SoCal Multifamily Sales Pulse -July 18, 2021 - July 24, 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

More Home Inventory Enters the Market

From May to June, the inventory of unsold homes increased 3.3% to 1.25 million.

More inventory is coming online in the resale home market, which could signify the frenzy is peaking.

From May to June, the inventory of unsold homes increased 3.3% to 1.25 million– equivalent to 2.6 months of the monthly sales pace, according to the National Association of Realtors.

The inventory total was still down 18.8% from one year ago (1.54 million). Unsold inventory is up from May’s 2.5-month supply but down from 3.9 months in June 2020.

“Supply has modestly improved in recent months due to more housing starts and existing homeowners listing their homes, all of which has resulted in an uptick in sales,” said Lawrence Yun, NAR’s chief economist in a prepared statement.

Orange County

There were 14 Orange County multifamily sales last week. This is up from the prior 2 weeks but also about average for Orange County. The locations of the closed sales were again dominated by coastal cities. Closed Sales - Average Days on Market remained about the same at just 36 days. This stat is on par with the Average Days on Market stat for the last 3 months. Almost half (6) of the Closed Sales Last Week were Transactions That Sold At or Above Asking Price.

Most of the listing inventory stats were consistent with prior weeks. With 14 New Listings Last Week, 154 Total Number of Active Listings and 3 Months of Inventory.

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
14
Closed Sales Last Week
36
Closed Sales - Average Days on Market
$1,852,786
Closed Sales - Average Sales Price
6
Transactions Sold At or Above Asking Price
9
Financed Transactions Last Week
5
All Cash Transactions Last Week
10
2-4 Unit Transactions Last Week
4
5+ Unit Transactions Last Week

14
New Listings Last Week
3
Months of Inventory
154
Total Number of Active Listings
$499,856,674
Active Listings, Dollar Volume
10
Active Under Contract Last Week
5
Pending Listings Last Week
0
Expired Listings Last Week

Long Beach

Long Beach multifamily had 9 Closed Sales Last Week. This is up from the prior 2 weeks when there were only 6 closed sales in both of those weeks. Average Days on Market was 41 days. The Closed Sales - Average Sales Price was up approx. $300,000 from prior weeks. 5 of the 9 closed sales sold at $1,000,000 or more.  Only 2 of the 9 Closed Sales Last Week Sold At or Above Asking Price. Long Beach typically has about half of the closed sales each week selling at or above asking price.

There were 3 closed sales of significance. All for different reasons: 6 units on 3rd St., 6 units on Orizaba and 8 units on Martin Luther King Jr. I suggest taking a look at those sales by clicking on the Live MLS link.

There were only 5 New Listings Last Week. Bringing the Total Number of Active Listings back down below 100 to 99 total active listings. Months of Inventory remained at 3 months and Active Listings, Dollar Volume was about the same as prior weeks.

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
9
Closed Sales Last Week
41
Closed Sales - Average Days on Market
$1,325,000
Closed Sales - Average Sales Price
2
Transactions Sold At or Above Asking Price
6
Financed Transactions Last Week
3
All Cash Transactions Last Week
6
2-4 Unit Transactions Last Week
3
5+ Unit Transactions Last Week

5
New Listings Last Week
3
Months of Inventory
99
Total Number of Active Listings
$261,422,493
Active Listings, Dollar Volume
6
Active Under Contract Last Week
1
Pending Listings Last Week
2
Expired Listings Last Week

Los Angeles County

Los Angeles County multifamily sales moved up over 100 with 101 Closed Sales Last Week after 93 closed sales in the prior week. Closed Sales - Average Days on Market remained about average at 45 days. Most of the sales occurred in under 100 days with only 10 sales eclipsing 100 days on market. Common for Los Angeles County multifamily, almost half (45) of the Transactions Sold At or Above Asking Price.

With 162 New Listings Last Week the Total Number of Active Listings was over 1,800 for the first time in quite a while. Although Months of Inventory remained at 10 months.

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
101
Closed Sales Last Week
45
Closed Sales - Average Days on Market
$1,574,467
Closed Sales - Average Sales Price
45
Transactions Sold At or Above Asking Price
75
2-4 Unit Transactions Last Week
24
5+ Unit Transactions Last Week

162
New Listings Last Week
10
Months of Inventory
1,809
Total Number of Active Listings
$8,325,814,794
Active Listings, Dollar Volume
47
Active Under Contract Last Week
45
Pending Listings Last Week
37
Expired Listings Last Week

San Diego County

San Diego County multifamily had 10 Closed Sales Last Week. 7 of the 10 closed Transactions Sold At or Above Asking Price. Another strong week for sellers of San Diego apartments. With Closed Sales - Average Days on Market moving to 36 days, that was the first time the days on market stat has been over 30 days for quite a while. As you can see by the weekly trend chart below San Diego County multifamily days on market have been averaging in the low 30 or less for the last couple of months.

With 31 New Listings Last Week that is the peak for weekly listing activity for the last several weeks. Even with this many new listings last weeks the Total Number of Active Listings (195) and Months of inventory (3) remained about the same.  

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
10
Closed Sales Last Week
36
Closed Sales - Average Days on Market
$1,220,800
Closed Sales - Average Sales Price
7
Transactions Sold At or Above Asking Price
5
Financed Transactions Last Week
5
All Cash Transactions Last Week
10
2-4 Unit Transactions Last Week
0
5+ Unit Transactions Last Week

31
New Listings Last Week
12
Months of Inventory
195
Total Number of Active Listings
$1,336,201,052
Active Listings, Dollar Volume
1
Active Under Contract Last Week
28
Pending Listings Last Week
7
Expired Listings Last Week

Riverside County

Riverside County multifamily had 6 Closed Sales Last Week. The Closed Sales - Average Days on Market was 43 days with all sales closing in 22 days or more and none of the closed sales were on the market for more than 99 days. There were three 5+ unit transactions. All 3 of these transactions sold over $1,000,000.

Riverside County had just 2 New Listings Last Week. This might be an all-time low. Months of Inventory remained at 3 months and the Total Number of Active Listings was at 102. Both are pretty consistent with recent week stats.

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
6
Closed Sales Last Week
43
Closed Sales - Average Days on Market
$870,250
Closed Sales - Average Sales Price
2
Transactions Sold At or Above Asking Price
6
Financed Transactions Last Week
0
All Cash Transactions Last Week
3
2-4 Unit Transactions Last Week
3
5+ Unit Transactions Last Week

2
New Listings Last Week
3
Months of Inventory
102
Total Number of Active Listings
$583,457,258
Active Listings, Dollar Volume
4
Active Under Contract Last Week
6
Pending Listings Last Week
1
Expired Listings Last Week

San Bernardino County

San Bernardino County multifamily had 12 Closed Sales Last Week. That’s up from the prior week where there were 9 Closed Sales but overall, that’s about average for the number of sales per week for San Bernardino County.

With 21 New Listings Last Week the Total Number of Active Listings increased to 143 listings. That’s the most Total Number of Active Listings we’ve seen in quite a while. Months of Inventory was unchanged at 7 months.

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
12
Closed Sales Last Week
25
Closed Sales - Average Days on Market
$626,533
Closed Sales - Average Sales Price
7
Transactions Sold At or Above Asking Price
9
Financed Transactions Last Week
3
All Cash Transactions Last Week
11
2-4 Unit Transactions Last Week
1
5+ Unit Transactions Last Week

21
New Listings Last Week
7
Months of Inventory
143
Total Number of Active Listings
$213,971,345
Active Listings, Dollar Volume
9
Active Under Contract Last Week
4
Pending Listings Last Week
1
Expired Listings Last Week

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