Hello Friends and Neighbors!
December sales activity in the Met was on the slow side for the fourth consecutive month with only 3 units sold in the community in December. There were a few units that went in and out of escrow multiple times which I believe is due to financing issues within the complex. We’re also starting to see an increase in price reductions for 1 bedroom units in the complex and some units are being pulled off the market to become rentals now because of the difficulty selling. The larger units are getting more activity and we are still seeing values for the larger units hold up while the 1 bedroom units are starting to soften.
There was a sale for a 2 bedroom unit in building 10 that sold for $400,000 which is a head scratcher as it is sold very low. It seems like it was a fixer unit as it was a long term rental.
We are starting to get a sense of optimism from buyers as we come into next year. It’ll be interesting to see if that has a positive effect on our market in 2025.
There are definitely some challenges in selling properties at the Met and it’s more important now to work with an agent that has experience selling in the complex.
Year over Year Met Sales Comparison
2024 YTD Sales Totals vs 2023 vs 2022 (As of 12/31/24)
2024 YTD Met Sales:
50
2023 Met Sales (1/1/23-12/31/23):
30
2022 Met Sales (1/1/22-12/31/22):
73
Feel free to reach out for more details about the market conditions and my knowledge on any units. In this more challenging market, having an area specialist on your side is now more important than ever.
Property values in the Met are highly dependent on their location and interior upgrades. Feel free to contact me if you have any questions about how the market is doing and what your unit could potentially fetch in today’s market.
Rental Activity Update:
We get asked about rental activity at the Met quite often so we’ve added additional information to our updates that may be of interest. We are starting a decreased number of units in the complex for rent. We are still keeping an eye on what some of these units rent for to see what direction the rents are going in the complex. Please let us know if you have any questions about the rental or sale market.
What are units renting for at the Met (2024-PRESENT)?*
| Unit Type | Average Rents ($/MO) |
|---|---|
| 1 Bedroom | $2,234/Mo |
| 1 Bedroom PLUS Den/Loft | $2,490/Mo |
| 2 Bedroom | $2,804/Mo |
| 2 Bedroom PLUS Loft/3 Bedroom | $3,192/Mo |
*Statistics reported from MLS
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:
15 Active Listings
2 Listings in Escrow
Link to Current Met Inventory:
MONTHLY MET WOODLAND HILLS SALES ACTIVITY
2024 Total
| MONTH | # OF NEW LISTINGS | # OF LISTINGS IN ESCROW | # OF LISTINGS CLOSED ESCROW |
| DECEMBER | 3 | 4 | 3 |
| NOVEMBER | 6 | 3 | 4 |
| OCTOBER | 7 | 3 | 3 |
| SEPTEMBER | 6 | 4 | 3 |
| AUGUST | 8 | 4 | 7 |
| JULY | 6 | 2 | 4 |
| JUNE | 6 | 6 | 3 |
| MAY | 10 | 7 | 2 |
| APRIL | 10 | 7 | 12 |
| MARCH | 8 | 10 | 5 |
| FEBRUARY | 5 | 1 | 1 |
| JANUARY | 8 | 5 | 3 |
DECEMBER 2024 Met Closed Sales
| ADDRESS | SALE PRICE | BR/BA | Sqft | DAYS ON MARKET | SALE DATE | |
| 5540 | Owensmouth AVE #105 | $400,000 | 2/2 | 920 | 0 | 12/18/24 |
| 5500 | Owensmouth AVE #125 | $479,000 | 2/2, | 920 | 18 | 12/18/24 |
| 5550 | Owensmouth AVE #205 | $515,000 | 2/2 | 920 | 39 | 12/6/24 |
San Fernando Valley Condo Market Statistics Comparison
DECEMBER 2024
# of Active Listings
411 (Down ~13.9% from November)
# of Properties Going Under Contract
83 (Up ~2.4% from November)
# of Escrows Closed
133 (Equal to November)
Median List Price
$599,900 (Down ~1.7% from November)
Median Sale Price
$585,000 (Up ~2.6% from November)
Latest Customer Testimonial:
“Both Kevin’s did an incredible job helping us sell our property. They kept us updated on any activity with potential buyers, always told us about other activity in the area, and helped price the house fairly so it would sell. I would highly recommend them both. “
Lynne., Helped Her Mother Seller Her Long Time Home on 5711 Owensmouth #112
Always At Your Service,
Kevin McDonald & Kevin Godley
The 818 Life
Realtor & Met Woodland Hills Homeowner
Pinnacle Estate Properties
818-256-7514
Lic# 01810388/01216088
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 12/31/2024 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.