October Met Real Estate update...A Slightly Better Month than Sept
Kevin Mcdonald the Realtor 818-256-7514
Hello Friends and Neighbors!
Hope you are well. October was a better month than September as we had mostly higher sales prices and more units going into escrow. We were able to have the high sale for the month for a 2nd floor 3 bedroom unit that closed at $590k. There was also a first floor 1 bedroom unit that sold for $435k compared to last month where the lone 1 bedroom sale was $409k.
This month has given us further indications that we may have hit our peak of pricing. A few months ago, we had a small time period where one bedroom units were selling for $450k+ and now we have inventory as low as $399k. The same can be said for 2 bedroom units with units sold this month as low as $510k and units with list price under $500k which hasn’t been seen in a few years. Similar units earlier in the year were selling $570k+.
While values have decreased recently, we are still well above pre-pandemic values. Current average sales prices are still $70k-$100k higher than sales in 2019 so the market is still high from a historical outlook.
Demand is still strong for top floor units, 3 bedroom units or interior units with desirable views.
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.
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.
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 $1,800 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.
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:
6 Active Listings
6 Listings in Escrow
MONTHLY MET WOODLAND HILLS SALES ACTIVITY
Latest Customer Testimonial:
Kevin is amazing. He is thorough, knowledgeable and consistently went above and beyond. He got us a great price for our home and helped us find a new place in our price range that we love--no easy task in such a competitive market. Really can't say enough good things about him and his outstanding team. A true pro and a great person.
-Bob and Judy B., Sold 2 Bedroom Woodland Hills Condo with Kevin & Kevin and Purchased New Home in Thousand Oaks in 2022.
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 11/1/2022 as reported through the Southland Regional Association of Realtors