SoCal Multifamily Sales Pulse - March 8, 2021 - March 14, 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
Los Angeles Multifamily Report
Gateway markets struggled to hold on to residents and rent values in 2020 and Los Angeles was no different, as rates were down 0.1 percent on a trailing three-month basis as of December. Overall, figures in the metro fell by 3.0 percent in 2020, to an average of $2,157. A flight from expensive markets to nearby cheaper options such as the Inland Empire has pushed rent expansion in those areas while rates and occupancies in major urban centers continue to slide.
Orange County
There were 14 Closed Sales Last Week for Orange County multifamily. This is a slight decrease in overall sales from the two prior weeks which were at 17 Closed Sales (February 22, 2021 - February 28, 2021) and 20 Closed Sales (March 1, 2021 - March 7, 2021). while at the same time Closed Sales - Average Days on Market has dropped to just 46 Average Days on Market. Add in that almost half of the Closed Sales were Sold At or Above Asking Price and all indications are that Orange County multifamily sales are making buyers bend over backward to get what they want. Active Listings, Dollar Volume dropped to a new low at $490,952,936, down from $522,232,920 a couple of weeks ago.
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 Closed Sales held steady with 6 Closed Sales Last Week. But this is still a low number of sales in comparison to prior weeks/months. What's good to note is the Closed Sales - Average Days on Market stayed low at just 32 Average Days on Market and half of the transactions Sold At or Above Asking Price. While the low inventory continued with just 109 Total Active Listings. The Total Number of Active Listings has declined gradually over the last couple of months. With just 4 New Listings Last Week that doesn't look like things will change much in the short term as w expect demand to continue.
Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version
Los Angeles County
Another average, but a strong week of Closed Sales for Los Angeles county multifamily with 82 Closed Sales Last Week. The best stat to show what's happening in the LA County market is that almost half (36) of the Transactions Sold At or Above the Asking Price. Deals are pretty much off the table across the board here as the market remains a strong seller's market. With listing inventory remaining consistent and investor demand expected to continue we can anticipate more smooth sailing here.
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 Last Week were down into the single digits with just 9 Closed Sales Last Week. Add the fact that Closed Sales - Average Days on Market was just 27 Average Days on the Market and we can expect prices of apartment buildings to continue to improve, all while rewarding sellers with multiple offers and properties selling At or Above Asking Price. Expect investor demand to continue as the Absorption Rate is just 2.47 months.
Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version
Riverside County
Good news for Riverside County multifamily as Radix compiled real-time data for the last 12 months on millions of units on its platform for the entire country. The firm recently revealed the top 21 markets to provide detailed insights on where the market has been and where it is trending. Some metros recorded solid performance and NER growth throughout the year, with Phoenix, Las Vegas and Riverside being the top three performing markets. With a low Absorption Rate of just 2.64 months and Total Number of Active Listings dropping to only 88 listings, Riverside County multifamily investors can expect competition galore.
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 multifamily Closed Sales Last Week remained consistent with 11 Closed Sales Last Week. With only 4 New Listings Last Week inventory was down for the 3rd consecutive week. With buyer demand increasing throughout Southern California don't expect things to change much in the foreseeable future unless there's an uptick in interest rates. Even then it will probably only cause a small and temporary slowdown in investor demand as the Average Cap Rate and Average Gross Multiplier For San Bernardino multifamily remains the best out of all the five Southern California counties.
Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version
Comments
No comments.
Register here or Login here to be able to add comment.
