April Met Real Estate Update...Did You See the Met on TV?
Kevin Mcdonald the Realtor 818-256-7514
Hello Friends and Neighbors!
The month of April was another strong month of record sales due to the super low inventory levels that we are seeing in the area. The Met had a record sale in the complex for a top floor 2 bedroom that sold for $610k. We were able to complete a sale of a freeway facing 2 bedroom unit for $545k which was $20k more than comparable location sales last month. Most of the sales completed in the complex this month came in at prices higher than the previous month. All units in the complex are in high demand even those with less desirable locations such as facing the freeway or busy street.
The Met was also on TV. Did you see this?
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. We have a 3 bedroom townhouse in the community that is in escrow for a record breaking price.
We are currently how the market is reacting to the recent considerable rise in interest rates as 5% interest rate mortgages are becoming the norm up from the 3% range we were seeing a year ago. Feel free to reach out for more details about the market conditions and my knowledge of 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. We were able to help a client this month sell their condo at the Met and purchase their new home in Thousand Oaks.
Effect of Mortgage Interest Rates 2021 vs. 2022
Here is the effect of the rise in interest rates compared to last year according to Freddie Mac historical data
The rise in payment compared to last year’s rates is very considerable which should have an effect on home sellers in the near future. For a million dollar purchase it’s almost $1,000 more per month in monthly payment.
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 (2022-PRESENT)?*
Southland Association of Realtors March 2022
SFV Real Estate Highlights
Home Median Price Tops $1 Million; March Sales Up 51%
Though still below year ago levels, sales of existing single -family homes in the San Fernando Valley during March improved by 51 percent from the February tally even as the median price topped $1 million for the first time, the Southland Regional Association of Realtors reported on Thursday, March 21.
Local Realtors assisted the close of escrow of 415 single -family homes and 162 condominiums last month. Those totals were down 15.7 percent and 28.6 percent respectively from March 2021, yet both were dramatic increases from this February with home sales 50.9 percent higher and condos up 22.7 percent. “The strong month to month increase in sales illustrates the tenacity and ongoing resilience of buyers and the underlying demand for homeownership,” said Jeff Phillips, president of the 11,000 - member Southland Regional Association of Realtors.
“While inventory is exceeding tight,” he said, “there are still opportunities to own a home in all price ranges.” There were 489 homes and condominiums listed for sale throughout the San Fernando Valley at the end of March. That was down 23.2 percent from a year ago and represented a mere 0.8 -month supply at the current pace of sales.
With the exception of only two months, the inventory has been below 1,000 listings per month since November 2019, a slide highlighted by the record low tally of 381 active listings in December. “It may seem counter intuitive, but recent increases in mortgage rates may yield opportunities for prospective buyers,” said Tim Johnson, the Association’ s chief executive officer. “It may seem counter intuitive, but higher rates combined with rising prices will further reduce the pool of prospective buyers, which could yield less competition for available inventory,” he said.
Resale prices of homes and condominiums have been rising non -stop since the Great Recession with the March median home price a record $1,075,000, up 19.3 percent over a year ago. It also was up a whopping 217.1 percent from the $339,000 median price set in December 2011, which was the low point of the Recession for the local home median price. Median price means half the homes sold last month went for less and half sold at a higher price. The 162 condominiums that closed escrow during March had a median price of $615,000, up 19.4 percent from a year ago, yet 0.2 percent below the record high median price of $616,500 posted in February. Pending escrows were down 13.2 percent.
The Southland Regional Association of REALTORS® is a local trade association with 11,000 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 kmcdona...@gmail.com or 818-256-7514.
Met Woodland Hills Inventory Level Today:
3 Active Listings
6 Listings in Escrow
Link to Current Met Inventory:
Latest Customer Testimonial:
I was impressed both with you and your team. The photos and write-up for the real estate apps were both professional and complementary to the property.
The suburbia location made it more challenging to market this small studio; maybe as they are more commonly found in downtown city centers or near university housing.
Regardless, the open house generated multiple potential buyers, and resulted in offers over the initial asking price.
We ultimately were able to close at a figure the mortgage lenders accepted.
There were delays in closing linked to the mortgage lender appraisal process. Had you not worked hard to get daily updates, it may have gone on longer!
Your Professionalism and knowledge assisted in the negotiations.
Thank you again for keeping it on target to finalize the sale.
-Sherry S., Sold Condo in Woodland Hills with Kevin & Kevin
Always At Your Service,
Kevin McDonald & Kevin Godley
The 818 Life
Realtor & Met Woodland Hills Homeowner
Pinnacle Estate Properties
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 4/30/2022 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.
Yuka
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Yuka
Kevin Mcdonald
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