OC Apartment Brokers
SoCal Multifamily Sales Pulse - March 22, 2021 - March 28, 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
Recent Rulings on CDC Eviction Moratorium Signal Constitutional Fights to Come
A recent Texas federal court ruling declaring unconstitutional the Centers for Disease Control and Prevention’s (CDC) residential eviction moratorium may be the opening salvo in a fight to determine the extent of federal power during a national health crisis. The ruling in Terkel v. Centers for Disease Control and Prevention could result in a wave of new case law on federalism, the commerce clause and the ability of Congress to delegate power during a historic crisis.
On Sept. 4, 2020, the CDC issued the Temporary Halt in Residential Evictions to Prevent the Further Spread of COVID-19. The original order, which was set to expire on Dec. 31, 2020, was extended until March 31, 2021. Under the CDC’s order, landlords, owners of residential property or those with the legal power to pursue eviction were prevented from evicting certain “covered” persons from residential property. The CDC viewed the moratorium as a valid exercise of federal authority to reduce the spread of COVID by limiting movement or preventing homelessness, a justification couched in the commerce clause of the Constitution.
Orange County
Orange County multifamily Closed Sales remained consistent with 18 Closed Sales Last Week. Investors were aggressive with 7 Transactions Sold At or Above Asking Price and 6 All Cash Transactions Last Week. There was enough new inventory coming to market to increase the Total Number of Active Listings to 155. Active Under Contract Last Week and Pending Listings Last Week all remained consistent with prior weeks indicating more smooth sailing for activity.
List of Closed Sales
Southern California
Long Beach multifamily sales saw another double-digit week of sales coming in at 10 Closed Sales Last Week after hitting 12 Closed Sales in the prior week. Closed Sales - Average Days on Market was back down into normal range at 35 Average Days on Market after jumping to 79 Average Days on Market in the prior week. With 6 Transactions Sold At or Above Asking Price and such low Average Days on Market, we expect demand to continue for Long Beach multifamily properties. Inventory levels remained consistent with 9 New Listings Last Week. This keeps the total inventory of Active Listings above 100 listings and a 7 months supply.
List of Closed Sales