Hello Fellow Friends and Neighbors,
I hope this update finds you and your loved ones safe and healthy. We’ve completed our second full month since the shelter at home orders were enacted and with more data, we are able to get an idea of the effect on the market from these orders.
May sales statistics for the Met were pretty similar to April with one exception. New listings coming on the market had a huge increase compared to April with 11 new listings coming on the market in May compared to 3 in April. It’s great to see that sellers are starting to feel more comfortable with going on the market and doing showings of homes. Buyers, sellers and agents have been great at implementing plans to make sure showings are done in a way to follow recommended protocols.
Looking at the other statistical categories, number of closed sales and units going to escrow were pretty similar to previous months. Comparing to 2019 and 2018, 2020’s closed sales totals are pretty much on par with those two previous years. Annual sales have decreased over 20% in 2019 since our 2017 high when the complex had 103 closed sales. As the values in the community have increased, the number of sales has decreased.
Inventory levels in the Met have started to increase with 12 homes currently on the market. There are four 2 bedrooms, three 2+Loft units, one 3 bedroom and four 1 bedrooms on the market. The one segment of our market that is still seeing a shortage of inventory would be for the top level 2 bedroom and larger units which are currently seeing the most demand. We listed a 2+Loft this month in building 8 for $469k that went into escrow with multiple offers. Thank you very much for all of your support in helping us represent 1/3 of the sellers who closed escrow on their units in May.
There’s still great demand for units in the community. It’s definitely something to consider if the process can be done in a manner that you are comfortable with in regards to your health and safety. Feel free to reach out if you have any questions.
How do May sales stack up to sales of previous months?
While the number of sales in May were on the lower end there were still some very promising sales and some that may be a sign of an impending decrease in values. We were able to help our seller sell for $465,000 which is $20k higher than the 2020 2+Loft average price. This sale and our 2 loft sale for $475k (March-Pre COVID) are very good comparables for this year’s sellers. This also shows that there is still strong demand for our community. There was also a 2 bedroom (non-freeway facing) unit that sold for $396k which is ~$18k lower than the average 2 bedroom (non loft) sales price for 2020.
Property values in the Met are highly dependent on their location and interior upgrades. Feel free to contact me if you have any questions about how the market is doing and what your unit could potentially fetch in today’s market.
Thinking About Buying?
Interest rates are much lower than they were at this time last year. Last year, rates were hovering around 4.5% and now we are hovering around in the low 3%’s. That’s a huge savings in interest and increased buying power. Feel free to reach out if you have any questions and let’s see if there’s an opportunity for you to score a deal.
Here’s a link to the current and in escrow inventory:
https://matrix.crmls.org/Matrix/Public/Portal.aspx?ID=66802638164
Rental Activity Update:
We get asked about rental activity at the Met quite often so we’ve added additional information to our updates that may be of interest. Please let us know if you have any questions about the rental or sale market.
What are units renting for at the Met (2019-PRESENT)?
| Unit Type | Average Rents ($/MO) |
| 1 Bedroom | $1,837 |
| 1 Bedroom PLUS Den/Loft | $2,002 |
| 2 Bedroom | $2,334 |
| 2 Bedroom PLUS Loft | $2,444 |
| 3 Bedroom | $2,596 |
April 2020 SFV Condo/Townhouse Sales Statistics and Overview
from Southland Regional Association of Realtors
April Home and Condominium Sales Fall 47% During ‘Safer at Home’ Order
Home and condominium sales during April fell 47 percent as a direct result of the “safer at home” orders implemented to halt the spread of the novel Coronavirus Pandemic, the Southland Regional Association of REALTORS® reported Thursday, May 14.
Listings and new open escrows also fell, while the median price of properties that closed escrow during April continued a years-long trend of price increases.
There were 969 active listings on the local Multiple Listing Service at the end of April, a decline of 23.2 percent
“Listings had been falling long before the Coronavirus, with the April decline being the 11th consecutive monthly drop,” said Nancy Troxell Carnahan, president of the Southland Regional Association of REALTORS®. “I suspect the May numbers will reflect how owners feel about listing their home in the middle of a pandemic. Some will see opportunity, some will need to sell, while others will exercise great caution and decide to wait.”
Pending escrows — a measure of future sales activity — totaled 297, which was a decline of 55.8 percent from April 2019.
Realtors assisted in the close of escrow of 263 single-family homes last month, a decrease of 232 transactions or 46.9 percent compared to April 2019. It was the lowest monthly total on record, breaking the prior record low of 266 sales set in February 2019.
Similarly, 82 condominiums changed owners in the midst of the coronavirus lockdown, a drop of 47.1 percent from the prior year or 73 fewer transactions. That also was a record low, beating the 94 sales posted in January 2019.
“I find it amazing that REALTORS® were successful in helping some clients who had properties that were in the pipeline, in an open escrow, when the lockdown was ordered,” Tim Johnson, the Association’s chief executive officer. “But given the near complete shutdown of society, the plunge in sales was fully expected.
“What happens next regarding real estate, hinges on when it will be safe to lift the stay at home orders and how soon people can get back to work,” he said. “There was pent-up demand before the Coronavirus. No doubt even more people will be looking for housing when the threat recedes.”
The median price of homes sold in April was $740,000, up 6.5 percent from a year ago.
The condominium median of $485,000 was up 11.5 percent compared to 12 months ago and set a record high.
Rising resale prices have been the reality virtually every month since the recovery began from the Great Recession.
Even though the $740,000 median price of single-family homes was up from a year ago, extremely low interest rates meant less income was needed to qualify for a standard 30-year loan with a 20 percent downpayment.
The Association’s Income-to-Loan Guide calculated that an 80% loan of $592,000 at the national average 3.31 percent interest rate would need an income of $144,747, which was 2.43 percent lower than what was needed in April 2019. The monthly PITI — principal, interest, taxes and insurance — housing cost on that loan would be $3,619 per month.
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.
The information above compares the Real Estate Activity of April 2020 to March 2020.
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
2020 TOTALS
| MONTH | # OF NEW LISTINGS | # OF LISTINGS IN ESCROW | # OF LISTINGS CLOSED ESCROW |
| 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:
12 Active Listings
6 Listings in Escrow
MAY 2020 New Listings
| ADDRESS | LIST PRICE | BR/BA | SQFT | |
| 21550 | Burbank BLVD 3RD FLR | $358,000 | 1/1 | 610 |
| 5545 | Canoga AVE 1ST FLR | $425,000 | 2/2 | 920 |
| 5525 | Canoga AVE 1ST FLR | $427,900 | 2/2 | 920 |
| 21550 | BURBANK 3RD FLR | $439,900 | 2/2 | 920 |
| 5535 | Canoga AVE 3RD FLR | $440,000 | 2/2 | 1050 |
| 5550 | Owensmouth AVE 1ST FLR | $445,000 | 2/2 | 820 |
| 5510 | Owensmouth AVE 2ND FLR | $339,900 | 1/1 | 610 |
| 21450 | Burbank BLVD 3RD FLR | $345,000 | 1/1 | 610 |
| 5525 | CANOGA AVE 3RD FLR | $489,000 | 3/2 | 1020 |
| 21400 | Burbank BLVD 3RD FLR | $335,000 | 1/1 | 610 |
| 5515 | Canoga AVE 3rd FLR | $472,900 | 2/Loft | 1050 |
MAY 2020 Listings Put in Escrow
| ADDRESS | LIST PRICE | BR/BA | SQFT | |
| 5510 | Owensmouth AVE 2ND FLR | $339,900 | 1/1 | 610 |
| 5565 | Canoga AVE 3RD FLR | $469,000 | 2/2 | 1030 |
| 5525 | Canoga AVE 3RD FLR | $489,000 | 3/2 | 1020 |
| 5535 | Canoga AVE 1ST FLR | $399,999 | 2/2 | 920 |
| 21400 | Burbank BLVD 3RD FLR | $335,000 | 1/1 | 610 |
| 5545 | Canoga AVE 1st FLR | $425,000 | 2/2 | 920 |
MAY 2020 Closed Sales
| ADDRESS | SALE PRICE | PRICE/SQFT | BR/BA | |
| 21400 | Burbank BLVD 3RD FLR | $335,000 | $549.18 | 1/1 |
| 5535 | Canoga AVE 2ND FLR | $345,000 | $565.57 | 1/1 |
| 5530 | Owensmouth AVE 3RD FLR | $357,950 | $483.72 | 1/1 |
| 21520 | BURBANK 3RD FLR | $360,000 | $590.16 | 1/1 |
| 5530 | Owensmouth AVE 1ST FLR | $396,000 | $430.43 | 2/2 |
| 5565 | Canoga AVE 3rd FLR | $465,000 | $451.45 | 2+LOFT |
Latest Customer Testimonial:
The experience I had with Kevin McDonald and his team was exceptional. They are professional, detailed, reliable, and much more. Within a few days of listing my condo with Kevin, I had several qualified offers, a few above asking price. Everything about this experience was above my expectations. I strongly recommend Kevin McDonald for all of your real estate needs.
-Frank F., 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 5/31/2020 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.
