OC Apartment Brokers
SoCal Multifamily Sales Pulse - June 20, 2021 - June 26, 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
California is Outpacing Nation in Employment Growth This Year
California’s labor market continued to expand at a rapid pace in May, according to a Beacon Economics analysis released jointly with the University of California at Riverside School of Business Center for Economic Forecasting and Development. Total nonfarm employment in the state grew by 104,500 positions for the month and California accounted for 18.7 percent of the 559,000 net jobs added in the nation.
In addition to California’s strong monthly gains in May, April’s gains were revised up to 102,000 in the latest numbers, an increase of 200 from the preliminary estimate of 101,800. During the past four months, California’s economy has added close to 500,000 jobs, representing the fastest hiring surge since summer 2020. These gains are very welcome because as of May 2021, there were still 1.31 million fewer people employed in California than in February 2020.
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Orange County
Orange County multifamily had an increase in Closed Sales Last Week with 21 Closed Sales. Out of the 21 Closed Sales Last Week there were 10 Closed Sales in coastal cities. Most of those coastal cities Closed Sales Sold At or Above Asking Price. Closed Sales - Average Days on Market remained low at just 32 days. Better than half (14 total) of the Closed Sales Last Week Sold At or Above Asking Price.
Prices continue to improve rewarding sellers, and buyers have to bend over backward to get what they want.
Overall listing inventory remained steady with 18 New Listings Last Week and 152 Total Number of Active Listings. But Active Listings, Dollar Volume dropped below $500,000,000 for the first time in quite a while.
List of Closed Sales
Southern California
Long Beach multifamily sales were right on par with previous weeks with 9 Closed Sales Last Week. Most Closed Sales sold within 25 days or less. There were two Closed Sales - one at 104 days and one at 105 days that inflated the Closed Sales - Average Days on Market slightly. It's worth noting that properties that allow an ADU to be built or have an ADU are highly coveted by buyers right now. One sale to note last week was a duplex on Peabody St., which is typically a single-family home neighborhood. This sale included a brand new ADU unit and sold $80,000 above the asking price.
With just 5 New Listings Last Week the Total Number of Active Listings dropped to just 100 listings.
List of Closed Sales