December Met Real Estate Update...Happy New Year!
Kevin Mcdonald the Realtor 818-256-7514
Hello Friends and Neighbors!
Happy New Year! December was another strong month for sales in the complex. The record sale of the month was a 1st floor 2 bedroom unit that sold for $555,000 with wood floors and a nice location. 2022 is looking to be another strong year for sales in the Met. It’ll be interesting to see how the recent increase in HOA dues affect buyer appeal for the complex.
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 is 1 one bedroom unit, 1 one with loft unit and 1 two bedroom unit 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:
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.
Southland Association of Realtors November 2021
SFV Real Estate Highlights
Home, Condo Inventory Hits Record Low
The inventory of homes and condominiums listed for sale throughout the San Fernando Valley slid to a record low in November — a mere 550 active listings, the Southland Regional Association of REALTORS® reported today.
The listing total was down 38.9 percent from a year ago for the second largest monthly decline in a consecutive string of drops dating back to June 2019. Over 35 years since the Association started keeping the statistic, the Valley has averaged 5,272 listings each month.
However, since 2009, as the national economy began to recover from the Great Recession, the monthly listing tallies slid dramatically below historical levels, culminating in November 2019 as listings dropped below the 1,000 -listing benchmark for the first time on record — and, with only two exceptions, stayed there. “To have only 550 active home and condo listings in a market as vast as the San Fernando Valley is difficult to comprehend,” said Diane Sydell, the Association’s 2021 president. “Is it any surprise,” she asked, “that homes sell quickly, often for more than the asking price, while buyers scramble over each other to be the first in line to buy a home?”
The 550 listings reported at the end of November stand in stark contrast to the record high listing total: 14,976 reported in July 1992. This November’s total represented a 0.9 -month supply at the current pace of sales, which also differs dramatically from the 33 -year average of a 5.6 -month supply.
Local REALTORS® during November assisted the close of escrow on 471 single -family homes and 172 condominiums. Both were down slightly from a year ago — off 0.4 percent and 0.6 percent, respectively. “The local market definitely is showing signs of cooling in a return to seasonal patterns and as a result of the dearth of listings,” said Tim Johnson, the Association’s chief executive officer.
“Despite slowing sales, 2021 already is ahead of 2020 and will post a positive annual sales total for the first time in four years.” Indeed, Association statistics show that 2021 has surpassed a year ago by 8.1 percent even without December sales included. And, if the closing month is lackluster, the annual total nonetheless will be at or higher than 15 percent.
The 471 single-family homes that changed owners last month had a median price of $930,000, up 14.8 percent from a year ago yet 3.1 percent below the record high $960,000 median set in September. Similarly, the condominium median price of $565,000 was 15.3 percent ahead of November 2020 yet 2.6 percent below the condo record high of $580,000 set in October.
“Both housing categories have been on a steady incline that dates back several years,” Sydell said, “yet prices shot up dramatically in the wake of the coronavirus pandemic and resulting economic shutdown, dramatic events that prompted buyers to seek larger homes to accommodate work -at -home needs and take advantage of new -found flexibility to work from any location.” Pending escrows, a measure of future sales activity, show continued slowing as the year winds down. The Association reported a total of 608 open escrows at the end of November. That was down 7.7 percent from 12 months 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 kmcdona...@gmail.com or 818-256-7514.
MONTHLY MET WOODLAND HILLS SALES ACTIVITY
2021 TOTALS
Neelam Allaudin
On Jan 5, 2022, at 11:35 AM, Kevin Mcdonald the Realtor 818-256-7514 via Met Google Groups <TheMetWoo...@googlegroups.com> wrote:
--
You received this message because you are subscribed to the Google Groups "Met Google Groups" group.
To unsubscribe from this group and stop receiving emails from it, send an email to TheMetWoodlandH...@googlegroups.com.
To view this discussion on the web visit https://groups.google.com/d/msgid/TheMetWoodlandHills/5b78aa0d-c7c0-4e32-90a5-a7c65891ab50n%40googlegroups.com.
Kevin Mcdonald
To view this discussion on the web visit https://groups.google.com/d/msgid/TheMetWoodlandHills/479F4B7A-85B0-4D99-8C51-37AEA74F674A%40gmail.com.
Kevin McDonald
Realtor
Pinnacle Estate Properties
818.256.7514
Kmcdona...@gmail.com
calDRE # 01810388
Sent from Gmail Mobile
S B
To view this discussion on the web visit https://groups.google.com/d/msgid/TheMetWoodlandHills/CABqz1TEmhU9wdACW%3DxKzZwG%3Dobmdt-3yO0wbnbzYsQOkTP1Uhg%40mail.gmail.com.