Hello Friends and Neighbors!
October was another strong month for sales in the complex. It was nice to see a bit more inventory come out in the complex with a 66% increase in inventory compared to September. 7 out of the 10 new listings in October are already in escrow.
How do October sales stack up to sales of previous months?
October featured a record sale price for the 2 bedroom Plan A (820SF). We were able to get our client the highest sale price ever for a 2nd floor 2 bedroom unit at $535k. There were also multiple 1 bedroom units that sold for $390k which ties the record for 1 bedroom units.
Current inventory in the Met is quite low with most of the listings that have recently come out have gone into escrow very quickly. Our current listings have garnered multiple showings and interest right away as well. We are watching how quickly the current inventory moves to gauge the temperature of the market. Currently, there are 2 one bedroom units, 1 one with loft unit and 2 two bedroom units on the market.
Feel free to reach out for more details about the market conditions and my knowledge on any units.
Property values in the Met are highly dependent on their location and interior upgrades. Feel free to contact me if you have any questions about how the market is doing and what your unit could potentially fetch in today’s market.
Thinking About Buying?
The environment for buyers looks to have improved a little bit as we were able to get multiple buyers in escrow that needed to sell their units first which was something that was much more difficult to do in prior months without really overbidding on a property. Feel free to reach out if you have any questions about current buying conditions.
Here’s a link to the current and in escrow inventory:
https://matrix.crmls.org/Matrix/Public/Portal.aspx?ID=75274059996
Rental Activity Update:
We get asked about rental activity at the Met quite often so we’ve added additional information to our updates that may be of interest. Please let us know if you have any questions about the rental or sale market.
What are units renting for at the Met (2021-PRESENT)?*
| Unit Type | Average Rents ($/MO) |
| 1 Bedroom | $1,963/Mo |
| 1 Bedroom PLUS Den/Loft | No 2021 Data Yet |
| 2 Bedroom | $2,449/Mo |
| 2 Bedroom PLUS Loft/3 Bedroom | $2,674/Mo |
*Statistics reported from MLS
Southland Association of Realtors September 2021
SFV Real Estate Highlights
Single -Family Home Price Hits Record $960,000, Up 16%
The median price of single-family homes that changed owners during September in the San Fernando Valley hit a record $960,000, the Southland Regional Association of REALTORS® reported today.
The median price meaning half of the sales had a higher price and half a lower price was up 15.7% from a year ago, beating the prior record of $955,000 set this June.
The Association reported that the condominium median price for September came in at $535,000, up 12.6% from a year ago and just under the $555,000 record set in August.
“Competition is easing a bit as winter approaches, sellers are a bit more flexible on prices, and multiple offers are fewer and coming a bit slower than just a few months ago,” said Diane Sydell, president of the 10,300
member local professional Association. “All those factors should make it a bit easier for buyers who stay in the market during what typically can be a slower time of year.”
Today’s buyers also will continue to benefit from historically low interest rates on home loans. Rates recently ticked slightly above 3% yet are expected to remain low for the months ahead and well into 2022.
Inventory, which has been extremely limited, appears to be improving slightly, although the 786 home and condominium active listings reported at the end of September were down 16.4% from a year ago. Prior to the pandemic active listings were averaging 1,200 per month, but even that number was regarded as too low for a market as vast as the San Fernando Valley. Yet, active listings have not topped the 1,000 benchmark since October 2019. At the current pace of sales, the 786 active listings represented a 1.1 -month supply while a 5 – to 6 -month supply is needed to ease pressure off resale prices. “Demand for housing will stay strong, even if rates rise slightly in the coming months, and even as prices continue to increase, although not as quickly as in prior months,” said Tim Johnson, the Association’s chief executive officer. “The local market continues to improve, continues to stabilize. Those trends will stay with us through the balance of 2021 and into the new year.” REALTORS® assisted the close of escrow during September of 533 single -family homes and 174 condominiums. The home tally was up 1.5% while the condo sales total was 8.4% lower compared to September 2020. Pending escrows — a measure of future closed sales — totaled 786 at the end of September, down 16.4% from a year ago.
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.
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.
Values are still at or near peak values, but the sales climate is changing.
We’d recommend anyone who has their property as a rental 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. We can also advise on what improvements can net you the best ROI when it comes time to sell.
It may be a good time to consider selling for anyone thinking about taking their equity and purchasing a new home. There are still many opportunities out there for anyone looking to move up to a bigger home or move closer to shorten your commute.
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
2021 TOTALS
| MONTH | # OF NEW LISTINGS | # OF LISTINGS IN ESCROW | # OF LISTINGS CLOSED ESCROW |
| OCTOBER | 10 | 8 | 8 |
| SEPTEMBER | 6 | 8 | 7 |
| AUGUST | 8 | 12 | 10 |
| JULY | 13 | 8 | 10 |
| JUNE | 10 | 10 | 10 |
| MAY | 11 | 13 | 10 |
| APRIL | 10 | 7 | 9 |
| MARCH | 8 | 13 | 6 |
| FEBRUARY | 8 | 8 | 13 |
| JANUARY | 12 | 14 | 13 |
2020 TOTALS
| MONTH | # OF NEW LISTINGS | # OF LISTINGS IN ESCROW | # OF LISTINGS CLOSED ESCROW |
| DECEMBER | 3 | 11 | 20 |
| NOVEMBER | 12 | 17 | 11 |
| OCTOBER | 18 | 10 | 7 |
| SEPTEMBER | 11 | 11 | 13 |
| AUGUST | 12 | 11 | 6 |
| JULY | 15 | 10 | 9 |
| JUNE | 15 | 14 | 8 |
| 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:
5 Active Listings
10 Listings in Escrow
OCTOBER 2021 Met Closed Sales
| ADDRESS | SALE PRICE | $/SQFT | BR/BA | SQFT | |
| 5550 | Owensmouth AVE 3RD FLR | $363,000 | $595.08 | 1/1 | 610 |
| 21400 | Burbank BLVD AVE 2ND FLR | $380,000 | $622.95 | 1/1 | 610 |
| 21400 | Burbank BLVD 1ST FLR | $390,000 | $639.34 | 1/1 | 610 |
| 5540 | Owensmouth Ave 2ND FLR | $390,000 | $639.34 | 1/1 | 610 |
| 5510 | Owensmouth AVE 3RD FLR | $415,000 | $560.81 | 1/1 | 740 |
| 5530 | Owensmouth 2ND FLR | $495,000 | $490.10 | 2/2 | 1010 |
21550 Burbank BLVD 3RD FLR $530,000 $509.62 2/2 1040
5510 Owensmouth AVE 2nd FLR $535,000 $652.44 2/2 820
Latest Customer Testimonial:
I lived in a condo at the Met in Woodland Hills for over 10 years and have received the market updates, postcards and flyers from realtors Kevin McDonald and Kevin Godley for many years. When it was time to sell my condo, I contacted Kevin McDonald and mentioned that I was thinking about selling my condo. I wasn’t sure, so Kevin would check in on me to ask me if I had any questions or needed help with getting the condo ready to sell. He referred me to a good HVAC vendor since I needed to get my unit either fixed or replaced. Once I had the unit ready to sell, Kevin arranged for a professional photographer to take pictures and visually stage the unit. I was impressed with the final outcome! Due to COVID, I never met Kevin in person, but we had an initial zoom chat and utilized emails, phone calls, and text message to communicate, which I appreciated. I was provided with the internet viewing activity on a regular basis and given feedback on appointments to see my unit. Documents were also signed electronically except for the escrow documents that required an original signature. I felt that Kevin was able to provide me with enough information at each step and he also followed-up with me on each of the deadlines during the escrow process. Kevin even helped me save $$ by walking me through how to check if my fireplace was working, since I never used it. That was much appreciated!! The escrow company that Kevin works with, Ridgegate escrow, was also great at answering any questions I had about the documents. Escrow closed and I am so happy that it closed on time! Thank you Kevin and Kevin! I would highly recommend either of them if you need a reliable, knowledgeable, and friendly realtor.
-Joyce N., 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 11/3/2021 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.
