SoCal Multifamily Sales Pulse - October 24, 2021 - October 30, 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
What is the SoCal Multifamily Sales Pulse?
The SoCal Multifamily Sales Pulse is a weekly publication that reviews the past week's multifamily sales, stats, rents, absorption rate, and sale metrics for all five Southern California counties plus Long Beach. This weekly blog post contains all the information you need to make intelligent multifamily real estate investing decisions. And if you visit my website MikeLembeck.com you’ll also be able to easily see all the Southern California multifamily inventory currently available with predefined searches at MikeLembeck.com/search-the-mls.
Orange County
Orange County multifamily had 14 Closed Sales Last Week. This is one more closed sale than the prior week when there were 13 closed sales. The Closed Sales - Average Days on Market was 48 days. This is higher than the usual number of days, which is usually around 30 days.
The Orange County SALE OF THE WEEK is a 4 plex on Brea Blvd. in Fullerton. The property was listed at $1,899,000 and sold for $1,800,000 in 61 days. Built in 1966. The property is located in the area known as Via Santiago near the Coyote Hills Golf Course. The units consisted of one 3 bedroom 2 bath and three 2 bedroom 2 baths. There are 8 enclosed garages. The property sold at $360 per sq. ft. The average price per sq. ft. in Fullerton is $540. The gross rent multiplier was 18.5 times gross and the cap rate was 3.9%.
Orange County had 8 New Listings Last Week. We’ve seen a steady decline of weekly new listings for Orange County over the last 8 weeks. The Total Number of Active Listings has now dropped to 119 total listings. This is the lowest number of active listings this year and more than likely we won’t see any significant increase in listings for the remainder of the year. There were no expired listings last week. And the months of inventory remained at 3 months.
Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version SALE OF THE WEEK
Long Beach
Long Beach multifamily had 13 Closed Sales Last Week. This is up from 7 closed sales in the prior week and the highest amount of weekly closed sales we’ve seen in the last month. The Closed Sales - Average Days on Market was 57 days. This stat is usually around 30 days. There were a couple of closed sales that increased the average days on market. One was a property that took 412 days to sell and the other one was a property that took 240 days to sell. If we remove those two closed sales the days on market drops down to 36 days.
The Long Beach SALE OF THE WEEK is a 6 unit building on Spring St. The property was listed at $1,100,000 and sold immediately upon hitting the market at $1,275,000. Built in 1962. The property consisted of all 2 bedroom 1 bath units. The existing rents were extremely low. There was room to increase the existing rents by about 33-50%. The property sold at just $286 per sq. ft. The average price per sq. ft. in Long Beach is $494. The gross rent multiplier is 14 x gross and the cap rate is 3.4%.
Long Beach had 9 New Listings Last Week. This is an average week of new listings for Long Beach. This brings the Total Number of Active Listings to 93 listings. That’s just 3 total listings less than the prior week. The Total Number of Active Listings last dropped below 90 listings last 3 weeks ago after being at 90 or more listings for most of the year.
Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version SALE OF THE WEEK
Los Angeles County
Los Angeles County multifamily 90 Closed Sales Last Week. Another good week for LA County closed sales. The Closed Sales - Average Days on Market was 38 days. There were 46 out of the 90 Closed Sales Last Week that were Transactions That Sold At or Above Asking Price.
The LA County SALE OF THE WEEK is a 14 unit building on Middleton St. in Huntington Park. The property was listed at $2,500,000 and sold for $2,500,000 in 28 days. Built in 1951. The units consisted of eleven single/bachelor units and three 1 bedroom 1 bath units. There was approx. 18% rental upside. The property sold for $178,571 per unit and 12.65 times gross. The cap rate was 4.9%. The property sold at $398 per sq. ft. The average price per sq. ft. for Huntington Park is $396.
LA County listing inventory had just 95 New Listings Last Week. This is a lot lower than usual when it’s usually around 125 or more weekly new listings. This also brings the Total Number of Active Listings way down to 1,624. The Total Number of Active Listings hasn’t been below 1,700 at any time this year.
Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version Sale of the Week
San Diego County
San Diego County multifamily had 17 Closed Sales Last Week. Not a bad week for San Diego County but this stat is usually around 20 or more weekly closed sales. The Closed Sales - Average Days on Market remained low at just 22 days. San Diego County has one of the shortest average days on market stat for any area of Southern California. 9 of the 17 Closed Sales Last Week were Transactions That Sold At or Above Asking Price.
San Diego listing inventory had 14 New Listings Last Week. The Total Number of Active Listings dropped again last week to 152 total listings. The Total Number of Active Listings has dropped each week for the last 2 months. With 152 total listings, this is now the low point for this year for active listings in San Diego County.
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 10 Closed Sales Last Week. This is a good strong week of sales for Riverside County. The Closed Sales - Average Days on Market was 64 days. There were two closed sales that skewed this stat on the high side. If we remove those two closed sales the stat drops down to 28 days. There were 7 of the 10 Closed Sales Last Week that were Transactions That Sold At or Above Asking Price. This stat shows investors are still competing strongly for Inland Empire multifamily properties.
Riverside County had 8 New Listings Last Week. This brings the Total Number of Active Listings to 76 listings. This is one more than the prior week but the overall trend is still heading lower for total 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 had 12 Closed Sales Last Week. This number matches the total closed sales from the prior week and keeps pace with most prior weeks of closed sales where the stat typically ranges from 8-15 weekly closed sales. The Closed Sales - Average Days on Market was 39 days. There were 10 of the 12 Closed Sales Last Week that were Transactions That Sold At or Above Asking Price. Like Riverside County, this stat also shows that investors are still competing strongly for Inland Empire multifamily properties.
San Bernardino County had 6 New Listings Last Week. This is low for weekly listings for San Bernardino County. The Total Number of Active Listings dropped again last week to 107 total listings. If the downward trend continues, the Total Number of Active Listings will probably drop below 100 listings later this year.
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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