SoCal Multifamily Sales Pulse -August 15, 2021 - August 21, 2021
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Here's What's Happening In The Market, Here’s What This Means For You
Orange County multifamily had 7 Closed Sales Last Week. This is quite low for Orange County as it usually averages around 12-16 closed sales per week. The Closed Sales - Average Days on Market was just 11 days and all of last weeks closed sales were on the market for 24 days or less. If we look at the overall trend for days on market in Orange County the trend has been fewer days on market for the last 3-4 months.
One sale of note was a 4 plex located at 2620 England St. in Huntington Beach. This 4 plex was well maintained and consisted of all 2 bedroom 1 bath units. The property was on the market for just 5 days. The property was listed at $1,850,000 and sold for $1,830,000.
Listing inventory for Orange County saw 11 New Listings Last Week. This is less than normal as Orange County typically averages around 13-16 new listings each week.
Months of Inventory remained the same at 4 months and the Total Number of Active Listings dropped below 150 for the first time in a couple of months.
Long Beach multifamily had 14 Closed Sales Last Week. This is about average for weekly closed sales for Long Beach. Closed Sales - Average Days on Market was also about normal at 42 days as you can see by looking at the 3-year trend chart for Days to Sell, Average.
Looking at the Number of Sales Per Month the trend has been fewer sales per month over the last 3 months.
One sale of note was a 4 plex located at 440 E. San Antonio Dr. The property is located in the highly desirable area of Bixby Knolls. Bult in 1970 the units consisted of one 3 bedroom 2 bath and three 2 bedroom 1.5 baths. This unit mix is very similar to the Covington style 4 plex’s located throughout Orange County. Rents were a little on the low side and could probably be increased by about 10-15%.
There were 8 New Listings Last Week in Long Beach. Overall, inventory levels stayed below 100 again last week with 96 Total Number of Active Listings and Months of Inventory remained at 5 months.
Los Angeles County
Los Angeles County multifamily had 80 Closed Sales Last Week. This is a little on the low side for weekly closed sales for Los Angeles County. 40 of the 80 Closed Sales Last Week were duplexes. Closed Sales - Average Days on Market was 34 days, which is about average. Most of last week’s sales occurred in 20 days or less. So, if you have a property on the market for more than 20 days in LA County you’ve probably priced it too high. 43 out of the 80 closed sales Sold At or Above Asking Price. That’s just over half of all the closed sales selling at or above the original asking price.
LA County has seen the trend for total Number of Closed Sales increase 4 out of the last 5 months. The Days to Sell Average has seen a significant overall drop since December 2020 while the Number of Active Listings has remained pretty steady during the same time period.
All the listings inventory stats were pretty typical for Los Angeles County with 147 New Listings Last Week, Months of Inventory remained at 10 months and 1,787 Total Number of Active Listings.
San Diego County
San Diego County multifamily had 16 Closed Sales Last Week, which is about average for San Diego County. 10 of the 16 Closed Sales Last Week were duplexes. The Closed Sales - Average Days on Market was just 14 days which was the same as the prior week. Half of last week's closed sales sold in less than 8 days. The Days to Sell Average in San Diego County has been on a downward trend since about May of 2020.
One sale of note was a 4 plex located at 4582 Acacia Ave. in La Mesa that was listed at $1,250,000 and sold for $1,450,000 all cash in 7 days. Based on the photos the property looked to be in average condition. The units were all 2 bedroom 1 bath and had an upside in rents of around $300 per unit.
There were 24 New Listings Last Week which is about normal. But the total inventory dropped back down below 200 listings after being above 200 listings for 4 of the last 5 weeks. Months of Inventory remained the same at 15 months.
Riverside-San Bernardino Boasts Lowest Apartment Vacancy in US. That's the headline in a recent GlobeSt.com article. The projection is strong demand will likely fuel double-digit rent growth at 11.4%.
Riverside County multifamily had just 3 Closed Sales Last Week. That’s probably an all-time low for weekly closed sales for Riverside County. The previous low was 4 closed sales four weeks ago. The trend of Number of Sales monthly had been increasing in the prior 4 months but was down significantly last month. This is most likely because the Riverside-San Bernardino County area boasts the lowest vacancy rates in the US and most owners aren’t selling right now.
With 9 New Listings Last Week the Total Number of Active Listings increased to 109 listings. Months of Inventory remained at 3 months.
San Bernardino County
San Bernardino County multifamily had 8 Closed Sales Last Week. This is a little on the low side for weekly closed sales in San Bernardino County. The last 5 months have seen an up and down market for total number of monthly sales.
The Closed Sales - Average Days on Market was about normal at 29 days. The trend for Average Days on Market has been trending down for 4 of the last 5 months.
There were 16 New Listings Last Week and the Total Number of Active Listings remained in the 140-150 range with 149 total active listings. Months of Inventory remained at 9 months.