April was a very busy month for the Woodland Hills condo/townhouse market with sales totals this month being the highest since March 2022. We also had increasing amounts of new inventory and listings going under contract. It seems that inventory constraints are more of an issue holding back sales as buyers are seemingly convinced that mortgage interest rates are not going to make significant changes. We recently listed a 3BR unit in Warner Village that sold for full price in less than a week on the market.
3 bedroom units of any condition are the hottest part of the townhouse market, but inventory is still low which makes anything that is priced right a hot commodity. It seems the condo market has started to heat up as more house buyers that are getting priced out are joining the market and looking for condos and townhouses instead.
If you find yourself in the position where you are not sure if you should sell, rent or keep your home/investment property, please call me for a free, no obligation strategy session. There are upcoming changes coming into effect this year that may affect some CA landlords.
Year over Year Woodland Hills Condo/Townhouse Sales Comparison
2024 YTD Sales Totals vs 2023 (As of 4/30/24)
2024 YTD WHLL Condo/Townhouse Sales:
56
2023 WHLL Condo/Townhouse Sales (1/1/23-4/30/23):
31
2022 WHLL Condo/Townhouse Sales (1/1/22-4/30/22):
70
I’m still seeing the majority of landlord owners I speak to are still opting to sell instead of re-rent out their units as many feel that taking their equity into another investment makes more sense than the risks and work of being a landlord in today’s climate. Please feel free to reach out if you are interested in getting an idea of what your property could potentially be worth and see if exploring a sale is in your best interest.
Thinking About Buying?
The environment for buyers looks to have improved a little bit as we were able to get multiple buyers in escrow that needed to sell their units first which was something that was much more difficult to do in prior months without really overbidding on a property. Feel free to reach out if you have any questions about current buying conditions.
I’d recommend anyone who has their unit as a rental property 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. I can also advise on what improvements can net you the best ROI when it comes time to sell.
Woodland Hills Condo/Townhouse Inventory Level Today:
18 Active Listings
15 Listings in Escrow
Link to Current Inventory and Properties in Escrow:
Current Woodland Hills Condo/Townhouse Inventory
2024 TOTALS
| MONTH | # OF NEW LISTINGS | # OF LISTINGS IN ESCROW | # OF CLOSED ESCROWS |
|---|---|---|---|
| APRIL | 17 | 17 | 21 |
| MARCH | 22 | 21 | 16 |
| FEBRUARY | 15 | 12 | 8 |
| JANUARY | 16 | 14 | 9 |
APRIL Woodland Hills Condos/Townhouses Sold:
| ADDRESS | SALE PRICE | $/SQFT | BR/BA | SQFT | DAYS ON MARKET | SALE DATE | |
| 5550 | Owensmouth AVE #119 | $440,000 | $721.31 | 1/1 | 610 | 8 | 4/26/24 |
| 5550 | Owensmouth AVE #204 | $542,500 | $589.67 | 2/2 | 920 | 4 | 4/26/24 |
| 21550 | Burbank BLVD #215 | $415,000 | $680.33 | 1/1 | 610 | 165 | 4/25/24 |
| 5711 | Owensmouth AVE #119 | $906,500 | $502.49 | 3/3 | 1804 | 9 | 4/24/24 |
| 5525 | Canoga AVE #302 | $625,000 | $571.43 | 2/2 | 1050 | 9 | 4/23/24 |
| 5711 | Owensmouth AVE #127 | $875,000 | $441.47 | 3/3 | 1982 | 3 | 4/23/24 |
| 6242 | Shoup AVE #16 | $760,500 | $528.95 | 2/2 | 1416 | 15 | 4/22/24 |
| 22243 | 1/4 Erwin St. | $775,000 | $510.20 | 2/3 | 1519 | 36 | 4/19/24 |
| 5540 | Owensmouth AVE #221 | $430,000 | $704.92 | 1/1 | 610 | 22 | 4/18/24 |
| 5530 | Owensmouth AVE #218 | $382,500 | $627.05 | 1/1 | 610 | 39 | 4/17/24 |
| 21930 | Marylee ST #101 | $712,500 | $445.31 | 3/3 | 1600 | 6 | 4/15/24 |
| 5510 | Owensmouth AVE #221 | $572,000 | $560.78 | 3/2 | 1020 | 24 | 4/12/24 |
| 5720 | Owensmouth AVE #143 | $720,000 | $570.07 | 2/3 | 1263 | 7 | 4/12/24 |
| 5565 | Canoga AVE #303 | $440,000 | $721.31 | 1/1 | 610 | 2 | 4/11/24 |
| 20950 | Oxnard ST #27 | $879,000 | $405.82 | 3/3 | 2166 | 8 | 4/11/24 |
| 5500 | Owensmouth AVE #208 | $375,000 | $614.75 | 1/1 | 610 | 14 | 4/10/24 |
| 5535 | Canoga AVE #315 | $542,000 | $602.22 | 2/2 | 900 | 8 | 4/10/24 |
| 5530 | Owensmouth AVE #315 | $440,000 | $594.59 | 1/1 | 740 | 75 | 4/5/24 |
| 5525 | Canoga AVE #319 | $585,000 | $517.70 | 3/2 | 1130 | 61 | 4/5/24 |
| 20950 | Oxnard ST #3 | $825,000 | $427.46 | 2/3 | 1930 | 15 | 4/5/24 |
| 21535 | Erwin ST #131 | $663,000 | $534.68 | 2/2 | 1240 | 25 | 4/1/24 |
San Fernando Valley Condo Market Statistics Comparison
March 2024
# of Active Listings
312 (Down ~5.2% from February)
# of Properties Going Under Contract
105 (Down ~22% from February)
# of Escrows Closed
141 (Up ~3.6% from February)
Median List Price
$625,000 (Down ~2.2% from February)
Median Sale Price
$619,900 (Down ~1.5% from February)
Latest Customer Testimonial:
I highly recommend Kevin McDonald as a real estate agent. He successfully sold my condo for more than the list price during uncertain times. Kevin is experienced, well-prepared, and professional, with a skillful approach to negotiation that truly sets him apart. He navigated the complexities of the market with ease, ensuring a successful transaction.
-Anne D., Sold 2 Bedroom Woodland Hills Condo with Kevin & Kevin in March 2024.
At Your Service,
Kevin McDonald & Kevin Godley
The 818 Life
Realtor
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 “Woodland Hills” as of 4/30/2024 reported through the Southland Regional Association of Realtors multiple listing service. Not all listed homes are represented by Kevin Mcdonald, Kevin Godley and Pinnacle Estate Properties.