Hello Fellow Friends and Neighbors,
Hope you had a great Thanksgiving! I’m thankful to be able to be writing this report for you. The month of November was much more active than October with 6 more closed sales this month. Activity is still much lower during the beginning of the year with inventory constraints still bogging down Real Estate activity. Current inventory is back down toward 2017 lows. Properties in the Met are still definitely moving, but buyers currently are very sensitive to pricing which is evident by some of the recent price reductions we’ve seen in the complex. There are still properties thought that are coming on the market and getting into escrow right away. Those units are typically in the more desirable, quieter parts of the complex away from road noise. The majority of current inventory are on some of the noiser parts of the complex.
Market activity in the Met is still very active, but the amount of new Met inventory coming on the market is definitely starting to dwindle. This is all to be expected with the holiday season coming quickly. The recent 3rd floor sale in Building 15 for $435k is a great comp for non loft, 2 bedroom owners moving forward. Values for 1 bedrooms held strong with recent sales surpassing September’s 1 bedroom sale average of $319k, but far lower than the $335k sale of a 1 bedroom that I sold in August 2017.
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. While the market is definitely booming there are still some units still sitting unsold. I would guess that the reason for this is either being overpriced, in a less desirable location or both. 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.
Many properties are still moving very quickly in the Met with my listings having a lot of buyer activity and some even selling before going on the market for record prices. 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. Now is the time to get some of the best prices of the year if you are looking to purchase a new home. The information below compares the Real Estate Activity of November 2017 to October 2017 as reported by the Southland Regional Association of Realtors MLS.
I am here to help you! Please feel free to contact me at [email protected] or 818-256-7514 if you have any questions.
November 2017 Totals
5 New Listings in November
4 Listings in Escrow in November
8 Listings Closed Escrow in November
October 2017 Totals
7 New Listings in October
6 Listings in Escrow in October
2 Listings Closed Escrow in October
September 2017 Totals
4 New Listings in September
6 Listings in Escrow in September
13 Listings Closed Escrow in September
Inventory Level Today:
8 Active Listings
3 Listings in Escrow
November 2017 New Listings
- 5530 Owensmouth Ave, 3rd Floor, 1BR+LOFT, 740SF, Listed for $349,999 (Listed by Kevin)
- 5500 Owensmouth Ave, 1st Floor, 2BR/2BA, 960SF, Listed for $399,999 (Listed by Kevin)
- 21550 Burbank Blvd, 2nd Floor, 2BR/2BA, 920SF, Listed for $420,000
- 21500 Burbank Blvd, 3rd Floor, 2BR+LOFT, 1,050SF, Listed for $475,000 (Reduced to $465k 11 days later)
- 21500 Burbank Blvd, 3rd Floor, 1BR/1BA, 610SF, Listed for $329,000
November 2017 Listings Put in Escrow
- 5525 Canoga Ave, 3rd Floor, 2BR/2BA, 1,010SF, Listed for $415,000
- 5530 Owensmouth Ave, 3rd Floor, 2BR/2BA, 920SF, Listed for $419,000
- 21500 Burbank Blvd, 3rd Floor, 1BR/1BA, 610SF, Listed for $329,000
- 21500 Burbank Blvd, 3rd Floor, 2BR/2BA, 910SF, Sold for $435,000
November 2017 Closed Sales
- 5550 Owensmouth Ave, 2nd Floor, 1BR/1BA, 610SF, Sold for $322,000
- 21550 Burbank Blvd, 2nd Floor, 1BR/1BA, 760SF, Sold for $325,000
- 5530 Owensmouth Ave, 2nd Floor, 2BR/2BA, 1,010SF, Sold for $385,000
- 5525 Canoga Ave, 3rd Floor, 2BR/2BA, 910SF, Sold for $394,000
- 5510 Owensmouth Ave, 1st Floor, 2BR/2BA, 920SF, Sold for $405,000
- 5545 Canoga Ave, 3rd Floor, 2BR/2BA, 920SF, Sold for $415,000
- 21550 Burbank Blvd, 1st Floor, 2BR/2BA, 920SF, Sold for $415,000
- 21500 Burbank Blvd, 3rd Floor, 2BR/2BA, 920SF, Sold for $435,000
Latest Customer Testimonial:
We started working with Kevin McDonald about a year ago. We live out of state and were looking for a realtor who knew The Met Woodland Hills market and had a stellar reputation to manage the sale of our condo. Kevin fit the bill. He helped us assess the market conditions and based on our situation we decided to hold off on selling until the following year. Throughout that period, we kept in touch regarding the market and interest in our condo from potential investors. When we finally decided to list the property at the Warner Center, Kevin helped us price appropriately and managed the transition of our tenant out of the property (not in his scope of work but as a favor). Within a week of listing and hosting an open house, we had a couple of interests and a formal offer. We have been very pleased with the service we’ve received and will recommend them to anyone looking to buy or sell at The Met Woodland Hills the Woodland Hills vicinity. This is the third real estate transaction we have made and Kevin is by far the best experience we’ve had with a realtor. He managed the entire process with such professionalism that my wife and I wished he were licensed to in our state as we are looking to sell a subsequent property here.
– Sam E., Sold Condo at the Met with Kevin
At Your Service,
Kevin McDonald
Realtor & Met Woodland Hills HomeOwner
Pinnacle Estate Properties
818-256-7514
Lic# 01810388
Click Below to See My Latest Activity:
Listed by Kevin at the Met….Not on the Market
Just Sold by Kevin Townhouse in Woodland Hills
1+LOFT Listed by Kevin at the Met Woodland Hills
2 BR+2BA in the Met Woodland Hills Listed by Kevin
Sold for $335k! Highest 1 Bedroom Sale of 2017 @ The Met Woodland 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 “The Met” as reported through the Southland Regional Association of Realtors multiple listing service.
