June Met Real Estate Update...Hope You Are Having a Great Summer!
Kevin Mcdonald the Realtor 818-256-7514
Hello Friends and Neighbors!
The June sales activity in the Met featured lower sales numbers, but some very strong sales. The strongest for the month being a top floor 2 bedroom that sold for $596k and a 1st floor 1 bedroom unit that sold for $450k which would be near the top pricing for each respective floor plan. It’s interesting to see the variation in pricing between floor plans. For example, for 1 bedroom units, we have one sale this month at $415k and one at $450k. For 2 bedroom units, we have one at $545k and one at $596k.
Current inventory in the Met is starting to rise. I am watching how quickly the newer inventory sells in light of the recent interest rate rise and the overall sentiment of the housing market as reported by the media.
Our current listings have garnered multiple showings and interest right away as well. We have a freeway facing unit in escrow for a record price that we are excited to share once the sale is complete.
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.
Consumer Sentiment
Consumer sentiment about the housing market has definitely decreased and articles regarding the market crashing or bad time to buy are very common. In speaking with agents and home buyers on a daily basis, I am sensing a lot more fear from consumers in conversations.
Articles like this from the LA Times are much more common:
https://www.latimes.com/business/story/2022-06-30/southern-california-home-prices-decline-recession
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.
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.
What are units renting for at the Met (2022-PRESENT)?*
Unit Type
Average Rents ($/MO)
1 Bedroom
$2,136/Mo
1 Bedroom PLUS Den/Loft
$2,475/Mo
2 Bedroom
$2,693/Mo
2 Bedroom PLUS Loft/3 Bedroom
$3,383/Mo
*Statistics reported from MLS
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:
7 Active Listings
5 Listings in Escrow
Link to Current Met Inventory:
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 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 7/1/2022 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.