OC Apartment Brokers
SoCal Multifamily Sales Pulse - March 29, 2021 - April 4, 2021
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Here's What's Happening In The Market, Here’s What This Means For You
Multifamily month-over-month Absorption Rates declined across all Southern California counties except San Diego County. Long Beach saw the biggest decline - going from 4.57 months previously to just 2.12 months currently. Los Angeles County multifamily also saw a big decline - going from 4.83 months previously to 3.95 months currently. Orange County multifamily led the way with the lowest Absorption Rate coming in at just 1.98 months.
Average cap rates and gross multipliers saw only minor changes month-over-month. In some cases, there was no change at all.
Orange County
Orange County multifamily Closed Sales were down slightly with 14 Closed Sales last week while Closed Sales - Average Days on Market dropped to 55 days. The Total Number of Active Listings remained about the same but the Months of Inventory dropped to just 2 months due to the faster absorption rate over the last 30 days.
List of Closed Sales
Southern California
Long Beach multifamily Closed Sales stayed consistent with14 Closed Sales Last Week. Closed Sales - Average Days on Market was also consistent at just 41 days. Of the 14 Closed Sales, there were 9 Transactions Sold At or Above Asking Price. The Absorption Rate for Long Beach multifamily dropped from 4.57 months previously to just 2.12 months. That's an extremely large drop and the largest drop of any area in Southern California. The Average Cap Rate and Average Gross Rent Multiplier were unchanged from the previous month. The Total Number of Active Listings dropped to 100 listings and Months of Inventory dropped to 4 months where previously it was at 7 Months of Inventory.
List of Closed Sales