Hello Fellow Friends and Neighbors,
I hope this update finds you and your loved ones safe and healthy. We’ve completed our third full month since the shelter at home orders were enacted and as we collect more data we are able to get an idea of the effect on the market from these orders.
Our Real Estate market is going through an adjustment, but buyers, sellers, realtors and all other parties to the Real Estate sales process have been quick to adapt and adjust. We are all working out the kinks and are coming up with ways to serve that we will keep implementing even after the virus to help provide our customers the best service. On the real estate agent level, we have boosted our capabilities for providing our service in a way that provides the most safety for our clients, ourselves and the general public. We are able to coordinate video showings for our buyer clients and complete virtual consultations with paperwork being completed electronically. We are so blessed to have clients who have been eagerly willing to adapt to this new environment with us.
This Month Compared to Others
Closed sales in July decreased compared to June, but units put into escrow greatly increased to the highest total of 2020 and higher than every month in 2019. There was an uptick in activity in May compared to April with more sellers deciding to put their homes on the market. Total sales for the year are a little behind compared to this time last year. There was a nice sale of a unit in Woodland Oaks for a single level condo that sold for $537K. Many of the units in desirable locations and in good condition are still selling quickly. We were happy to be able to assist in closing 2 of the 13 closed sales in Woodland Hills Condo/Townhouses in July.
What are the Hot Complexes Currently?
The complexes with lower HOA dues are the ones most desirable currently. Inventory has dropped to near record low levels so most units that are priced competitively are getting a favorable response to the market. We will be watching how the market does moving forward, but we are still receiving calls from parties looking to see what we know of coming on the market soon which is a good indication of demand. In past experience, sellers tend to do better when there’s less inventory (competition) out there. It’s definitely something to consider if the process can be done in a manner that you are comfortable with in regards to your health and safety. Feel free to reach out if you have any questions.
Thinking About Buying?
Interest rates are much lower than they were at this time last year. Last year, rates were hovering around 4.5% and now we are hovering around the low 3%’s and in some instances in the 2’s. That’s a huge savings in interest! Feel free to reach out if you have any questions and let’s see if there’s an opportunity for you to score a deal.
June 2020 SFV Condo/Townhouse Sales Statistics and Overview
from Southland Regional Association of Realtors
Home, Condo Sales Soar in June
Home and condominium sales during June bounced up sharply from May totals, while the drop-off from year ago totals was not as severe as in recent months, the Southland Regional Association of REALTORS® reported on Monday, July 13.
A total of 353 single-family homes changed owners last month, down 27.5 percent from June 2019, but up 48.3 percent from this May, marking a sharp bump up from a pandemic prompted three-month downward plunge.
Similarly, REALTORS® assisted 131 condominium closed escrows during June — up 98.5 percent from this May and down a modest 16.6 percent from the June 2019 tally.
Nancy Carnahan, the 10,300-member Association’s 2020 president, was heartened by what local REALTORS® have accomplished, but also cautious:
“Perhaps more than ever, buyers and sellers are eager to make transactions work,” she said. “Even with all the pandemic restrictions on in-person showings, it’s uplifting to see activity picking up. But we’re a long way from being anywhere near even a new normal.”
Pending escrows totaled 749 — were up 15.1 percent from a year ago.
Total active listings again fell below the 1,000-listing benchmark to 964, down 28.3 percent. Combined residential sales activity of 484 homes and condos was off 24.8 percent from a year ago.
Pending escrows were up 15.1 percent to 749 open escrows.
The information above compares the Real Estate Activity of June 2020 to May 2020.
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.
We are here to help you! Each complex is different! If you are interested in getting more information about your complex please feel free to contact me at [email protected] or 818-256-7514 if you have any questions.
|MONTH||# OF NEW LISTINGS||# OF LISTINGS IN ESCROW||# OF CLOSED ESCROWS|
|MONTH||# OF NEW LISTINGS||# OF LISTINGS IN ESCROW||# OF CLOSED ESCROWS|
Inventory Level Today:
36 Active Listings
39 Listings in Escrow
Link to Current Inventory and Properties in Escrow:
JULY Woodland Hills Condos/Townhouses Sold:
|6265||Canoga AVE #43||$505,000||$372.97||2/3||1354|
|5530||Owensmouth AVE #107||$345,900||$567.05||1/1||610|
|22119||Burbank BLVD #2||$540,000||$455.31||3/2.5||1186|
|5540||Owensmouth AVE #210||$325,000||$532.79||1/1||610|
|5525||Canoga AVE #225||$465,000||$422.73||3/2||1100|
|21650||Burbank BLVD #317||$532,000||$432.87||2/2||1229|
|21650||Burbank BLVD #103||$495,000||$402.77||2/2||1229|
|5240||Premiere Hills CIR #211||$537,000||$387.17||2/2.5||1387|
|5525||Canoga AVE #105||$380,000||$487.18||1/1||780|
|5515||Canoga AVE #304||$395,000||$481.71||2/2||820|
|5535||Canoga AVE #135||$340,000||$557.38||1/1||610|
|21650||BURBANK BLVD #201||$475,000||$389.66||2/2||1219|
|5510||Owensmouth AVE #220||$435,000||$426.47||3/2||1020|
|5550||Owensmouth AVE #101||$445,000||$542.68||2/2||820|
|21901||Burbank BLVD #185||$535,000||$286.10||2/2.5||1870|
|5720||Owensmouth AVE #171||$580,000||$356.05||3/2.5||1629|
Latest Customer Testimonial:
The experience I had with Kevin McDonald and his team was exceptional. They are professional, detailed, reliable, and much more. Within a few days of listing my condo with Kevin, I had several qualified offers, a few above asking price. Everything about this experience was above my expectations. I strongly recommend Kevin McDonald for all of your real estate needs.
-Frank F., Sold 1 Bedroom Woodland Hills Condo with Kevin & Kevin
At Your Service,
Kevin McDonald & Kevin Godley
The 818 Life
Pinnacle Estate Properties
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 “Woodland Hills” 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 “Woodland Hills” as of 8/1/2020 reported through the Southland Regional Association of Realtors multiple listing service. Not all listed homes are represented by Kevin Mcdonald, Kevin Godley and Pinnacle Estate Properties.