SoCal Multifamily Sales Pulse - May 17, 2021 - May 23, 2021
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Here's What's Happening In The Market, Here’s What This Means For You
Rent Drops Forecast For Central, Coastal Portions Of L.A. County
USC's apartment forecast for the next year predicted Inland Empire rents will increase 9-10%.
If the past year is any indication, apartment rents will continue dropping in central and coastal portions of Los Angeles County through the next year, with rent hikes occurring everywhere else in the Southern California, a University of Southern California multifamily forecast said.
For example, the Koreatown-Mid City portions of L.A. will see rent decline 1.2% over the next year, while west Riverside and San Bernardino counties will see rent hikes of 9-10%.
The USC Lusk Center for Real Estate, which publishes the Casden Multifamily Forecast each year, warned its predictions are uncertain because the data are “based on a previous year unlike any other previous year.”
The forecast, which normally comes out in the fall, was postponed because forecasting at a time of uncertainly is problematic and possibly misleading, the report said.
Lusk also predicted that despite billions of dollars in rental assistance, many tenants still will owe thousands in back rent, leading to evictions for some. Eight percent in L.A. and Orange counties reported recently they are “housing insecure.”
“We still have loads and loads and loads of uncertainty,” Lusk Director Richard Green said during an online panel discussion before releasing the report.
Among the unknowns facing the region’s landlords are whether jobs and amenities will come back to downtown and central L.A. once the pandemic ends, or whether a pandemic-inspired migration to less urban parts of the region are going to be temporary or long-lasting.
Orange County
Orange County multifamily Closed Sales Last Week were down at the lowest they've been in quite a while with 15 Closed Sales. Closed Sales - Average Days on Market was also up at 71 days. I don't see this as an indication of a slow down in the market. Especially when 9 of the Closed Sales Last Week Sold At or Above Asking Price. The Total Number of Active Listings held steady at 139 active listings.
Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version
Long Beach
More smooth sailing here as Long Beach multifamily sales were on par with prior weeks with 13 Closed Sales Last Week. There was competition galore as 8 of the 13 Transactions Sold At or Above the Asking Price. The Months of Inventory and Total Number of Active Listings stats were also steady and similar to the prior week's/months levels.
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 Closed Sales had another solid week in sales with 95 Closed Sales Last Week. Closed Sales - Average Days on Market remained low at just 38 days. Half of the Closed Sales Last Week Sold At or Above Asking Price as we expect demand to continue in the foreseeable future. The Months of Inventory and Total Number of Active Listings stats were also steady and similar to the prior week's/months levels.
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 sales were down last week with 10 Closed Sales Last Week. But at an ultra-low 13 Average Days on Market. And 7 of the 10 Transactions Sold At or Above Asking Price. Deals are pretty much off the table across the board. Of the financed transactions there were two sales financed using VA financing. Inventory levels continued in the 150-160 Total Number of Active Listings.
Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version
Riverside County
Not much change here as Riverside County multifamily Closed Sales Last Week stayed at 9 Closed Sales - the same as the prior 2 weeks. Almost half of the 9 Transactions Sold At or Above Asking Price. Inventory levels remained steady with 84 Total Number of Active Listings and 3 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
San Bernardino County multifamily sales were up last week with 16 Closed Sales Last Week with just 24 Closed Sales - Average Days on Market. Another indication of strong demand is that there were 10 of the 16 Closed Transactions Sold At or Above Asking Price. There was a fresh supply of New Listings Last Week with 19 new listings. This brings the Total Number of Active Listings to a high of 141 listings and Active Listings, Dollar Volume moved over $200,000,000 to $204,203,652.
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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