MAY WOODLAND HILLS CONDO/TOWNHOUSE REAL ESTATE UPDATE
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 as we collect more data we are able to get an idea of the effect on the market from these orders.
Our Real Estate market is going through an adjustment, but buyers, sellers, realtors and all other parties to the Real Estate sales process have been quick to adapt and adjust. We are all working out the kinks and are coming up with ways to serve that we will keep implementing even after the virus to help provide our customers the best service. On the real estate agent level, we have boosted our capabilities for providing our service in a way that provides the most safety for our clients, ourselves and the general public. We are able to coordinate video showings for our buyer clients and complete virtual consultations with paperwork being completed electronically. We are so blessed to have clients who have been eagerly willing to adapt to this new environment with us.
This Month Compared to Others
There was an uptick in activity in May compared to April with more sellers deciding to put their homes on the market. Total sales for the year are a little behind compared to this time last year. There was a nice sale of a unit in Woodland Oaks for a single level condo that sold for $543K. Many of the units in desirable locations and in good condition are still selling quickly. We were happy to be able to assist in closing 3 of the 11 closed sales in Woodland Hills Condo/Townhouses in May.
What are the Hot Complexes Currently?
Inventory has dropped to near record low levels so most units that are priced competitively are getting a favorable response to the market. We will be watching how the market does moving forward, but we are still receiving calls from parties looking to see what we know of coming on the market soon which is a good indication of demand. In past experience, sellers tend to do better when there’s less inventory (competition) out there. 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.
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 the low 3%’s. That’s a huge savings in interest! 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.
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.
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.
We are here to help you! Each complex is different! If you are interested in getting more information about your complex please feel free to contact me at [email protected] or 818-256-7514 if you have any questions.
2020 TOTALS
| MONTH | # OF NEW LISTINGS | # OF LISTINGS IN ESCROW | # OF CLOSED ESCROWS |
| MAY | 20 | 19 | 11 |
| APRIL | 12 | 10 | 9 |
| MARCH | 21 | 15 | 15 |
| FEBRUARY | 24 | 24 | 13 |
| JANUARY | 19 | 14 | 19 |
2019 TOTALS
| MONTH | # OF NEW LISTINGS | # OF LISTINGS IN ESCROW | # OF CLOSED ESCROWS |
| DECEMBER | 9 | 10 | 20 |
| NOVEMBER | 9 | 20 | 10 |
| OCTOBER | 23 | 15 | 20 |
| SEPTEMBER | 20 | 12 | 20 |
| AUGUST | 25 | 23 | 21 |
| JULY | 22 | 25 | 27 |
| JUNE | 30 | 22 | 20 |
| MAY | 30 | 21 | 15 |
| APRIL | 22 | 17 | 17 |
| MARCH | 28 | 16 | 23 |
| FEBRUARY | 25 | 25 | 9 |
| JANUARY | 25 | 8 | 8 |
Inventory Level Today:
24 Active Listings
24 Listings in Escrow
Link to Current Inventory and Properties in Escrow:
https://matrix.crmls.org/Matrix/Public/Portal.aspx?ID=66367499724
MAY Woodland Hills Condos/Townhouses Sold:
| ADDRESS | SALE PRICE | PRICE/SQFT | BR/BA | SQFT | |
| 22100 | Burbank BLVD #311A | $285,000 | $475.79 | 1/1 | 599 |
| 21400 | Burbank BLVD #306 | $335,000 | $549.18 | 1/1 | 610 |
| 5535 | Canoga AVE #206 | $345,000 | $565.57 | 1/1 | 610 |
| 5530 | Owensmouth AVE #316 | $357,950 | $483.72 | 1/1 | 740 |
| 21520 | BURBANK #318 | $360,000 | $590.16 | 1/1 | 610 |
| 5530 | Owensmouth AVE #101 | $396,000 | $430.43 | 2/2 | 920 |
| 22141 | Burbank BLVD #4 | $465,000 | $447.98 | 2/2 | 1038 |
| 22125 | Burbank BLVD #1 | $480,000 | $404.72 | 3/2.5 | 1186 |
| 6226 1/2 | Shoup AVE | $535,000 | $352.44 | 2/3 | 1518 |
| 21650 | Burbank BLVD #111 | $543,000 | $381.32 | 2/2 | 1424 |
| 5565 | Canoga Ave #313 | $465,000 | $451.45 | 2/2 | 1030 |
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
At Your Service,
Kevin McDonald & Kevin Godley
The 818 Life
Realtor
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 “Woodland Hills” as reported through the Southland Regional Association of Realtors multiple listing service.
Click Below to See Our Latest Activity:
IN ESCROW…TOP FLOOR 2 BEDROOM WITH LOFT AT THE MET WOODLAND HILLS
IN ESCROW…GREAT LOCATION WARNER CENTER TOWNHOUSE FOR $549K
SOLD..$469K 2 BEDROOM WITH LOFT
SOLD…TOP FLOOR 1 BR WOODLAND HILLS CONDO…MOVE IN READY
JUST LISTED…1+LOFT FOR RENT IN BUILDING 14
LIVE IN NORTH RANCH…3 Bedroom Townhouse in Westlake Village
SOLD….BUYER GOT A GREAT PRICE FOR THIS BLDG 16. 2+LOFT
HIGHEST SALE IN LAST 6 MONTHS…2ND FLOOR 1 BEDROOM IN BUILDING 9
SOLD…CONGRATS TO OUR BUYERS MOVING FROM THE MET
SOLD…Former MET Owner Got a Great Deal On a Home in Agoura Hills
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 “Woodland Hills” as of 5/31/2020 reported through the Southland Regional Association of Realtors multiple listing service. Not all listed homes are represented by Kevin Mcdonald, Kevin Godley and Pinnacle Estate Properties.
