SoCal Multifamily Sales Pulse - March 15, 2021 - March 21, 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

Pandemic Hit California Jobs Harder Than Originally Estimated

Employment growth in the state from December 2019 to 2020 was revised down from -8 percent to -9.2 percent. This revision translates into 206,500 more California jobs lost during the year than the employment development department originally estimated.

But, a modest recovery is underway and with new COVID cases falling in the state, accompanied by a loosening of health-mandated business restrictions, the labor market should post a strong recovery in 2021. However, state employment growth is nearly 2 million jobs behind so the labor market is unlikely to fully bounce back in 2021.

Orange County

Orange County multifamily had another strong week with 20 Closed Sales. Up from 14 the prior week and matching the total from 2 weeks ago. We expect demand to continue as inventory remains low. Closed Sales - Average Days on Market was higher due to a couple of properties that were on the market for 345 and 481 days. There were 21 New Listings Last Week which allowed the inventory level to remain pretty consistent with weeks past, but still awfully low with just 2.31 months of supply.

Orange County Closed Sales - MikeLembeck.com

Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version

Absorption Rate: 2.31 months
Avg. Cap Rate: 4.29%
Avg. Gross Rent Multiplier: 14.95
20
Closed Sales Last Week
75
Closed Sales - Average Days on Market
$1,796,954
Closed Sales - Average Sales Price
6
Transactions Sold At or Above Asking Price
14
Financed Transactions Last Week
6
All Cash Transactions Last Week
15
2-4 Unit Transactions Last Week
5
5+ Unit Transactions Last Week

21
New Listings Last Week
4
Months of Inventory
153
Total Number of Active Listings
$491,974,936
Active Listings, Dollar Volume
12
Active Under Contract Last Week
4
Pending Listings Last Week
4
Expired Listings Last Week

Long Beach

Long Beach multifamily sales increase to double the 2 previous weeks' sales with 12 Closed Sales Last Week. The Closed Sales - Average Days on Market was more than double the usual due to two properties taking longer to sell at 288 and 292 days on the market.Almost half of the closed transactions Sold At or Above the Asking Price. The Total Number of Active Listings continued to drop with only 105 Total Active Listings. 

Long Beach Closed Sales - MikeLembeck.com

Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version

Absorption Rate: 4.57 months
Avg. Cap Rate: 4.76%
Avg. Gross Rent Multiplier: 14.17
12
Closed Sales Last Week
79
Closed Sales - Average Days on Market
$1,280,667
Closed Sales - Average Sales Price
5
Transactions Sold At or Above Asking Price
9
Financed Transactions Last Week
3
All Cash Transactions Last Week
9
2-4 Unit Transactions Last Week
3
5+ Unit Transactions Last Week

8
New Listings Last Week
7
Months of Inventory
105
Total Number of Active Listings
$254,221,159
Active Listings, Dollar Volume
7
Active Under Contract Last Week
3
Pending Listings Last Week
5
Expired Listings Last Week

Los Angeles County

Los Angeles multifamily Closed Sales Last Week matched the previous week with 82 Closed Sales while the Closed Sales - Average Days on the Market remained low at 46 days. Investor demand held steady with 33 listings selling At or Above Asking Price. With 163 New Listings Last Week, the Total Number of Active Listings increased for the first time in 3 weeks. 

Los Angeles County Closed Sales - MikeLembeck.com

Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version

Absorption Rate: 4.83 months
Avg. Cap Rate: 4.76%
Avg. Gross Rent Multiplier: 14.17
82
Closed Sales Last Week
46
Closed Sales - Average Days on Market
$1,536,939
Closed Sales - Average Sales Price
33
Transactions Sold At or Above Asking Price
63
2-4 Unit Transactions Last Week
19
5+ Unit Transactions Last Week

163
New Listings Last Week
14
Months of Inventory
1,730
Total Number of Active Listings
$7,585,140,948
Active Listings, Dollar Volume
56
Active Under Contract Last Week
46
Pending Listings Last Week
27
Expired Listings Last Week

San Diego County

While both completions and transactions recorded drops last year, rent growth is on the rebound. Following a bumpy second quarter, San Diego’s multifamily sector recorded a stronger second half of 2020, as it hummed along toward recovery. Closed Sales - Average Days on Market remained low and the Total Number of Active Listings remained consistent. We expect demand to continue and sales to

  1. keep moving as they have been for the past several weeks.

San Diego County Closed Sales - MikeLembeck.com

Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version

Absorption Rate: 2.47 months
Avg. Cap Rate: 4.8%
Avg. Gross Rent Multiplier: 13.89
12
Closed Sales Last Week
39
Closed Sales - Average Days on Market
$1,243,875
Closed Sales - Average Sales Price
5
Transactions Sold At or Above Asking Price
10
Financed Transactions Last Week
2
All Cash Transactions Last Week
12
2-4 Unit Transactions Last Week
0
5+ Unit Transactions Last Week

18
New Listings Last Week
16
Months of Inventory
174
Total Number of Active Listings
$1,197,422,980
Active Listings, Dollar Volume
0
Active Under Contract Last Week
25
Pending Listings Last Week
4
Expired Listings Last Week

Riverside County

More smooth sailing here as Riverside County multifamily had 6 Closed Sales Last Week. A low amount of sales but an average number for Riverside County. Strong investor demand was reflected by 4 of the 6 Transactions selling At or Above the Asking Price. The Total Number of Active Listings decreased for the 3rd week in a row. 

Riverside County Closed Sales - MikeLembeck.com

Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version

Absorption Rate: 2.64 months
Avg. Cap Rate: 5.88%
Avg. Gross Rent Multiplier: 11.66
6
Closed Sales Last Week
40
Closed Sales - Average Days on Market
$704,833
Closed Sales - Average Sales Price
4
Transactions Sold At or Above Asking Price
4
Financed Transactions Last Week
2
All Cash Transactions Last Week
4
2-4 Unit Transactions Last Week
2
5+ Unit Transactions Last Week

8
New Listings Last Week
5
Months of Inventory
87
Total Number of Active Listings
$539,140,755
Active Listings, Dollar Volume
3
Active Under Contract Last Week
6
Pending Listings Last Week
1
Expired Listings Last Week

San Bernardino County

The Inland Empire’s multifamily market is showing signs of strength, despite some economic headwinds. Rent expansion remained positive through 2020 and surpassed the nation. Multifamily sales activity last week was up slightly with 13 Closed Sales and Closed Sales - Average Days on Market remained low at just 31 days. Inventory levels remained steady with 118 Total Number of Active Listings. 

San Bernardino County Closed Sales - MikeLembeck.com

Live MLS and Sale of the Week Link expires in 30 days after published View Live MLS Data View PDF Version

Absorption Rate: 3.2 months
Avg. Cap Rate: 6.39%
Avg. Gross Rent Multiplier: 9.31
13
Closed Sales Last Week
31
Closed Sales - Average Days on Market
$566,500
Closed Sales - Average Sales Price
5
Transactions Sold At or Above Asking Price
10
Financed Transactions Last Week
3
All Cash Transactions Last Week
10
2-4 Unit Transactions Last Week
3
5+ Unit Transactions Last Week

12
New Listings Last Week
10
Months of Inventory
118
Total Number of Active Listings
$198,120,759
Active Listings, Dollar Volume
3
Active Under Contract Last Week
8
Pending Listings Last Week
5
Expired Listings Last Week

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