OC Apartment Brokers
SoCal Multifamily Sales Pulse - March 8, 2021 - March 14, 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
Los Angeles Multifamily Report
Gateway markets struggled to hold on to residents and rent values in 2020 and Los Angeles was no different, as rates were down 0.1 percent on a trailing three-month basis as of December. Overall, figures in the metro fell by 3.0 percent in 2020, to an average of $2,157. A flight from expensive markets to nearby cheaper options such as the Inland Empire has pushed rent expansion in those areas while rates and occupancies in major urban centers continue to slide.
Orange County
There were 14 Closed Sales Last Week for Orange County multifamily. This is a slight decrease in overall sales from the two prior weeks which were at 17 Closed Sales (February 22, 2021 - February 28, 2021) and 20 Closed Sales (March 1, 2021 - March 7, 2021). while at the same time Closed Sales - Average Days on Market has dropped to just 46 Average Days on Market. Add in that almost half of the Closed Sales were Sold At or Above Asking Price and all indications are that Orange County multifamily sales are making buyers bend over backward to get what they want. Active Listings, Dollar Volume dropped to a new low at $490,952,936, down from $522,232,920 a couple of weeks ago.
List of Closed Sales
Southern California
Long Beach multifamily Closed Sales held steady with 6 Closed Sales Last Week. But this is still a low number of sales in comparison to prior weeks/months. What's good to note is the Closed Sales - Average Days on Market stayed low at just 32 Average Days on Market and half of the transactions Sold At or Above Asking Price. While the low inventory continued with just 109 Total Active Listings. The Total Number of Active Listings has declined gradually over the last couple of months. With just 4 New Listings Last Week that doesn't look like things will change much in the short term as w expect demand to continue.
List of Closed Sales