SoCal Multifamily Sales Pulse - December 5, 2021 - December 11, 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
Orange County
Orange County multifamily had 15 Closed Sales Last Week. Another strong week of closed sales for Orange County. The Closed Sales - Average Days on Market was normal at 32 days. 9 0f the 15 Closed Sales Last Week were Transactions That Sold At or Above Asking Price. With the current low inventory, investors are being asked to pay higher than list price in most cases in order to acquire a property. If you’re planning on doing a 1031 exchange this type of situation might seem scary. Keep in mind we have access to a lot of inventory using the Delaware Statutory Trust. Give me a call with any questions you might have regarding this process. There were just 2 All Cash Transactions Last Week.
The Orange County SALES OF THE WEEK are two triplexes in Costa Mesa. One of the triplexes is located on Fillmore Way and the other triplex is located on Coolidge Ave. Both triplexes are located in the same area. The major cross streets are Baker St. and Fairview Rd. and they are located 3/4 mile from South Coast Plaza. The triplex on Fillmore Way was listed and sold at $1,225,000 in 2 days. The triplex on Coolidge Ave. was listed and sold at $1,250,000 in 2 days. Built in 1963. Both triplexes have a similar bedroom and bath mix of all 2 bedroom units. There was approx. 20-25% upside in the rents. The square footage of Fillmore Way is 3,430 and the square footage of Coolidge Ave. is 3,166. The triplexes sold for $357 per sq. ft. and $394 per sq. ft. The average price per sq. ft. in Orange County is $596.
Looking at Orange County multifamily listing inventory, Orange County had 10 New Listings Last Week. No surprise there. This has been the norm for Orange County for the last few weeks. After increasing in the prior week, the Total Number of Active Listing dropped to 109 total listings last week. There was good sale activity last week with 10 listings moving from Active to Active Under Contract Last Week.
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 7 Closed Sales Last Week. This is about average for the number of weekly closed sales for Long Beach. The Closed Sales - Average Days on Market was higher than normal at 55 days. There were 3 of the 7 Closed Sales Last Week that were Transactions That Sold At or Above Asking Price and 2 of the 7 Closed Sales Last Week were All Cash Transactions.
Long Beach multifamily listing inventory had 4 New Listings Last Week. So it was a bit of a slow week for new listings. The Total Number of Active Listings matched the prior week with 71 total listings. There were just 2 Active Listings that moved to Active Under Contract. There's currently not much inventory in Long Beach and Long Beach is tied with Riverside County for the lowest amount of inventory out of the areas we keep stats on. Both areas have 71 total listings.
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 77 Closed Sales Last Week. This is down from 114 closed sales in the prior week. The Closed Sales Average Days on Market was in the typical weekly range at 42 days. 39 of the Closed Sales Last Week were Transactions That Sold At or Above Asking Price.
The Los Angeles County SALE OF THE WEEK was an 8 unit building on Eleanor in Hollywood. The property was listed at $3,300,000 and sold for $3,030,000 in 3 days. The property was built in 1990. The major cross streets are Vine St. and Santa Monica Blvd. The property was located in immediate proximity to well-known retail destinations, eateries, and entertainment. The property has a great walk score of 92. All units are 2 bedroom 1 bath. There are 12 enclosed garages. The property sold at 15.3 x gross and the cap rate was 3.97%. The price per sq. ft was $483. The average price per sq. ft. in LA County is $507.
LA County listing inventory had 85 New Listings Last Week. But the Total Number of Active Listings dropped again and is now down to 1,419 total listings. Sales activity dropped off from the prior week. There were 33 listings moving from active status to Active Under Contract status. The prior week there were 53 listings moving to Active Under Contract status.
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 18 Closed Sales Last Week. This is a good week of closed sales for San Diego especially since it’s the holiday season and the end of the year. The Closed Sales Average Days on Market was at the high end of the typical weekly range at 38 days. San Diego County has recently had weeks where the Average Days on Market have been as low as 14 days. There were 6 of the 18 Closed Sales Last Week that were Transactions That Sold At or Above Asking Price. But just 2 All Cash Transactions Last Week.
For listing inventory, San Diego County had 11 New Listings Last Week. This is on the low side of the average for San Diego County's new listing activity. The Total Number of Active Listings dropped below 100 and now sits at 96 total listings. The Months of Inventory moved down from 14 months previously to 13 months currently.
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 21 Closed Sales Last Week. This is a great week for closed sales for Riverside County. And it’s the highest number of weekly closed sales this year. The Closed Sales Average Days on Market was about normal at 33 days. Of the 21 Closed Sales Last Week there were 9 Transactions That Sold At or Above Asking Price. There were 5 All Cash Transactions Last Week.
For Riverside County listing inventory, there were 10 New Listings Last Week. This keeps the Total Number of Active Listings from dropping below 70 as it now stands at 71 total listings. There was just 1 listing moving from active status to Active Under Contract status and just 1 Pending Listing Last 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. This would be considered an average week for San Bernardino County weekly sales. The Closed Sales - Average Days on Market was elevated at 63 days. This stat normally bumps up and down between 25-45 days. Of the 7 Closed Sales Last Week there were Transactions Sold At or Above Asking Price and there were 3 All Cash Transactions Last Week.
San Bernardino County listings inventory had 5 New Listings Last Week. This would be considered a bit of a slow week for new listings. San Bernardino County usually averages around 10 weekly new listings. The Total Number of Active Listings managed to stay at 90 or above for another week and is now at 90 total listings. Sales activity has been relatively slow for the last couple of months and last week was no different. There were just 2 listings moving from active status to Active Under Contract Last Week. There were 9 Pending Listings Last Week. But this was from new sales activity approx. 30-45 days ago.
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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