SoCal Multifamily Sales Pulse - June 20, 2021 - June 26, 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
California is Outpacing Nation in Employment Growth This Year
California’s labor market continued to expand at a rapid pace in May, according to a Beacon Economics analysis released jointly with the University of California at Riverside School of Business Center for Economic Forecasting and Development. Total nonfarm employment in the state grew by 104,500 positions for the month and California accounted for 18.7 percent of the 559,000 net jobs added in the nation.
In addition to California’s strong monthly gains in May, April’s gains were revised up to 102,000 in the latest numbers, an increase of 200 from the preliminary estimate of 101,800. During the past four months, California’s economy has added close to 500,000 jobs, representing the fastest hiring surge since summer 2020. These gains are very welcome because as of May 2021, there were still 1.31 million fewer people employed in California than in February 2020.
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Orange County
Orange County multifamily had an increase in Closed Sales Last Week with 21 Closed Sales. Out of the 21 Closed Sales Last Week there were 10 Closed Sales in coastal cities. Most of those coastal cities Closed Sales Sold At or Above Asking Price. Closed Sales - Average Days on Market remained low at just 32 days. Better than half (14 total) of the Closed Sales Last Week Sold At or Above Asking Price.
Prices continue to improve rewarding sellers, and buyers have to bend over backward to get what they want.
Overall listing inventory remained steady with 18 New Listings Last Week and 152 Total Number of Active Listings. But Active Listings, Dollar Volume dropped below $500,000,000 for the first time in quite a while.
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 sales were right on par with previous weeks with 9 Closed Sales Last Week. Most Closed Sales sold within 25 days or less. There were two Closed Sales - one at 104 days and one at 105 days that inflated the Closed Sales - Average Days on Market slightly. It's worth noting that properties that allow an ADU to be built or have an ADU are highly coveted by buyers right now. One sale to note last week was a duplex on Peabody St., which is typically a single-family home neighborhood. This sale included a brand new ADU unit and sold $80,000 above the asking price.
With just 5 New Listings Last Week the Total Number of Active Listings dropped to just 100 listings.
Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version
Los Angeles County
There were 86 Los Angeles County multifamily Closed Sales Last Week. Which is just about normal for the last few weeks/months. Almost half (35) of the Closed Sales Last Week were duplexes. More than half of the Closed Sales Last Week were Transactions Sold At or Above Asking Price. Only 8 of the Closed Sales Last Week were on the market more than 100 days. Expect demand to continue at least through the summer.
With 167 New Listings Last Week, the Total Number of Active Listings crept up to 1,753 listings. The Active Listings, Dollar Volume is up to a most recent high at $8,050,562,392.
Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version
San Diego County
With 15 Closed Sales Last Week San Diego County multifamily continued the steady sales pace of the past few weeks/months. Most Closed Sales are Sold At or Above Asking Price. Its competition galore as Months of Inventory and Closed Sales - Average Days on Market remain extremely low. The longest any property was on the market was 39 days. A large portion of the Closed Sales Last Week were duplexes (9). A majority of the Closed Sales were in the city of San Diego.
Inventory got a fresh injection of new listings with 25 New Listings Last Week, keeping inventory levels consistent at around 170-180 Total Number of Active Listings. With prices continuing to inch upward the Active Listings, Dollar Volume is up over $1,300,000,000.
Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version
Riverside County
Riverside County multifamily sales were back in the normal range with 10 Closed Sales Last Week. With an Average Days on Market at just 24 days and half of the Transactions Sold At or Above Asking Price. The longest time a property sat on the market was just 61 days. With 4 of the 10 Closed Sales Last Week selling in less than 8 days it won't take long to determine if you've priced your property right or not.
With 8 New Listings Last Week, the Total Number of Active Listings crept up over 100 for the first time in a long time. Expect smooth sailing here for sellers as buyer demand is strong and inventory remains low.
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 sales remained consistent with 15 Closed Sales Last Week. Closed Sales - Average Days on Market was still low (32 days) but also slightly elevated due to one closed sale being on the market for 136 days. There were two Closed Sales that sold the same day there were listed. San Bernardino County multifamily sales have remained strong since the COVID vaccine rollout and we anticipate sales to remain strong through the remainder of the year.
Inventory levels have remained in the 130-140 range throughout the year. Pending Listings Last Week was also on par with previous weeks with 10 Pending Listings Last Week.
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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