OC Apartment Brokers
SoCal Multifamily Sales Pulse -July 18, 2021 - July 24, 2021
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Here's What's Happening In The Market, Here’s What This Means For You
More Home Inventory Enters the Market
From May to June, the inventory of unsold homes increased 3.3% to 1.25 million.
More inventory is coming online in the resale home market, which could signify the frenzy is peaking.
From May to June, the inventory of unsold homes increased 3.3% to 1.25 million– equivalent to 2.6 months of the monthly sales pace, according to the National Association of Realtors.
The inventory total was still down 18.8% from one year ago (1.54 million). Unsold inventory is up from May’s 2.5-month supply but down from 3.9 months in June 2020.
“Supply has modestly improved in recent months due to more housing starts and existing homeowners listing their homes, all of which has resulted in an uptick in sales,” said Lawrence Yun, NAR’s chief economist in a prepared statement.
Orange County
There were 14 Orange County multifamily sales last week. This is up from the prior 2 weeks but also about average for Orange County. The locations of the closed sales were again dominated by coastal cities. Closed Sales - Average Days on Market remained about the same at just 36 days. This stat is on par with the Average Days on Market stat for the last 3 months. Almost half (6) of the Closed Sales Last Week were Transactions That Sold At or Above Asking Price.
Most of the listing inventory stats were consistent with prior weeks. With 14 New Listings Last Week, 154 Total Number of Active Listings and 3 Months of Inventory.
List of Closed Sales
Southern California
Long Beach multifamily had 9 Closed Sales Last Week. This is up from the prior 2 weeks when there were only 6 closed sales in both of those weeks. Average Days on Market was 41 days. The Closed Sales - Average Sales Price was up approx. $300,000 from prior weeks. 5 of the 9 closed sales sold at $1,000,000 or more. Only 2 of the 9 Closed Sales Last Week Sold At or Above Asking Price. Long Beach typically has about half of the closed sales each week selling at or above asking price.
There were 3 closed sales of significance. All for different reasons: 6 units on 3rd St., 6 units on Orizaba and 8 units on Martin Luther King Jr. I suggest taking a look at those sales by clicking on the Live MLS link.
There were only 5 New Listings Last Week. Bringing the Total Number of Active Listings back down below 100 to 99 total active listings. Months of Inventory remained at 3 months and Active Listings, Dollar Volume was about the same as prior weeks.
List of Closed Sales