September Met Real Estate Update...The Market Has Changed
Kevin Mcdonald the Realtor 818-256-7514
Hello Friends and Neighbors!
Hope you are well. September gave us clearer signs that the market has slowed in the Woodland Hills condo market at the Met. The number of completed sales stayed near current levels, but the pricing that units are selling for has continued to decrease compared to prior to the mortgage interest rate increase.
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. Similar units earlier in the year were selling $570k+.
Current values seem to have rolled back to 2021 values and are well above pre-pandemic values. There seems to be more signs of downward pressure in values rather than this just being a temporary blip in the radar.
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.
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)?*
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:
9 Active Listings
3 Listings in Escrow
Link to Current Met Inventory:
MONTHLY MET WOODLAND HILLS SALES ACTIVITY
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 9/30/2022 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.