Hello Fellow Friends and Neighbors,
We hope you had a great month of September. Sales activity for the month was very similar to August but the recent decrease in mortgage interest rates has started to bring more buyers off the fence. Units that are priced competitively are moving very quickly. The number of sales YTD is right very close to where we were at in 2018.
3 bedrooms, Top Floor 2 Bedrooms & 2 Lofts had a strong month with 2 units selling. There was also a $430k sale price for a top floor 2 bedroom unit that is one of the higher sales of the year for that floor plan. A unit of the same floor plan on the first floor sold for $405k. Units have been selling quickly, but at lower pricing than what we were selling last year.
Inventory in the Met is actually quite low currently with units in quiet locations being in demand. Currently, there are only 12 units active on the market which is one of the lower totals of the year. There are 5 units on the market that have been listed over 100 days.
Units in September averaged 101 days on market to sell compared to 24 in August. September’s number is heavily skewed by a completed sale of a unit that was on the market 380 days with multiple agents. Take that listing out and the average days on market is 45 days which is almost double the amount of time that units sold in August. This may be an indicator that the market is starting to slow down a bit.
This is not saying that every unit will take that long, but just highlights the importance of pricing in this market. It seems sellers are starting to price more in tune with the current market. There is still great buyer demand as interest rates have recently decreased, but buyers are much more sensitive to pricing than they were last year. The thing we will be watching this month is how fast this new batch of inventory in the complex moves with the recent drop in interest rates.
Here’s a link to the current and in escrow inventory:
Rental Activity Update:
We get asked about rental activity at the Met quite often so we’ve added additional information to our updates that may be of interest. Please let us know if you have any questions about the rental or sale market.
What are units renting for at the Met (Year to Date)?
| Unit Type | Average Rents ($/MO) |
| 1 Bedroom | $1,845 (+$0) |
| 1 Bedroom PLUS Den/Loft | $2,033 (+$0) |
| 2 Bedroom | $2,331 (+$1) |
| 2 Bedroom PLUS Loft | $2,435 (+$25) |
| 3 Bedroom | $2,567 (+$0) |
August San Fernando Valley Condo/Townhouse Stats:
On a macro level, August San Fernando Valley Condo/Townhouse Sales had a big jump in August. Total number of condo sales in August was higher than any individual month in 2018 or 2019. Average sales prices had a 0.7% decrease compared to July.
Total # of condos going under contract in the SFV was very slightly down compared to July’s totals. Average days on market increased to 42 days from 37 days in July. These statistics were compiled from the Southland Regional Association of Realtor Statistics.
To summarize, number of sales had a big jump from July, but sales prices were decreased which falls in line with national news about US Real Estate.
The drop in interest rates as increased buyer activity, but these buyers much more sensitive to pricing levels than buyers of recent years. We are also seeing more showings and activity at my listings in the area as well. Our market is starting to become more balanced after being a strong seller’s market for so long. Competition amongst sellers has brought prices down a bit compared to last year.
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 wouldn’t let this discourage anyone looking to sell as there is still demand for units in the Met. 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 August 2019 to July 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 |
| 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:
12 Active Listings
9 Listings in Escrow
September 2019 New Listings
- 5550 Owensmouth Ave, 3rd Floor, 1BR+LOFT, 740 SF, Listed for $374,950
- 5510 Owensmouth Ave, 3rd Floor, 2BR/2BA, 920 SF, Listed for $449,999
- 5530 Owensmouth Ave, 3rd Floor, 2BR+LOFT, 1,130 SF, Listed for $465,000 (Freeway Unit)
- 5510 Owensmouth Ave, 2nd Floor, 2BR/2BA, 920 SF, Listed for $410,000
- 5530 Owensmouth Ave, 3rd Floor, 1BR/1BA, 610 SF, Listed for $339,000
- 5540 Owensmouth Ave, 2nd Floor, 2BR/2BA, 920 SF, Listed for $410,000
September 2019 Listings Put in Escrow
- 5515 Canoga Ave, 2nd Floor, 2BR/2BA, 900 SF, Listed for $385,000
- 5535 Canoga Ave, 2nd Floor, 1BR/1BA, 610 SF, Listed for $290,000 (Auction Sale)
- 5500 Owensmouth Ave, 2nd Floor, 1BR/1BA, 610 SF, Listed for $319,900
- 5530 Owensmouth Ave, 3rd Floor, 1BR/1BA, 610 SF, Listed for $339,000
- 5540 Owensmouth Ave, 1st Floor, 2BR/2BA, 920 SF, Listed for $395,000
- 5540 Owensmouth Ave, 2nd Floor, 2BR/2BA, 920 SF, Listed for $410,000
September 2019 Closed Sales
- 21400 Burbank Blvd, 2nd Floor, 1BR/1BA, 610SF, Sold for $320,000
- 5510 Owensmouth Ave, 3rd Floor, 2BR/2BA, 820SF, Sold for $397,500
- 5500 Owensmouth Ave, 1st Floor, 2BR/2BA, 920SF, Sold for $405,000 ($5k Credit to Buyer, Net Offer is $400k)
- 5510 Owensmouth Ave, 3rd Floor, 2BR/2BA, 920SF, Sold for $430,000
- 5535 Canoga Ave, 3rd Floor, 2BR+LOFT, 1,050SF, Sold for $445,000
- 5540 Owensmouth Ave, 2nd Floor, 3BR/2BA, 1,020SF, Sold for $450,000
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:
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 10/1/19 as reported through the Southland Regional Association of Realtors multiple listing service.
