So Cal Multifamily Sales Pulse - April 14, 2024 - April 20, 2024

Disclaimer: All information contained herein is obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only. We make no claim(s) as to the accuracy or reliability of the information presented. If you wish for us to analyze your specific property or situation please feel free to call or email us anytime.


Here's What's Happening In The Market, Here’s What This Means For You

Luxury Multifamily Rent Growth Weakest in Recent Memory
Asking rent growth for upscale four and five-star-rated apartments plunged from 11.8% year over year.

Investors Take Record High of Home Purchases
The main reason is fewer purchases by non-investors, driving the investor share up.

Homebuying Revival? What Southern California’s One Month Of Record Sales, Price Jumps Means
Still, this was the third-slowest-selling February since 1988 — and 27% below average

Prime Multifamily Cap Rates Show Improvement
In some markets the going-in rate is now higher than the exit.

Apartment Demand More Than Doubled in Q1
The spike indicates a return to “seasonal” demand.

More Renters Give Up on Home Ownership
“The typical downpayment is near $60,000,” said Redfin’s chief economist Daryl Fairweather.

Growing Inventory Fuels Southern California Home And Condo Sales
Markets absorb ULA and mortgage shocks, boding well for multifamily investment

Higher For Longer Is Official Now
“The recent data have clearly not given us greater confidence."

What Will Happen To Mortgage Rates After The Fed's April Meeting? Expert Predictions Vary
Expert mortgage rate predictions vary somewhat, but the general consensus seems to be that there won't be dramatic decreases in the near future.

CRE Delinquencies Flat Overall in Q1, But Office Late-Pays Continue Rising
Industrial delinquencies were up by 30 bps to 1.2%. Retail delinquencies declined 30 bps to 4.7%, while those for multifamily were unchanged at 1.2%.

Moody's: There Will Be Rate Cut of Up to 75 BPS This Year
Fed knows shelter inflation rate is skewed by owner's equivalent rent, GlobeSt. Spring Net Lease conference keynoter says.

Commercial Foreclosures Up 117% Year Over Year
ATTOM's March report also shows a 6% increase from last month.

The Fed Backpedals the Rate Cut Happy Talk
Recent economic developments have clashed with the idea of unstopped success in taming inflation and, as a result, lower interest rates.

U.S. Commercial Foreclosures Increase in March 2024
States with the Most Commercial Foreclosures in March 2024 Included California, New York and Florida

US Regional Banks Seen Booking More Commercial Property Losses, Loan Sales
There's a much more dramatic drop in values than what the market estimated in 2023.

Wall Street Pushes Out Rate-Cut Expectations, Sees Risk They Don’t Start Until March 2025
Hope remains that the inflation data turns lower in the next few months and gives the Fed room to ease.

U.S. CRE Price Declines Continue Deceleration in March
In the current high interest rate environment, certain property sectors with stronger fundamentals have outperformed others.

Economist: Fed's Rate Cuts Won't Come Until July
Inflation in some categories along with the strength of the labor market is causing the FOMC to be patient.


If you're looking for currently available multifamily properties visit:
https://www.mikelembeck.com/search-the-mls
for access to all available multifamily listings throughout Southern California.

Orange County

Live MLS Link expires in 30 days after published

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Orange County Closed Sales - MikeLembeck.com

Avg. Cap Rate: 4.44%
Avg. Gross Rent Multiplier: 14.74
4
Closed Sales Last Week
27
Closed Sales - Average Days on Market
$1,376,000
Closed Sales - Average Sales Price
0
Transactions Sold At or Above Asking Price
4
Financed Transactions Last Week
0
All Cash Transactions Last Week
4
2-4 Unit Transactions Last Week
0
5+ Unit Transactions Last Week

11
New Listings Last Week
6
Months of Inventory
222
Total Number of Active Listings
$715,504,264
Active Listings, Dollar Volume
9
Active Under Contract Last Week
4
Pending Listings Last Week
1
Expired Listings Last Week

Long Beach

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Long Beach Closed Sales - MikeLembeck.com

Avg. Cap Rate: 4.63%
Avg. Gross Rent Multiplier: 14.13
4
Closed Sales Last Week
68
Closed Sales - Average Days on Market
$1,611,250
Closed Sales - Average Sales Price
1
Transactions Sold At or Above Asking Price
1
Financed Transactions Last Week
3
All Cash Transactions Last Week
3
2-4 Unit Transactions Last Week
1
5+ Unit Transactions Last Week

14
New Listings Last Week
8
Months of Inventory
126
Total Number of Active Listings
$406,064,670
Active Listings, Dollar Volume
3
Active Under Contract Last Week
4
Pending Listings Last Week
1
Expired Listings Last Week

Los Angeles County

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Los Angeles County Closed Sales - MikeLembeck.com

Avg. Cap Rate: 4.63%
Avg. Gross Rent Multiplier: 14.13
50
Closed Sales Last Week
46
Closed Sales - Average Days on Market
$1,332,828
Closed Sales - Average Sales Price
20
Transactions Sold At or Above Asking Price
41
2-4 Unit Transactions Last Week
9
5+ Unit Transactions Last Week

137
New Listings Last Week
25
Months of Inventory
1,980
Total Number of Active Listings
$13,507,179,552
Active Listings, Dollar Volume
33
Active Under Contract Last Week
31
Pending Listings Last Week
23
Expired Listings Last Week

San Diego County

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San Diego County Closed Sales - MikeLembeck.com

Avg. Cap Rate: 4.67%
Avg. Gross Rent Multiplier: 14.34
7
Closed Sales Last Week
76
Closed Sales - Average Days on Market
$1,081,143
Closed Sales - Average Sales Price
2
Transactions Sold At or Above Asking Price
5
Financed Transactions Last Week
2
All Cash Transactions Last Week
7
2-4 Unit Transactions Last Week
0
5+ Unit Transactions Last Week

21
New Listings Last Week
7
Months of Inventory
208
Total Number of Active Listings
$115,548,196
Active Listings, Dollar Volume
1
Active Under Contract Last Week
13
Pending Listings Last Week
6
Expired Listings Last Week

Riverside County

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Riverside County Closed Sales - MikeLembeck.com

Avg. Cap Rate: 5.6%
Avg. Gross Rent Multiplier: 12.09
2
Closed Sales Last Week
138
Closed Sales - Average Days on Market
$877,500
Closed Sales - Average Sales Price
0
Transactions Sold At or Above Asking Price
1
Financed Transactions Last Week
1
All Cash Transactions Last Week
1
2-4 Unit Transactions Last Week
1
5+ Unit Transactions Last Week

7
New Listings Last Week
17
Months of Inventory
95
Total Number of Active Listings
$372,772,545
Active Listings, Dollar Volume
1
Active Under Contract Last Week
1
Pending Listings Last Week
0
Expired Listings Last Week

San Bernardino County

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Live MLS Link PDF Link

San Bernardino County Closed Sales - MikeLembeck.com

Avg. Cap Rate: 6.39%
Avg. Gross Rent Multiplier: 9.63
5
Closed Sales Last Week
39
Closed Sales - Average Days on Market
$544,600
Closed Sales - Average Sales Price
3
Transactions Sold At or Above Asking Price
4
Financed Transactions Last Week
1
All Cash Transactions Last Week
5
2-4 Unit Transactions Last Week
0
5+ Unit Transactions Last Week

15
New Listings Last Week
36
Months of Inventory
160
Total Number of Active Listings
$302,010,460
Active Listings, Dollar Volume
2
Active Under Contract Last Week
2
Pending Listings Last Week
4
Expired Listings Last Week

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