SoCal Multifamily Sales Pulse - March 22, 2021 - March 28, 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
Recent Rulings on CDC Eviction Moratorium Signal Constitutional Fights to Come
A recent Texas federal court ruling declaring unconstitutional the Centers for Disease Control and Prevention’s (CDC) residential eviction moratorium may be the opening salvo in a fight to determine the extent of federal power during a national health crisis. The ruling in Terkel v. Centers for Disease Control and Prevention could result in a wave of new case law on federalism, the commerce clause and the ability of Congress to delegate power during a historic crisis.
On Sept. 4, 2020, the CDC issued the Temporary Halt in Residential Evictions to Prevent the Further Spread of COVID-19. The original order, which was set to expire on Dec. 31, 2020, was extended until March 31, 2021. Under the CDC’s order, landlords, owners of residential property or those with the legal power to pursue eviction were prevented from evicting certain “covered” persons from residential property. The CDC viewed the moratorium as a valid exercise of federal authority to reduce the spread of COVID by limiting movement or preventing homelessness, a justification couched in the commerce clause of the Constitution.
Orange County
Orange County multifamily Closed Sales remained consistent with 18 Closed Sales Last Week. Investors were aggressive with 7 Transactions Sold At or Above Asking Price and 6 All Cash Transactions Last Week. There was enough new inventory coming to market to increase the Total Number of Active Listings to 155. Active Under Contract Last Week and Pending Listings Last Week all remained consistent with prior weeks indicating more smooth sailing for activity.
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 saw another double-digit week of sales coming in at 10 Closed Sales Last Week after hitting 12 Closed Sales in the prior week. Closed Sales - Average Days on Market was back down into normal range at 35 Average Days on Market after jumping to 79 Average Days on Market in the prior week. With 6 Transactions Sold At or Above Asking Price and such low Average Days on Market, we expect demand to continue for Long Beach multifamily properties. Inventory levels remained consistent with 9 New Listings Last Week. This keeps the total inventory of Active Listings above 100 listings and a 7 months supply.
Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version
Los Angeles County
Los Angeles County multifamily remained strong but down a little from prior weeks with 74 Closed Sales Last Week. With 32 Transactions Sold At or Above Asking Price investor demand for Los Angeles County multifamily remained strong. Inventory levels remained steady at 1,730 Total Number of Active Listings. Expect demand to continue with interest rates as low as they are and rents stable or increasing.
Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version
San Diego County
San Diego County multifamily Closed Sales - Average Days on Market remained low at just 33 days, showing the market still moving as it has been for the past few weeks. Investor demand was strong with 6 of the 9 Closed Sales Last Week selling At or Above the Asking Price. The Total Number of Active Listings was down to 155 after being above 170 Total Number of Active Listings in the prior weeks.
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 saw a jump to 13 Closed Sales Last Week. This is up from the 5-6 Closed Sales Per Week we typically see. Transactions Sold At or Above Asking Price remained at close to 50% of the total Closed Sales with 6 of the 13 Closed Sales selling At or Above Asking Price. There were 13 New Listings Last Week which replaced the 13 Closed Sales Last Week. This keeps inventory consistent at 88 Total Number of Active Listings and 5 Months of Inventory.
Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version
San Bernardino County
Inland Empire multifamily is showing the top gains as the multifamily market continues its swift rebound from the COVID-19 pandemic, with rents up 7.6%. Last week's Closed Sales - Average Days on Market remained low at just 36 Average Days on Market. Half of the 10 Closed Sales Last Week Sold At or Above Asking Price. Overall inventory increased to 125 Total Number of Active Listings indicating the spring selling market may give investors more inventory to choose from.
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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