OC Apartment Brokers
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.
List of Closed Sales
Southern California
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.
List of Closed Sales