Met Woodland Hills Real Estate

Hello Fellow Friends and Neighbors,

Hope you had a great month of October! This month was one with increasing levels of inventory with 11 properties coming on the market this month and 6 closing escrow. Closed sale prices seemed to have decreased a bit as well with two of the 6 units having gone through listing price reductions before selling. One 2 bedroom plus loft unit that sold started out at $485k, changed realtors and then finally sold at $455k. Another 3 bedroom sale started out at $479k and closed at $455k. Showing activity has been down on listings in the Met. October was a pretty busy month for properties going into escrow with 8 units going under contract. Out of those 8, half of them went through price reductions before going into escrow. The lone one bedroom unit reduced $20,000 before going into escrow and the 3 bedrooms that went into escrow reduced $15k, $20k, and $10k respectively.

The rest of the year will be an interesting time for our Real Estate market as we begin to get closer to the holiday season mixed in with pessimistic sales number and rising rates. Total condos sold in the SFV decreased 29% compared to August’s totals. There was also a 54% increase in condos falling out of escrow in September compared to August. Average condo sale prices in the SFV decreased 5.4% compared to August. These statistics were compiled from the Southland Regional Association of Realtor Statistics. In light of these statistics, I still feel there are still great opportunities for buyers and sellers in this market. 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. I think now would be a great time to get a property value check just to see where you stand in current market conditions.

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. The threat of increasing interest rates has also brought back some buyers who are looking to get into something know before their buying power decreases with a rise in interest rates. 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.

Many 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 1 bedroom unit and purchased a larger unit in the complex. The other sold their two bedroom unit and purchase a great brand new house in Chatsworth. The information below compares the Real Estate Activity of October 2018 to September 2018 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.

October 2018 Totals

11 New Listings in October

8 Listings in Escrow in October

6 Listings Closed Escrow in October

September 2018 Totals

11 New Listings in September

6 Listings in Escrow in September

6 Listings Closed Escrow in September

August 2018 Totals

11 New Listings in August

6 Listings in Escrow in August

7 Listings Closed Escrow in August

July 2018 Totals

8 New Listings in July

5 Listings in Escrow in July

6 Listings Closed Escrow in July

June 2018 Totals

10 New Listings in June

5 Listings in Escrow in June

8 Listings Closed Escrow in June

Inventory Level Today:

18 Active Listings

9 Listings in Escrow

October 2018 New Listings (Homes Brought on Market in October)

5510 Owensmouth Ave, 1st Floor, 1BR/1BA, 610SF, Listed for $335,000
5550 Owensmouth Ave, 3rd Floor, 2BR/2BA, 920SF, Listed for $429,900
21500 Burbank Blvd, 2nd Floor, 2BR/2BA, 910SF, Listed for $434,999
21450 Burbank Blvd, 1st Floor, 2BR/2BA, 920SF, Listed for $439,000
21400 Burbank Blvd, 1st Floor, 2BR/2BA, 920SF, Listed for $440,000
21520 Burbank Blvd, 2nd Floor, 2BR/2BA, 920SF, Listed for $442,000
5550 Owensmouth Ave, 1st Floor, 2BR/2BA, 920SF, Listed for $449,900
5535 Canoga Ave, 3rd Floor, 2BR+LOFT, 1,050SF, Listed for $465,000
5540 Owensmouth Ave, 3rd Floor, 2BR+LOFT, 1,050SF, Listed for $489,000
21450 Burbank Blvd, 3rd Floor, 1BR+LOFT, 760SF, Listed for $365,000
21550 Burbank Blvd, 3rd Floor, 2BR/2BA, 1,050SF, Listed for $479,500

October 2018 Listings Put in Escrow

5545 Canoga Ave, 3rd Floor, 1BR/1BA, 610SF, Listed for $339,000
21450 Burbank Blvd, 3rd Floor, 1BR+LOFT, 760SF, Listed for $365,000
5530 Owensmouth Ave, 2nd Floor, 3BR/2BA, 1,020SF, Listed for $464,500
5565 Canoga Ave, 3rd Floor, 2BR/2BA, 920SF, Listed for $469,000
5520 Owensmouth Ave, 1st Floor, 3BR/2BA, 1,020SF, Listed for $469,000
21550 Burbank Blvd, 3rd Floor, 2BR/2BA, 1,050SF, Listed for $479,500
5515 Canoga Ave, 1st Floor, 3BR/2BA, 1,020SF, Listed for $434,500
5525 Canoga Ave, 3rd Floor, 1BR+LOFT, 740SF, Sold for $360,000 (SOLD BY KEVIN)

October 2018 Closed Sales

5525 Canoga Ave, 3rd Floor, 1BR+LOFT, 740SF, Sold for $360,000 (SOLD BY KEVIN)
5520 Owensmouth Ave, 1st Floor, 1BR+DEN, 770SF, Sold for $379,900
21450 Burbank Blvd, 1st Floor, 2BR/2BA, 910SF, Sold for $435,000 (SOLD BY KEVIN)
5530 Owensmouth Ave, 3rd Floor, 2BR/2BA, 920SF, Sold for $450,000
5500 Owensmouth Ave, 3rd Floor, 2BR/2BA, 1,050SF, Sold for $455,000
21500 Burbank Blvd, 2nd Floor, 3BR/2BA, 1,020SF, Sold for $455,000

Latest Customer Testimonial:

“Kevin McDonald is a realtor that genuinely cares for his clients. From the time we met him and conveyed our interest in selling our Warner Center condo at Woodland Hills, he guided us in every step and answered all our questions. He lent his support in every way to prep up the condo for viewing, inspection, and appraisal, and highlights anything that needs to be taken care of. We liked that he provides feedback as soon as things happen.
Kevin works fast and must have a good network support. Day 1 – He came in prepared for the first meeting showing us the market valuations of condos sold and listed in our community. Day 2- we have interested buyers scheduled for viewing. Day 3- Received multiple offers, and within 35 days we sold our condo before it hit the market! We also bought the house that we wanted with the help of Kevin.
We highly recommend Kevin McDonald to anyone who is looking to Buy or Sell. Thank you so much Kevin for all your help and for being such a pleasure to work with.”

Gil and Astrid T.

5535 Canoga Ave #204, Woodland Hills, CA 91367

Sold Condo Off-Market Within 48 Hours of Meeting with Me.

At Your Service,

Kevin McDonald

Realtor & Met Woodland Hills HomeOwner

Pinnacle Estate Properties

818-256-7514

[email protected]

Lic# 01810388

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.

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