So Cal Multifamily Sales Pulse - December 24, 2023 - December 30, 2023

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

Freddie Mac Outlook for 2024: Moderate Growth
Highlights of the forecast include an uptick in average rent and as much as $380 million in deal volume.

CRE Credit Trends to Deteriorate Through 2025
Office properties will do worst, but weakening will extend across retail, hotel, multifamily, and industrial sectors.

Office Asking Rents Will Decrease 3% to 4% in 2024
Class A office effective rents have fallen 1.2% since 2022.

Interest Rates: 2024’s Biggest Unknown
Where will the Fed take interest rates next year?

Home Prices Overvalued in 88% of the U.S.
Fitch Ratings expects the overvaluation to continue given increasing home prices.

US Commercial Real Estate Deterioration to Increase in 2024, Led by Office
Credit trends in commercial real estate (CRE) loans are expected to continue to deteriorate through 2025 for commercial mortgage backed securities (CMBS), U.S. banks and life insurers, but losses should remain within ratings sensitivities.

2024 Updates To No-Fault Just Cause Eviction Procedures
This article covers legal updates to the 60-Day Notice to Vacate Under a No-Fault Termination, used by landlords to conduct a no-fault just cause eviction.

Here Is Another Trend Driving Housing Prices
Many out-of-town home buyers have significantly higher incomes than local residents.

CRE Prices Continue to Decline
But if prices are falling and transaction volume is measured in dollars, could it be that markets are in better shape than it has seemed?

Is the Fed Right About a Smooth Landing?
The big lesson is to be careful about when you’re sure you’re right because there may be ruts in the road.

Optimism for the 2024 Multifamily Market
Recent signals from FHFA and the Federal Reserve may point to increased transaction volume.

State Farm Raising California Homeowner Policies By 20% In 2024
Department of Insurance OK’s rate hike for state’s largest insurance holder

Mortgage Rates End 2023 In A Downward Spiral
The 30-year fixed-rate mortgage averaged 6.61% as of Dec. 28, down from last week when it averaged 6.67%. A year ago at this time, it averaged 6.42%.


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

Live MLS Link PDF Link

Orange County Closed Sales - MikeLembeck.com

Avg. Cap Rate: 4.47%
Avg. Gross Rent Multiplier: 14.63
6
Closed Sales Last Week
32
Closed Sales - Average Days on Market
$2,383,333
Closed Sales - Average Sales Price
1
Transactions Sold At or Above Asking Price
2
Financed Transactions Last Week
4
All Cash Transactions Last Week
5
2-4 Unit Transactions Last Week
1
5+ Unit Transactions Last Week

3
New Listings Last Week
6
Months of Inventory
147
Total Number of Active Listings
$677,231,121
Active Listings, Dollar Volume
7
Active Under Contract Last Week
1
Pending Listings Last Week
1
Expired Listings Last Week

Long Beach

Live MLS Link expires in 30 days after published

Live MLS Link PDF Link

Long Beach Closed Sales - MikeLembeck.com

Avg. Cap Rate: 4.63%
Avg. Gross Rent Multiplier: 14.24
2
Closed Sales Last Week
104
Closed Sales - Average Days on Market
$901,250
Closed Sales - Average Sales Price
0
Transactions Sold At or Above Asking Price
2
Financed Transactions Last Week
0
All Cash Transactions Last Week
1
2-4 Unit Transactions Last Week
1
5+ Unit Transactions Last Week

2
New Listings Last Week
10
Months of Inventory
121
Total Number of Active Listings
$381,492,483
Active Listings, Dollar Volume
1
Active Under Contract Last Week
1
Pending Listings Last Week
0
Expired Listings Last Week

Los Angeles County

Live MLS Link expires in 30 days after published

Live MLS Link PDF Link

Los Angeles County Closed Sales - MikeLembeck.com

Avg. Cap Rate: 4.63%
Avg. Gross Rent Multiplier: 14.24
56
Closed Sales Last Week
57
Closed Sales - Average Days on Market
$2,034,313
Closed Sales - Average Sales Price
21
Transactions Sold At or Above Asking Price
43
2-4 Unit Transactions Last Week
13
5+ Unit Transactions Last Week

22
New Listings Last Week
20
Months of Inventory
1,717
Total Number of Active Listings
$13,381,533,927
Active Listings, Dollar Volume
16
Active Under Contract Last Week
20
Pending Listings Last Week
42
Expired Listings Last Week

San Diego County

Live MLS Link expires in 30 days after published

Live MLS Link PDF Link

San Diego County Closed Sales - MikeLembeck.com

Avg. Cap Rate: 4.66%
Avg. Gross Rent Multiplier: 14.41
7
Closed Sales Last Week
25
Closed Sales - Average Days on Market
$1,798,526
Closed Sales - Average Sales Price
3
Transactions Sold At or Above Asking Price
7
Financed Transactions Last Week
0
All Cash Transactions Last Week
6
2-4 Unit Transactions Last Week
1
5+ Unit Transactions Last Week

9
New Listings Last Week
11
Months of Inventory
192
Total Number of Active Listings
$84,992,446
Active Listings, Dollar Volume
1
Active Under Contract Last Week
6
Pending Listings Last Week
10
Expired Listings Last Week

Riverside County

Live MLS Link expires in 30 days after published

Live MLS Link PDF Link

Riverside County Closed Sales - MikeLembeck.com

Avg. Cap Rate: 5.6%
Avg. Gross Rent Multiplier: 10.67
7
Closed Sales Last Week
90
Closed Sales - Average Days on Market
$1,302,000
Closed Sales - Average Sales Price
1
Transactions Sold At or Above Asking Price
4
Financed Transactions Last Week
3
All Cash Transactions Last Week
5
2-4 Unit Transactions Last Week
2
5+ Unit Transactions Last Week

4
New Listings Last Week
37
Months of Inventory
106
Total Number of Active Listings
$414,352,741
Active Listings, Dollar Volume
3
Active Under Contract Last Week
0
Pending Listings Last Week
4
Expired Listings Last Week

San Bernardino County

Live MLS Link expires in 30 days after published

Live MLS Link PDF Link

San Bernardino County Closed Sales - MikeLembeck.com

Avg. Cap Rate: 6.37%
Avg. Gross Rent Multiplier: 10.67
5
Closed Sales Last Week
27
Closed Sales - Average Days on Market
$876,500
Closed Sales - Average Sales Price
2
Transactions Sold At or Above Asking Price
5
Financed Transactions Last Week
0
All Cash Transactions Last Week
4
2-4 Unit Transactions Last Week
1
5+ Unit Transactions Last Week

2
New Listings Last Week
24
Months of Inventory
117
Total Number of Active Listings
$284,129,065
Active Listings, Dollar Volume
0
Active Under Contract Last Week
1
Pending Listings Last Week
3
Expired Listings Last Week

<< Back


Comments

No comments.

Register here or Login here to be able to add comment.