OC Apartment Brokers
SoCal Multifamily Sales Pulse -August 15, 2021 - August 21, 2021
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Here's What's Happening In The Market, Here’s What This Means For You
Orange County
Orange County multifamily had 7 Closed Sales Last Week. This is quite low for Orange County as it usually averages around 12-16 closed sales per week. The Closed Sales - Average Days on Market was just 11 days and all of last weeks closed sales were on the market for 24 days or less. If we look at the overall trend for days on market in Orange County the trend has been fewer days on market for the last 3-4 months.
One sale of note was a 4 plex located at 2620 England St. in Huntington Beach. This 4 plex was well maintained and consisted of all 2 bedroom 1 bath units. The property was on the market for just 5 days. The property was listed at $1,850,000 and sold for $1,830,000.
Listing inventory for Orange County saw 11 New Listings Last Week. This is less than normal as Orange County typically averages around 13-16 new listings each week.
Months of Inventory remained the same at 4 months and the Total Number of Active Listings dropped below 150 for the first time in a couple of months.
List of Closed Sales
Southern California
Long Beach multifamily had 14 Closed Sales Last Week. This is about average for weekly closed sales for Long Beach. Closed Sales - Average Days on Market was also about normal at 42 days as you can see by looking at the 3-year trend chart for Days to Sell, Average.
Looking at the Number of Sales Per Month the trend has been fewer sales per month over the last 3 months.
One sale of note was a 4 plex located at 440 E. San Antonio Dr. The property is located in the highly desirable area of Bixby Knolls. Bult in 1970 the units consisted of one 3 bedroom 2 bath and three 2 bedroom 1.5 baths. This unit mix is very similar to the Covington style 4 plex’s located throughout Orange County. Rents were a little on the low side and could probably be increased by about 10-15%.
There were 8 New Listings Last Week in Long Beach. Overall, inventory levels stayed below 100 again last week with 96 Total Number of Active Listings and Months of Inventory remained at 5 months.
List of Closed Sales