1st Floor, 2BR/2BA, 920SF, Listed for $425,000
- 21450 Burbank Blvd, 2nd Floor, 2BR/2BA, 920SF, Listed for $399,997 (Listed by Kevin)
- 5500 Owensmouth Ave, 2nd Floor, 3BR/2BA, 1,020SF, Listed for $439,000
- 21520 Burbank Blvd, 3rd Floor, 2BR+LOFT, 1,030SF, Listed for $445,000 (Listed by Kevin)
- 5550 Owensmouth Ave, 1st Floor, 3BR/2BA, 1,020SF, Listed for $430,000
- 5550 Owensmouth Ave, 1st Floor, 3BR/2BA, 1,020SF, Listed for $430,000
- 5520 Owensmouth Ave, 3rd Floor, 2BR+LOFT, 1,050SF, Listed for $455,000 (Listed by Kevin)
May 2019 Listings Put in Escrow
- 21520 Burbank Blvd, 1st Floor, 1BR/1BA, 610 SF, Listed for $359,000 (Listed by Kevin)
- 21500 Burbank Blvd, 2nd Floor, 2BR/2BA, 920 SF, Listed for $400,000
- 21400 Burbank Blvd, 3rd Floor, 2BR/2BA, 920 SF, Listed for $427,900 (Listed by Kevin)
- 5515 Canoga Ave, 3rd Floor, 2BR/2BA, 820SF, Listed for $295,000 (Short Sale)
- 5515 Canoga Ave, 2nd Floor, 3BR/2BA, 1,020SF, Listed for $479,000
- 5525 Canoga Ave, 3rd Floor, 2BR+LOFT, 1,050SF, Listed for $485,000
- 5500 Owensmouth Ave, 2nd Floor, 3BR/2BA, 1,020SF, Listed for $439,000
- 21520 Burbank Blvd, 3rd Floor, 2BR+LOFT, 1,030SF, Listed for $445,000 (Listed by Kevin)
- 5535 Canoga Ave, 3rd Floor, 2BR+LOFT, 1,050SF, Listed for $449,000
May 2019 Closed Sales
- 5500 Owensmouth Ave, 3rd Floor, 1BR/1BA, 610 SF, Sold for $334,000
- 21520 Burbank Blvd, 1st Floor, 1BR/1BA, 610SF, Sold for $335,000 (Sold by Kevin-818Life)
- 5540 Owensmouth Ave, 1st Floor, 2BR/2BA, 920SF, Sold for $422,500
- 5510 Owensmouth Ave, 3rd Floor, 2BR+LOFT, 1,050SF, Sold for $435,000
- 5530 Owensmouth Ave, 3rd Floor, 2BR+LOFT, 1,050 SF, Sold for $460,000
- 5550 Owensmouth Ave, 3rd Floor, 2BR+LOFT, 1,050 SF, Sold for $460,000
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
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…ARGUABLY THE FINEST LOCATION IN THE MET
IN ESCROW IN 1 WEEK…BUILDING 16 2 BEDROOM +LOFT UNIT
JUST LISTED…3BR WOODLAND HILLS TOWNHOUSE…WALK TO THE VILLAGE
JUST LISTED…AVAILABLE FOR SALE FULLY FURNISHED
IN ESCROW…TOP FLOOR 2 BEDROOM WITH POOL VIEW
IN ESCROW…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
SOLD BY KEVIN…UPDATED 1 BEDROOM CONDO! WALKING DISTANCE TO KOREATOWN AMENITIES
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.
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 5/1/19 as reported through the Southland Regional Association of Realtors multiple listing service.
