SoCal Multifamily Sales Pulse - November 21, 2021 - November 27, 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
Interest Rates Are Heading Up - Here’s What to Watch
While interest rates are projected to remain near historic lows for the immediate future, 2022 could be a pivotal year. Real estate investors should be closely monitoring their portfolios and taking advantage of current market conditions and rates, whether they are in a position to buy, sell or refinance. The debt markets are expected to remain quite busy through the end of 2021 and into next year as investors continue to capitalize on the favorable lending environment while it lasts.
Let me know if you'd like me to give you a valuation on any of your current investments to help you make a more informed decision. The 1031 exchange provision has survived the latest versions of the Build Back Better proposals currently being debated in Congress, so take advantage of an exchange opportunity while rates are historically low.
Orange County
Orange County multifamily had 6 Closed Sales Last Week. All weekly sales stats are on the low side due to the Thanksgiving holiday. The Closed Sales - Average Days on Market was 56 days. This stat is higher than usual. It’s usually around 30 days. Half of or 3 of the Closed Sales Last Week were Transactions Sold At or Above Asking Price.
Orange County had just 2 New Listings Last Week. The Total Number of Active Listings dropped down to 118 total listings. The previous low for the number of active listings was 119 listings 4 weeks ago. At 118 listings, this is the lowest number of active listings so far this year. Active buyer activity was still relatively strong with 5 listings moving to Active Under Contract Last Week and 5 listings moving to Pending status last week.
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 had 3 Closed Sales Last Week. This stat is also low due to the Thanksgiving holiday. The Closed Sales - Average Days on Market was higher than normal at 54 days. Three out of the last 5 weeks have seen increased days on market for Long Beach multifamily sales.
Long Beach had just 3 New Listings Last Week. The Total Number of Active Listings is now down to 76 listings. The previous low was 84 total listings in the prior week. The Total Number of Active Listings has been in a steady decline over the last 2-3 months.
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 had 54 Closed Sales Last Week, or about half of the usual amount. The Closed Sales - Average Days on Market was normal at 41 days. As an indication of a strong seller's market, there were 34 of the 54 closed sales that were Transactions That Sold At or Above Asking Price.
Los Angeles County listing inventory had 52 New Listings Last Week. The Total Number of Active Listings is now down to 1,498 listings. The prior week’s Total Number of Active Listings was 1,534. The downward trend of fewer listings over the last 2-3 months continues.
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 had 10 Closed Sales Last Week. This is the highest number of closed sales for last week than any other area of Southern California. The Closed Sales - Average Days on Market was much higher than normal at 75 days. There were 4 of the 10 Closed Sales Last Week that were Transactions Sold At or Above Asking Price.
San Diego County listing inventory had 7 New Listings Last Week. The Total Number of Active Listings is now at 112 listings. We’ll probably see this stat drop below 100 total listings before the end of the year.
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 had 9 Closed Sales Last Week. This is a strong number of closed sales for last week having been a short holiday week. The Closed Sales - Average Days on Market was also high in Riverside County as in other areas of Southern California at 64 days. 3 of the 9 Closed Sales Last Week were Transactions That Sold At or Above Asking Price.
Riverside County had just 1 New Listing Last Week. The Total Number of Active Listings is now at 70 total listings. This is down from 79 total listings in the prior week.
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 had 7 Closed Sales Last Week. The Closed Sales - Average Days on Market was just about average at 27 days. All 7 of the Closed Sales Last Week were Transactions That Sold At or Above Asking Price.
San Bernardino County had 3 New Listings Last Week. This brings the Total Number of Active Listings down to 101 listings. The Total Number of Active Listings in the prior week was 106 listings.
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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