September Met Woodland Hills Real Estate Update

Hello Fellow Friends and Neighbors,

Hope you had a great month of September! This month was one with increasing levels of inventory and slowing levels of buyer activity. Closed sale prices seemed to have decreased a bit as well. We had one great 2 bedroom with Loft sale this month with one being sold at $477,500. We also had a great sale on a first floor 2 bedroom unit at $445k which matches my high sale in June for a first floor unit. Showing activity has been down on listings in the Met. September was a pretty slow month up until about the last 10 days of the month as I was able to put 3 Met properties in escrow.

The rest of the year will be an interesting time for our Real Estate market. More units are having price reductions before getting sold than earlier this year. There’s been many news stories that are reporting decreased numbers of homes going under contract. Average sales prices for 2 bedroom sales reduced $10,958 from September ($438,375) to August ($449,333). Affordability is becoming more of an issue in our price point. A few months ago, I mentioned a few properties on the market to keep an eye on to gauge the strength of our market. One was a 3 bedroom unit that listed for $509,999. That listing expired after being on the market for 180 days unsold. There was also a 2nd floor 2 bedroom in building 9 that listed at $490k. That unit has since reduced its price to $450k and is still unsold for 148 days now. A newer listing that I’m following as a strength indicator of our market is a top floor 2 bedroom unit that originally listed at $475k. It’s been listed for 57 days now and reduced its price down to $460k on September 10th. It is priced comparable to 2BR+Loft units and the highest sale of its floor plan was a unit I sold in April for $461k.

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. 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. 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 September 2018 to August 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.

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

8 Listings in Escrow

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

5545 Canoga Ave, 3rd Floor, 1BR/1BA, 610SF, Listed for $349,000
5540 Owensmouth Ave, 1st Floor, 1BR/1BA, 610SF, Listed for $349,000
5525 Canoga Ave, 3rd Floor, 1BR+LOFT, 740SF, Listed for $367,500 (Listed by Kevin)
5525 Canoga Ave, 2nd Floor, 2BR/2BA, 1,010SF, Listed for $429,999
5515 Canoga Ave, 2nd Floor, 2BR/2BA, 920SF, Listed for $439,500
5515 Canoga Ave, 1st Floor, 3BR/2BA, 1,020SF, Listed for $449,950
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, 3rd Floor, 1BR/1BA, 610SF, Listed for $349,500
21450 Burbank Blvd, 3rd Floor, 2BR+Loft, 1,030SF, Listed for $460,000
21450 Burbank Blvd, 1st Floor, 2BR/2BA, 910SF, Listed for $439,000 (Listed by Kevin)

September 2018 Listings Put in Escrow

5520 Owensmouth Ave, 3rd Floor, 1BR/1BA, 610SF, Listed for $349,500
5500 Owensmouth Ave, 3rd Floor, 1BR/1BA, 610SF, Listed for $359,000 (Listed by Kevin)
21450 Burbank Blvd, 1st Floor, 2BR/2BA, 910SF, Listed for $439,000 (Listed by Kevin)
21450 Burbank Blvd, 3rd Floor, 2BR+LOFT, 1,030SF, Listed for $460,000 (Listed by Kevin)
21500 Burbank Blvd, 2nd Floor, 3BR/2BA, 1,020SF, Listed for $469,000
5520 Owensmouth Ave, 1st Floor, 1BR+DEN, 750SF, Listed for $379,900

September 2018 Closed Sales

21450 Burbank Blvd, 2nd Floor, 1BR/1BA, 610SF, Sold for $335,000
5500 Owensmouth Ave, 2nd Floor, 1BR/1BA, 610SF, Sold for $337,500
5500 Owensmouth Ave, 2nd Floor, 2BR/2BA, 1,010SF, Sold for $405,000
21550 Burbank Blvd, 2nd Floor, 2BR/2BA, 920SF, Sold for $426,000
21550 Burbank Blvd, 1st Floor, 2BR/2BA, 910SF, Sold for $445,000
21450 Burbank Blvd, 3rd Floor, 2BR+LOFT, 1,030SF, Sold for $477,500

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.

Click Below to See My Latest Activity:

LISTED BY KEVIN…Best Value in Warner Village

Listed by Kevin…Light and Bright Top Floor Unit. Private Location!

LISTED BY KEVIN…Move in Ready 1 Bedroom Plus Loft Unit

IN ESCROW…Updated 2 Bedroom with Loft with Treetop Views

IN ESCROW…Move in Ready 2 Bedroom in Building 13

IN ESCROW..Fully Updated and Move in Ready Top Floor One Bedroom Unit in Building 4

Listed by Kevin…South of Ventura Blvd Tarzana View Home that Has it All.

SOLD BY KEVIN..GREAT LOCATION 2BR+LOFT AT THE MET

FIND OUT WHAT IT COSTS TO SELL A HOME

SOLD AT THE MET! GREAT 1 BEDROOM VALUE AT THE MET….IMMACULATE CONDITION 1 BEDROOM UNIT

SOLD at the Met! Multiple Offers Within 24 Hours of Meeting Me!