OC Apartment Brokers
SoCal Multifamily Sales Pulse - April 5, 2021 - April 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
Seller’s Market Continues to Flourish
The deepening imbalance between supply and demand continues to persist. This imbalance between low volume and high demand is lining the pockets of sellers nationwide. The extreme supply shortage continues to put upward pressure on prices–a more favorable environment for sellers–and we expect this trend to continue over the coming months. Looking further ahead, however, rising mortgage rates could cool future price growth, as potential buyers continue to get priced out of the market.
Orange County
Orange County multifamily sales activity continued to hum along with 13 Closed Sales Last Week. Closed Sales - Average Days on Market was at a low of just 33 days on market and over half the closed sales selling at or above list price. There were just 3 New Listings Last Week dropping inventory levels below 150 Total Number of Active Listings. Without a steady flow of new listings, the Months of Inventory and Absorption Rate may drop further as we move through spring and into the summer.
List of Closed Sales
Southern California
Long Beach multifamily Closed Sales were strong with 14 Closed Sales Last Week and almost half of those Closed Sales selling At or Above the Asking Price. There were 15 New Listings Last Week but with the number of listings moving to Active Under Contract or Pending status there was a net loss of listings from the prior week.
List of Closed Sales