SoCal Multifamily Sales Pulse - September 26, 2021 - October 2, 2021

• 04 October 2021
• Mike Lembeck

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

Here’s the summary of last week’s So Cal Multifamily sales activity. Orange County multifamily rebounded in a big way last week with 20 Closed Sales Last Week. After having the lowest Absorption Rate in Southern California for quite some time Orange County’s Absorption Rate increased from 1.75 months to 2.27 months. Inventory decreased again last week and is now down to 126 Total Number of Active Listings. But with the increased Absorption Rate the Months of Inventory increased to 3 months.

Long Beach multifamily had a strong week of sales with 15 Closed Sales Last Week. Investors were again in bidding wars as 8 of the 15 closed sales were Transactions That Sold At or Above Asking Price. The Long Beach Absorption Rate was one of the only locations that we monitor that the Absorption Rate decreased from the prior month. Long Beach inventory also dropped but only slightly, down from 88 Total Number of Active Listings in the prior week to 87 Total Number of Active Listings last week. The Active Listings, Dollar Volume also dropped to just under $218,000,000.

Los Angeles County multifamily had a good week of Closed Sales Last Week with 94 closed sales. The new listing inventory was also strong with 133 New Listings Last Week. The Total Number of Active Listings is still below 1,800 for the sixth consecutive week and might not hit 1,800 or more listings again this year. But with the increased Absorption Rate the Months of Inventory increased from 11 months to 12 months.

San Diego County maintained its strong activity with 20 Closed Sales Last Week. The Closed Sales - Average Days on Market was again tight at just 16 days. If you see a property in San Diego County that you like don’t hesitate to make a strong offer or you’ll lose out. And be prepared to pay more than the asking price as last week there were 14 of the 20 Transactions That Sold At or Above Asking Price. With 24 New Listings Last Week San Diego County had an overall increase of listings to 182 Total Number of Active Listings. Months of Inventory moved from 11 months to 13 months.

Riverside County multifamily had 9 Closed Sales Last Week. This would be considered a good week of sales for Riverside County. Riverside County had the biggest drop in Absorption Rate, going from 3.29 months down to 2.19 months. Inventory also increased from 87 Total Number of Active Listings to 93 Total Number of Active Listings. 

San Bernardino County multifamily had somewhat of a slow week with just 8 Closed Sales Last Week. With 11 New Listings Last Week inventory was down from the prior week to 141 Total Number of Active Listings. But Months of inventory remained at 11 months.

<< Back

Comments

No comments.

Register here or Login here to be able to add comment.