Hello Fellow Friends and Neighbors,
We hope you had a great month of October. Sales activity totals were near the Met’s average with the only increase being the number of new listings coming on the market with 10 units being listed in October.
Top floor units are still in strong demand with a great top floor 2 bedroom unit selling for $445k very quickly. It was a move in ready unit with upgraded fireplace. It appears the values for lower level units is starting to level off with lower level 2 bedroom sales ranging between $390-$405k.
In October 2018, we had a lower level 2 bedroom unit sell for $435k and lower level 2 bedrooms being listed for $429,900-$449,900.
1 Bedroom unit pricing is still very close to 2018 with 1 bedroom units sold between Sept 2018-November 2018 ranging between $335k-$350k which is around the same range current 2019 1 bedroom listings are listing at. There have been 1 bedroom units this year that have sold under that range with three recent units selling for $320k, $315k and $317,500.
Inventory in the Met is actually much lower than this time last year, but 5 of the 13 current listings in the Met have been on the market for over 150 days. I am seeing that buyers in this current marketplace are being much more picky and are willing to hold on to wait for the right unit for them.
There are units that are selling very quickly though such as a 2 bedroom unit in building 11 priced at $399k went into escrow in the very first week. The pricing is much lower than 2018 levels, but sold right away. This adjustment in pricing is bringing back the investor buyers to the Met as average rents in the complex have held steady as sales pricing has decreased.
There is still great buyer demand as interest rates have recently decreased, but buyers are much more sensitive to pricing than they were last year. The thing we will be watching this month is how fast this new batch of inventory in the complex moves with the recent drop in interest rates.
Here’s a link to the current and in escrow inventory:
Rental Activity Update:
We get asked about rental activity at the Met quite often so we’ve added additional information to our updates that may be of interest. Please let us know if you have any questions about the rental or sale market.
What are units renting for at the Met (Year to Date)?
| Unit Type | Average Rents ($/MO) |
| 1 Bedroom | $1,845 (+$0) |
| 1 Bedroom PLUS Den/Loft | $2,033 (+$0) |
| 2 Bedroom | $2,332 (+$1) |
| 2 Bedroom PLUS Loft | $2,435 (+$0) |
| 3 Bedroom | $2,567 (+$0) |
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.
While the market is definitely changing, we wouldn’t let this discourage anyone looking to sell as there is still demand for units in the Met. If you are taking your proceeds and buying another property, this is a prime opportunity to take advantage of the lower interest rates and lower property taxes as most properties you would be looking for as replacements have had an adjustment in pricing as well.
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 October 2019 to September 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 |
| 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:
13 Active Listings
8 Listings in Escrow
October 2019 New Listings
| ADDRESS | SALE PRICE | BR/BA | SQFT | |
| 5535 | CANOGA AVE 3RD FLR | $345,000 | 1/1 | 610 |
| 5540 | Owensmouth AVE 2ND FLR | $349,000 | 1/1 | 610 |
| 21450 | Burbank BLVD 3RD FLR | $430,000 | 2+LOFT | 1030 |
| 5510 | Owensmouth AVE 3RD FLR | $445,000 | 2/2 | 920 |
| 5520 | Owensmouth AVE 2ND FLR | $429,000 | 2/2 | 910 |
| 5550 | Owensmouth AVE 1ST FLR | $399,900 | 2/2 | 920 |
| 5530 | Owensmouth AVE 2ND FLR | $379,900 | 2/2 | 1000 |
| 5510 | Owensmouth AVE 2ND FLR | $349,000 | 1/1 | 610 |
| 21550 | Burbank BLVD 2ND FLR | $411,000 | 2/2 | 910 |
| 21500 | Burbank BLVD 2ND FLR | $399,000 | 2/2 | 910 |
October 2019 Listings Put in Escrow
| ADDRESS | SALE PRICE | BR/BA | SQFT | |
| 21450 | Burbank BLVD 3RD FLR | $430,000 | 2+LOFT | 1030 |
| 5510 | Owensmouth AVE 3RD FLR | $445,000 | 2/2 | 920 |
| 5525 | CANOGA AVE 3RD FLR | $399,000 | 2/2 | 1010 |
| 5550 | Owensmouth AVE 1ST FLR | $399,900 | 2/2 | 920 |
| 5510 | OWENSMOUTH AVE 2ND FLR | $399,999 | 2/2 | 890 |
| 5510 | OWENSMOUTH AVE 2ND FLR | $405,000 | 2/2 | 920 |
October 2019 Closed Sales
| ADDRESS | SALE PRICE | BR/BA | SQFT | |
| 5510 | Owensmouth AVE 3RD FLR | $445,000 | 2/2 | 920 |
| 5530 | Owensmouth AVE 3RD FLR | $336,000 | 1/1 | 600 |
| 5515 | Canoga AVE 2ND FLR | $390,000 | 2/2 | 900 |
| 5540 | Owensmouth AVE 1ST FLR | $395,000 | 2/2 | 920 |
| 5510 | Owensmouth AVE 2ND FLR | $405,000 | 2/2 | 920 |
| 5540 | Owensmouth AVE 2ND FLR | $405,000 | 2/2 | 920 |
| 55655500 | CANOGA AVE 3RD FLROwensmouth Ave 2ND FLR | $334,500$315,000 | 1/11/1/ | 610610 |
Latest Customer Testimonial:
Kevin McDonald and Kevin Godley worked hard to get our condo sold. They were responsive to our needs and knowledgeable about the local market we were selling in. We would recommend them to anyone trying to sell their home in the Woodland Hills area, specifically the Warner Center. Without their help, we would not of sold our home quickly and efficiently. Thanks to them, our home sold at a higher price than most units in our complex
Nick & Danielle B., Sold 1 Bedroom Unit in Building 16.
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 Our Latest Activity:
COMING SOON! 3 Bedroom Townhouse in Westlake Village
SOLD…Our Buyer Got a Great Deal On a Home in Agoura Hills
SOLD…CONGRATS TO KEN ON HIS NEW HOME IN THE ASCENT
SOLD…South of the Blvd Woodland Hills 3BR/2BA Fixer
COMPLEX 2ND HIGHEST SALE OF ALL TIME…3BR WOODLAND HILLS TOWNHOUSE…WALK TO THE VILLAGE
RECORD SALE $100K OVER COMPLEX HIGH…ONE OF THE FINEST CALABASAS TOWNHOUSES
JUST SOLD…MOVE IN READY 2 BEDROOM WITH LARGE BALCONY
SOLD..GREAT VALUE 2 BEDROOM TOWNHOUSE WITH GARAGE
SOLD…ARGUABLY THE FINEST LOCATION IN THE MET
SOLD BY KEVIN…BUILDING 16 2 BEDROOM +LOFT UNIT
SOLD…AVAILABLE FOR SALE FULLY FURNISHED
SOLD BY KEVIN…TOP FLOOR 2 BEDROOM WITH POOL VIEW
RECORD SALE…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
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 10/31/19 as reported through the Southland Regional Association of Realtors multiple listing service.
