Happy Holidays! Here's the November Met Real Estate Update...Find Out How the Market is Doing
Kevin Mcdonald the Realtor 818-256-7514
November 2023 Met Real Estate Update
Hello Friends and Neighbors!
November sales activity in the Met was one of the slower months of the year with only one closed sale in the complex which was 75% lower than October’s sales totals. New listings in the complex increased compared to last month with some nice new inventory so let’s keep an eye on how those units do.
Quick tip for fellow homeowners in the Met, I’d recommend going over your home owner’s insurance with your provider as the HOA has recently changed the association’s insurance policy that covers the complex to one that has double the per unit deductible than last year’s insurance. Feel free to reach out if you have any questions about the possible issues with the new insurance.
There are some new challenges selling in this market due to market conditions. Please feel free to reach out and I can share with you. Year to date sales in the Met are down ~64% compared to this time last year and ~76% compared to the same period in 2021 which shows us that the rise in mortgage rates has affected buyers in this price point more than buyers in other price points.
Year over Year Met Sales Comparison
2023 YTD Sales Totals vs 2022 vs 2021 (As of 11/30/23)
2023 YTD Met Sales:
26
2022 Met Sales (1/1/22-11/30/22):
71
2021 Met Sales (1/1/21-11/30/21):
111
Feel free to reach out for more details about the market conditions and my knowledge on any units. In this more challenging market, having an area specialist on your side is now more important than ever.
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.
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. We are starting a decreased number of units in the complex for rent. We are still keeping an eye on what some of these units rent for to see what direction the rents are going in the complex. Please let us know if you have any questions about the rental or sale market.
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.
Thinking About Buying?
The current environment for buyers needing to sell a home to buy another has improved as we are seeing sellers are more willing to consider offers contingent on selling a home. Six months ago, these types of offers had a much lower chance of being accepted by a seller unless the price and/or terms were much higher and better than the non-contingent offers. Feel free to reach out if you have any questions about current buying conditions.
It may be a good time to consider selling for anyone thinking about taking their equity and holding onto it for a future home purchase. There are still many opportunities out there for anyone looking to move up to a bigger home or move closer to shorten your commute.
Met Woodland Hills Inventory Level Today:
7 Active Listings
4 Listings in Escrow
Link to Current Met Inventory:
San Fernando Valley Condo Market Statistics Comparison
October 2023
# of Active Listings
265 (Up 5.4 % from September 23)
# of Properties Going Under Contract
91 (Down 23% from September 23)
# of Escrows Closed
114 (Down 13% from September 23)
Median List Price
$625,000 (Up 4.3% from September 23)
Median Sale Price
$585,000 (Up 4.4% from September 23)
Latest Customer Testimonial:
As an inexperienced property seller, and one who was relocating cross-country before my Woodland Hills townhouse went on the market, I was relying on my realtors to manage the process and communication. I'd received quarterly information on relevant property transactions (condos & townhouses sold in my vicinity) from Pinnacle for years, so I recognized that they knew my market well.
The team handled the entire process entirely to my satisfaction. There were multiple offers within 2 days of the first open house, and they did an excellent job staying in touch with me proactively throughout. I got a favorable price in a short (by real estate standards) time, and now I'm ready to move on without having to keep paying attention to what is now the past for me. Kevin was also kind enough to send me the one item I accidentally left behind (of zero intrinsic value but with significant personal meaning). I would not hesitate to recommend their services for anyone buying or selling a condo or townhouse in the Woodland Hills, CA area
-Frank L., Sold 2 Bedroom Woodland Hills Townhouse with Kevin & Kevin in October 2023.
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 11/30/2023 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.