SoCal Multifamily Sales Pulse -July 11, 2021 - July 17, 2021
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Here's What's Happening In The Market, Here’s What This Means For You
Orange County multifamily had a total of 10 Closed Sales Last Week. This is down from the prior 2 weeks when there were 12 and 16 closed sales. Closed Sales - Average Days on Market was down to just 19 days.
The majority of the Closed Sales Last Week were again in mostly coastal/beach cities. There were two closed sales in San Clemente, two 4 plex sales in Costa Mesa and two 4 plex sales in Huntington Beach.
There were 20 New Listings Last Week. This is a high point for new listings not seen in quite a while. Months of Inventory remained at 3 months while the Total Number of Active Listings was up at 163 listings. Single-family homes have been seeing an uptick in inventory the last few weeks. Perhaps it’s also affecting multifamily properties.
Long Beach multifamily had 6 Closed Sales Last Week. Matching the low point in closed sales from 3 weeks ago. Four of the six closed sales were duplexes. And four of the six closed sales were Transactions Sold At or Above Asking Price. Closed Sales - Average Days on Market was down to just 15 days. The closed sales that were on the market the fewest days were also the ones that Sold At or Above the Asking Price.
Both Total Number of Active Listings and Months of Inventory stats were pretty consistent with prior weeks. The lack of listings, in general, is probably contributing to the lower number of sales in comparison to both Orange and Los Angeles County.
Los Angeles County
There were 93 Los Angeles County multifamily Closed Sales Last Week. This is down from 111 multifamily closed sales in the prior week. 93 closed sales are more of the norm for Los Angeles County. 51 of the 92 closed sales were 2 or 3 unit buildings. Closed Sales - Average Days on Market was consistent with most prior weeks at 37 days.
With 1,769 Total Number of Active Listings inventory levels reached a high point for the last few weeks. Active Listings, Dollar Volume continued to creep up and is now at $8,314,999,576.
San Diego County
With 13 Closed Sales Last Week San Diego County multifamily moved up in total closed sales but this stat is lagging from spring and earlier this summer. 10 of the 13 Closed Sales Last Week were Transactions that Sold At or Above Asking Price. But there was only 1 All Cash Transaction Last Week.
With 24 New Listings Last Week the inventory remained in the same range of 195 to 210 Total Number of Active Listings as it has been in the past few weeks. Months of Inventory remained at 12 months.
Riverside County had just 4 Closed Sales Last Week. This is lower than the 5 closed sales that occurred just 2 weeks ago. At the time that figure was the lowest number of Closed Sales we had seen in quite a while. There was an increase in Average Days on Market to 59 days. This stat is skewed by one closed sale being on the market for 208 days. All of the Closed Sales Last Week were duplexes.
With 8 New Listings Last Week and 108 Total Number of Active Listings most of the listing inventory stats were pretty consistent with prior weeks.
San Bernardino County
San Bernardino County multifamily had 9 Closed Sales Last Week with 7 of the 9 closed sales being duplexes. Even though the Closed Sales - Average Days on Market was 28 days the majority of the sales occurred in 8 days or less.
The listing inventory stats were pretty consistent with prior weeks with 13 New Listings Last Week, 133 Total Number of Active Listings, and 7 Months of Inventory.