SoCal Multifamily Sales Pulse - April 5, 2021 - April 11, 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
Seller’s Market Continues to Flourish
The deepening imbalance between supply and demand continues to persist. This imbalance between low volume and high demand is lining the pockets of sellers nationwide. The extreme supply shortage continues to put upward pressure on prices–a more favorable environment for sellers–and we expect this trend to continue over the coming months. Looking further ahead, however, rising mortgage rates could cool future price growth, as potential buyers continue to get priced out of the market.
Orange County
Orange County multifamily sales activity continued to hum along with 13 Closed Sales Last Week. Closed Sales - Average Days on Market was at a low of just 33 days on market and over half the closed sales selling at or above list price. There were just 3 New Listings Last Week dropping inventory levels below 150 Total Number of Active Listings. Without a steady flow of new listings, the Months of Inventory and Absorption Rate may drop further as we move through spring and into the summer.
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 Closed Sales were strong with 14 Closed Sales Last Week and almost half of those Closed Sales selling At or Above the Asking Price. There were 15 New Listings Last Week but with the number of listings moving to Active Under Contract or Pending status there was a net loss of listings from the prior week.
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 was at 85 Closed Sales Last Week. The Closed Sales - Average Days on Market stat dropped again to just 45 Average Days on Market. Of the Closed Sales Last Week there were 35 Transactions Sold At or Above Asking Price. The total inventory remained steady with 143 New Listings Last Week and Months of Inventory remained at 10 months. Listings moving to Active Under Contract and Pending remained strong as expected.
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 Closed Sales Last Week remained steady with 15 Closed Sales Last Week. Closed Sales - Average Days on Market was also consistent with prior months at just 32 Average Days on Market. New Listings Last Week was less than half of the normal amount with just 10 New Listings Last Week as Total Number of Active Listings fell to just 142 Active Listings. San Diego County multifamily is another market that without new listings coming to market we can expect the activity for current listings to remain competitive.
Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version
Riverside County
There were just 6 Riverside County multifamily Closed Sales Last Week. This less than half of the typical Closed Sales for prior weeks. With the Average Days on Market of the Closed Sales Last Week at just 15 days and with 5 of the 6 Transactions Selling At Or Above Asking Price the Riverside multifamily market is on fire. The Total Number of Active Listings fell to just 81 listings. Without new listings coming to market expect the activity for current listings to remain competitive.
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 multifamily Closed Sales remained steady with 11 Closed Sales Last Week. The Closed Sales - Average Days on Market was also consistent at just 48 Average Days on Market. Investor competition subsided slightly with just 3 Transactions Selling At Or Above Asking Price. The Total Number of Active Listings increased slightly to 128 Active Listings and the Active Listings, Dollar Volume increased to $190,717,663.
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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