SoCal Multifamily Sales Pulse - April 19, 2021 - April 25, 2021
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
Brisk Job Recovery, Hiring
Expansion Continues In California
California’s labor market continued to expand at a rapid pace in March, with total nonfarm employment growing by 119,600 positions. And with the state’s decline in new COVID-19 cases and the accelerated rollout of vaccines, the worst effects of the pandemic-driven economic fallout seem to be in the past. As long as the virus remains under control, the state’s labor markets should expand at a healthy pace in the coming months.
In March 2021, there were 1.53 million fewer people employed in California than in February 2020.
California’s unemployment rate declined to 8.3 percent in March but remains elevated relative to the 6 percent rate in the United States overall.
Orange County
Orange County multifamily saw a slight increase in Closed Sales Last Week with 17 closed sales. That's slightly up from the prior two weeks where there were approx. 13-14 Closed Sales. Closed Sales - Average Days on Market remained low at just 33 days. Transaction sales pice was down slightly to $1,282,494 from $1,562,769 last week. There was a strong increase in Active Under Contract listings last week with 17, which shows investor demand and sales activity should remain consistent in the near future.
Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version
Long Beach
Long Beach multifamily sales were up slightly but remained consistent with prior weeks with 12 Closed Sales Last Week. Of the Closed Sales Last Week 3 transactions were financed with FHA financing, 1 transaction was financed with VA financing and 1 transaction was financed with Cal Vet financing. There were just 7 New Listings Last Week but the Total Number of Active Listings was up overall with 109 Total Active Listings.
Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version
Los Angeles County
Los Angeles County multifamily saw an increase in Closed Sales Last Week to 87 closed sales, which is pretty consistent with most prior weeks. New inventory coming to market was at a recent low mark with just 113 New Listings Last Week. But overall inventory levels increased to 1,691 Total Number of Active Listings.
Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version
San Diego County
San Diego County multifamily sales were normal with 16 Closed Sales Last Week. Transactions Sold At or Above Asking Price was also normal with 10 of the 16 transactions selling At or Above Asking Price. Of the Financed Transactions Last Week there were 2 FHA financed transactions. The inventory stats were all consistent with prior weeks so not much of a change there. Although 21 New Listings Last Week is typically high, it was the same amount of new listings as the prior week, but inflated in comparison to most weeks in the past.
Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version
Riverside County
Most Riverside County multifamily stats remained consistent with prior weeks with 7 Closed Sales Last Week. Closed Sales - Average Days on Market was slightly lower than the prior week at just 21 days. Months of Inventory and Total Number of Active Listings also held steady at recent prior week levels.
Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version
San Bernardino County
San Bernardino County/Inland Empire multifamily sales again remained in double figures with 10 Closed Sales Last Week. The Closed Sales - Average Days on Market was at a recent low of just 22 days. Almost half (5) of the Closed Sales were purchased All Cash. Out of the 11 closed sales, there were 6 Transactions Sold At or Above Asking Price. With 16 New Listings Last Week, the Total Number of Active Listings increased to 132 listings.
Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version
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