March Met Real Estate Update-Pricing Has Met New Highs
Kevin Mcdonald the Realtor 818-256-7514
Hello Friends and Neighbors!
The month of March 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 2nd floor 2 bedroom that sold for $565k. Most of the sales completed in the complex this month came in at prices higher than the previous month. With the record low inventory in the complex, it doesn’t appear the recent increase in HOA dues is affecting desirability of units in the complex. All units in the complex are in high demand even those with less desirable locations such as facing the freeway or busy street.
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 listed a 2nd floor 2 bedroom unit that has an accepted offer at a price that would make it a record breaking sale.
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. We were able to help a client this month sell their condo at the Met and purchase their new home in Thousand Oaks.
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 February 2022
SFV Real Estate Highlights
Single Family Home, Condo Prices at Record Highs Again!
Every month seems to produce record home prices, yet the median price of
condominiums sold during February surged into entirely new territory with a record median price of $616,500, the Southland Regional Association of REALTORS® reported today.
That was up 18.8 percent from a year ago and the first time ever for the local condominium median price to shatter the $600,000 benchmark.
“With so few listings and so many buyers hunting, I guess no one should be too surprised about record prices,” said Jeff Phillips, president of the 11,000
member Southland Regional Association of REALTORS®.
“Yet even modest properties now carry a hefty price,” he said, “with condos more expensive than ever and with single family homes flirting with a $1 million median price.”
The Association reported the single family median price also set a record in February at $972,000, up 14.9 percent over a year ago and 0.5 percent higher than the prior record reported in January. Median price is the midpoint of all sales for a month with half priced higher and half lower.
Local REALTORS® assisted the close of escrow on 275 single-family homes, which were 22.8 percent lower than February 2021 and closer to the record low of 238 reported in May than to the record high 1,889 set in July 1984. “Until 2005 monthly home sales typically were above 1,000 with long stretches at or above 1,500 or more per month,” said Tim Johnson, the Association’s chief executive officer. “But September 2005 was the last month to be above 1,000 home sales with most months since then in the 500s or 400s until this January and February, which for the first time ever, saw San Fernando Valley home sales in the 200-sale range.
“The questions,” he said, “are how low can sales go and what does it portend for the Spring homebuying season?” The Association also reported 132 condominium closed escrows for February, down 17.5 percent from a year ago. Condo sales are on a trajectory similar to single-family homes as the number of closed escrows declined, primarily due to limited inventory, Phillips said.
“Condos and homes are selling on average in 26 days,” Phillips said. “With nearly 84 percent of sales going at list price or higher.
“It remains very much a sellers’ market as the number of sellers is small compared to buyer demand,” he said. A total of 494 active listings were reported on the Multiple Listing Service operated by the Association. That was down 21.5 percent from a year ago and represented a mere 1.2-month supply at the then current pace of sales.
Since October 2019 only two months have been above 1,000 active listings. December saw listings fall to a record low 381. Pending escrows, a gauge of future activity, totaled 522 — down 18.4 percent from February 2021.
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:
5 Active Listings
5 Listings in Escrow
Link to Current Met Inventory:
MONTHLY MET WOODLAND HILLS SALES ACTIVITY
Latest Customer Testimonial:
I lived in a condo at the Met in Woodland Hills for over 10 years and have received the market updates, postcards and flyers from realtors Kevin McDonald and Kevin Godley for many years. When it was time to sell my condo, I contacted Kevin McDonald and mentioned that I was thinking about selling my condo. I wasn’t sure, so Kevin would check in on me to ask me if I had any questions or needed help with getting the condo ready to sell. He referred me to a good HVAC vendor since I needed to get my unit either fixed or replaced. Once I had the unit ready to sell, Kevin arranged for a professional photographer to take pictures and visually stage the unit. I was impressed with the final outcome! Due to COVID, I never met Kevin in person, but we had an initial zoom chat and utilized emails, phone calls, and text message to communicate, which I appreciated. I was provided with the internet viewing activity on a regular basis and given feedback on appointments to see my unit. Documents were also signed electronically except for the escrow documents that required an original signature. I felt that Kevin was able to provide me with enough information at each step and he also followed-up with me on each of the deadlines during the escrow process. Kevin even helped me save $$ by walking me through how to check if my fireplace was working, since I never used it. That was much appreciated!! The escrow company that Kevin works with, Ridgegate escrow, was also great at answering any questions I had about the documents. Escrow closed and I am so happy that it closed on time! Thank you Kevin and Kevin! I would highly recommend either of them if you need a reliable, knowledgeable, and friendly realtor.
-Joyce N., Sold 1 Bedroom Woodland Hills Condo 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 3/31/2022 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.