SoCal Multifamily Sales Pulse - January 4, 2021 - January 10, 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
More than 76 percent of U.S. rental households have made rent payments as of Jan. 6, according to a just-released report on rent collections from the National Multifamily Housing Council. The latest figures come on the heels of recent federal relief measures including stimulus checks, emergency rent relief and an extension of the CDC's eviction moratorium. According to the study, 76.6 percent of rental households made full or partial rent payments by Jan. 6, a 1.7 percent decrease from the same time period last year and a 1.2 percent increase from the same time period last month, when 75.4 percent of renters had made payments by Dec. 6.
As the COVID-19 battle moves into its second year, a survey of multifamily industry leaders said timely rent payment was the most challenging issue of 2020. Optimism about rent growth and the overall economy dropped to the lowest levels in a decade.
Optimism for the national economy for the next 12 months dropped to 3.0, down from 3.7 in 2019 and the lowest outlook since 2010, according to the survey of senior-level and onsite multifamily personnel that began in 2008.
Orange County
There were 15 Closed Sales last week in Orange County. This is about the average number of sales per week in Orange County, so no change there. Most of the stats held steady for the week and overall things were pretty consistent with numbers being similar to week's past, prior to the holidays. Orange County multifamily activity can be relied upon to be one of the most in-demand areas for sales and listings in all of Southern California. If priced right, we typically see properties listed and into escrow within 30-60 days.
Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version
Long Beach
Long Beach multifamily sales last week were very close to the prior shortened holiday week of Christmas and New Years'. There were 8 Closed Sales last week and 8 Closed Sales the prior holiday week. Might be something to watch to see if demand and activity in Long Beach diminish over the next few weeks. But I'd be surprised if sales don't pick back up as we move through the months of January and February.
Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version
Los Angeles County
Los Angeles multifamily saw a big increase in new listings last week with 131 new listings. Even with the big increase in new listings, overall inventory remained pretty consistent with 1,682 total listings last week compared to 1,677 the prior week. With Active Under Contract listings at 29 listings and Pending Sales at 45 listings expect sales to remain pretty consistent over the next couple of months.
Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version
San Diego County
San Diego County multifamily had 18 Closed Sales last week. Average Days on Market for Closed Sales was the lowest of all southern California counties at just 26 days. There were 7 Closed Sales selling At or Above the Asking Price which by percentage is 38.8% of the sales. The low Days on Market and percentage of Closed Sales selling At or Above the Asking Price stats show San Diego County multifamily properties to be in high demand.
Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version
Riverside County
Riverside County multifamily activity was for the most part pretty much the same, with the only stat somewhat out of the ordinary being the Average Number of Days to Sell going from 34 days the prior week to 48 days last week. Even then, it's not much of an increase considering, if just one listing was on the market for a longer period than normal it would skew the stat. Months of Inventory did increase from 3 months to 4 months even with the minimal drop in Total Number of Active Listings from 104 to 99.
Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version
San Bernardino County
Not much change in stats this past week for San Bernardino multifamily listings and sales. No stat saw any change that stood out from the prior week's activity levels.
Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version
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