Here's the August Met Real Estate Update...There's Been an Insurance Change in the Complex
Kevin Mcdonald the Realtor 818-256-7514
Hello Friends and Neighbors!
August sales activity in the Met slowed down as mortgage rates peaked near 7.5%. Fortunately, the rates have started to come back down recently. The two closed sales this month were to cash buyers. Low inventory in the complex has created multiple offer situations again which is an indication that demand is still strong for units. We are still getting calls from agents and buyers looking to purchase in the community.
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.
In the San Fernando Valley, we are seeing more condo inventory. Pricing in the SFV is holding firm with a slight increase in median sale price compared to June.
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 over Year Met Sales Comparison
2023 YTD Sales Totals vs 2022 (As of 8/31/23)
2023 YTD Met Sales:
19
2022 Met Sales (1/1/22-8/31/22):
54
Demand is still strong for units at the Met as recent inventory has gone under contract quickly. I’ve been contacted recently by multiple agents with clients looking for units, but did not like current inventory.
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.
What are units renting for at the Met (2023-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.
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:
3 Active Listings
4 Listings in Escrow
Link to Current Met Inventory:
San Fernando Valley Condo Market Statistics Comparison
August 2023
# of Active Listings
274 (Up 4.5% from July 23)
# of Property Going Under Contract
103 (Down 4% from July 23)
# of Escrows Closed
171 (Up 36% from July 23)
Median List Price
$615,000 (Up 0.8% from July 23)
Median Sale Price
$568,700 (Down 7% from July 23)