SoCal Multifamily Sales Pulse -July 11, 2021 - July 17, 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

Orange County

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.

Orange County Closed Sales - MikeLembeck.com

Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version

Absorption Rate: 1.9 months
Avg. Cap Rate: 4.22%
Avg. Gross Rent Multiplier: 14.95
10
Closed Sales Last Week
19
Closed Sales - Average Days on Market
$1,747,100
Closed Sales - Average Sales Price
3
Transactions Sold At or Above Asking Price
5
Financed Transactions Last Week
5
All Cash Transactions Last Week
8
2-4 Unit Transactions Last Week
2
5+ Unit Transactions Last Week

20
New Listings Last Week
3
Months of Inventory
163
Total Number of Active Listings
$498,584,724
Active Listings, Dollar Volume
10
Active Under Contract Last Week
3
Pending Listings Last Week
2
Expired Listings Last Week

Long Beach

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.

Long Beach Closed Sales - MikeLembeck.com

Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version

Absorption Rate: 1.95 months
Avg. Cap Rate: 4.76%
Avg. Gross Rent Multiplier: 14.28
6
Closed Sales Last Week
15
Closed Sales - Average Days on Market
$1,051,333
Closed Sales - Average Sales Price
4
Transactions Sold At or Above Asking Price
6
Financed Transactions Last Week
0
All Cash Transactions Last Week
5
2-4 Unit Transactions Last Week
1
5+ Unit Transactions Last Week

8
New Listings Last Week
3
Months of Inventory
102
Total Number of Active Listings
$261,841,493
Active Listings, Dollar Volume
10
Active Under Contract Last Week
2
Pending Listings Last Week
1
Expired Listings Last Week

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.

Los Angeles County Closed Sales - MikeLembeck.com

Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version

Absorption Rate: 3.98 months
Avg. Cap Rate: 4.76%
Avg. Gross Rent Multiplier: 14.28
93
Closed Sales Last Week
37
Closed Sales - Average Days on Market
$1,359,741
Closed Sales - Average Sales Price
44
Transactions Sold At or Above Asking Price
71
2-4 Unit Transactions Last Week
21
5+ Unit Transactions Last Week

151
New Listings Last Week
10
Months of Inventory
1,769
Total Number of Active Listings
$8,314,999,576
Active Listings, Dollar Volume
45
Active Under Contract Last Week
61
Pending Listings Last Week
33
Expired Listings Last Week

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.

San Diego County Closed Sales - MikeLembeck.com

Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version

Absorption Rate: 2.14 months
Avg. Cap Rate: 4.72%
Avg. Gross Rent Multiplier: 14.1
13
Closed Sales Last Week
25
Closed Sales - Average Days on Market
$1,397,692
Closed Sales - Average Sales Price
10
Transactions Sold At or Above Asking Price
12
Financed Transactions Last Week
1
All Cash Transactions Last Week
13
2-4 Unit Transactions Last Week
0
5+ Unit Transactions Last Week

24
New Listings Last Week
12
Months of Inventory
205
Total Number of Active Listings
$1,326,974,456
Active Listings, Dollar Volume
0
Active Under Contract Last Week
24
Pending Listings Last Week
7
Expired Listings Last Week

Riverside County

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.

Riverside County Closed Sales - MikeLembeck.com

Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version

Absorption Rate: 2.34 months
Avg. Cap Rate: 5.66%
Avg. Gross Rent Multiplier: 11.66
4
Closed Sales Last Week
59
Closed Sales - Average Days on Market
$658,525
Closed Sales - Average Sales Price
3
Transactions Sold At or Above Asking Price
4
Financed Transactions Last Week
0
All Cash Transactions Last Week
4
2-4 Unit Transactions Last Week
0
5+ Unit Transactions Last Week

8
New Listings Last Week
3
Months of Inventory
108
Total Number of Active Listings
$568,720,359
Active Listings, Dollar Volume
4
Active Under Contract Last Week
4
Pending Listings Last Week
2
Expired Listings Last Week

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.

San Bernardino County Closed Sales - MikeLembeck.com

Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version

Absorption Rate: 2.16 months
Avg. Cap Rate: 6.28%
Avg. Gross Rent Multiplier: 9.47
9
Closed Sales Last Week
28
Closed Sales - Average Days on Market
$591,443
Closed Sales - Average Sales Price
7
Transactions Sold At or Above Asking Price
5
Financed Transactions Last Week
4
All Cash Transactions Last Week
9
2-4 Unit Transactions Last Week
0
5+ Unit Transactions Last Week

13
New Listings Last Week
7
Months of Inventory
133
Total Number of Active Listings
$213,889,045
Active Listings, Dollar Volume
5
Active Under Contract Last Week
9
Pending Listings Last Week
3
Expired Listings Last Week

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