Orange County

Orange County multifamily had 8 Closed Sales Last Week. This is quite a low number of weekly sales for Orange County. Orange County closed sales typically average around 12-16 closed sales per week. This low number of closed sales may have been caused by the short week created by the Labor Day holiday. The Closed Sales - Average Days on Market was 57 days. This is above normal for average days to sell. This stat usually runs somewhere between 30-45 days.

There were two SALE OF THE WEEK properties this week for Orange County. The first one in a 4 plex on Meats Ave. in Orange. The property was originally listed at $1,500,000 and sold all cash for $1,550,000 in 5 days. The unit mix consisted of two 3 bedroom 2 bath units and two 2 bedroom 1 bath units. The property is located in a good area close to Chapman University and St. Joseph Hospital. There was fire damage in the laundry room and upper 3 bedroom 2 bath unit that was in the process of being restored by Insurance company while the property was on the market. The insurance company also replaced the roof on the entire building. The property sold at just under $415 per sq. ft.

The second SALE OF THE WEEK for Orange County is a 4 plex in Huntington Beach on Delaware St. This property was originally listed for $1,795,000 and sold for $1,920,000 in 9 days. The unit mix consisted of one 3 bedroom 2 bath, one 2 bedroom 1.5 bath townhouse style unit, one 2 bedroom 1 bath and one 1 bedroom 1 bath unit. The property sold at $509 per sq. ft.

Looking at the listing inventory for last week. Orange County had 18 New Listings Last Week. This is a little bit higher than most weeks for new weekly listings. But the Total Number of Active Listings dropped further to 133 listings after being at 137 total listings in the prior week. Active Listings, Dollar Volume also continued to drop and is now down to just over $416,000,000. Months of Inventory remained at 2 months.

Southern California

Long Beach multifamily had 6 Closed Sales Last Week. This is a low number of weekly sales but Long Beach has had weeks of 6 or 7 sales in 3 out of the last 5 weeks. The Closed Sales - Average Days on Market was pretty normal at 30 days. Out of the 6 Closed Sales Last Week there were 5 Transactions That Sold At or Above Asking Price. So, demand is still strong and buyers a paying a premium for Long Beach apartment buildings. Out of the 6 Financed Transactions Last Week there were two FHA financed transactions.

This week's Long Beach SALE OF THE WEEK is a 4 plex on Park Ave. Built in 1941. The property was listed at $1,950,000 and sold at asking price in 56 days. Located in Alamitos Heights and right next to Long Beach's Recreation Park Golf Course. The property is beautifully landscaped and all units were remodeled with new flooring, fixtures, granite countertops, stainless steel appliances, water heaters and air conditioning. The property sold at $604 per sq. ft. The Long Beach Average Price Per Sq. Ft for last month was $513.

Looking at the Long Beach listing inventory there were 11 New Listings Last Week. Just about normal for Long Beach weekly listings. But this puts the Total Number of Active Listings to 104 listings and above 100 listings for the first time in several months. Months of Inventory remained at 3 months. Active Listings, Dollar Volume was similar to the prior week at just above $230,000,000.