So Cal Multifamily Sales Pulse - April 7, 2024

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

Waiting for the End of Extend-and-Pretend It would be painful, but if history offers a lesson, it’s that kicking the can down the road causes a bigger fall.	Loan Modifications Shoot Up, Showing 'Extend And Pretend' Is Alive And Well Loan modifications on CMBS and CRE collateralized loan obligations more than doubled last year, according to CRED iQ.
Multifamily Stages Strong Rebound in Demand For mid-priced, three-star assets, rent growth remained positive at 1.3% and net absorption shot up.	CA Assembly Bill Advances with New Regs on Security Deposits The California Assembly Judiciary Committee approved a bill proposes new regulations on how landlords manage security deposits, while also aiming to implement new limits on tenant screening fees.
UBS Flags Commercial Real Estate Downturn As A Top Risk Commercial property markets in the United States and Europe are in the grip of the biggest slowdown since the 2008-9 crash.	Banks Up Against $2 Trillion ‘Wall’ of Real Estate Debt We are at the beginning of the impact of this wall of loans. A chunk of those will be fully underwater, a chunk of those will be snorkeling, and a chunk will be recapitalized with more equity.
Lower Office Rents Mask Wider Threats of Commercial Real Estate Distress With nearly $1 trillion in commercial real estate debt maturing this year, landlords and their bankers scramble to find alternatives to spreading default.	Wall Street Braces For Commercial Real Estate Time Bomb Delinquency rates for commercial mortgage backed securities are on the rise in recent months.
How Large Will Losses Be in Commercial Real Estate? As certain market participants remain worried about CRE risks, understanding how to sort and size these risks is paramount.	Multifamily Rent Growth Forecast Gets an Update Anaheim, Chicago, Columbus, Detroit, Indianapolis, and San Francisco expected to rise by 3% or more.
Half of US Residents Struggle to Pay Monthly Housing Bill Housing has become so financially burdensome that some families can no longer afford other essentials.	Surge Of Legislation Aims To Regulate The Multifamily Industry Rent control, housing fees and tenant screening are the subjects of hundreds of bills and rule proposals.
Renters Could Receive New Protections From Application Fees To Security Deposits This new statewide bill would cap application fees at $50, and require landlords to reimburse applicants who are not selected.	Distressed Multifamily Borrowers Are Holding On Those looking to extend are demanding fixed-rate loans with five-year terms that give them prepayment flexibility.
Not the Pitch CRE Wanted to Hear: Inflation Continues Its Windup All items index is up 3.5% year-over-year and core was up 3.8%.	Here’s The Inflation Breakdown For March 2024 — In One Chart There are some bright spots, such as food prices, though. Household buying power is also up over the past year as wage growth has outstripped inflation.
Some Experts Float the Possibility That the Fed Could Raise Rates Again “You have to take seriously the possibility that the next rate move will be upwards rather than downwards.”	Rising Insurance Is Killing More and More Deals When facing doubling and tripling of costs, some deals just don’t get done.
Banks Have Another Reason to Scale Back CRE Lending CRE debt didn’t matter much to bank stocks in 2007, but there’s a negative correlation now.	California Banks Hold The Spotlight For Outsized Property Debt Analysis finds 31% of state’s banks have CRE debt above 300% of capital, most in US
The Inflation Fight Has Stalled And The First Rate Cut Won't Happen Until December, Bank Of America Says The re-acceleration of inflation means markets should expect just a single 25 basis-point cut this year.

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for access to all available multifamily listings throughout Southern California.

Orange County

Closed Sales Last Week

Closed Sales - Average Days on Market

$1,812,904

Closed Sales - Average Sales Price

Transactions Sold At or Above Asking Price

Financed Transactions Last Week

All Cash Transactions Last Week

2-4 Unit Transactions Last Week

5+ Unit Transactions Last Week

New Listings Last Week

Months of Inventory

220

Total Number of Active Listings

$718,370,974

Active Listings, Dollar Volume

Active Under Contract Last Week

Pending Listings Last Week

Expired Listings Last Week

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Avg. Cap Rate: 4.44%

Avg. Gross Rent Multiplier: 14.74

List of Closed Sales

Live MLS Link PDF Link

Live MLS Link expires in 30 days after published

Long Beach

Closed Sales Last Week

Closed Sales - Average Days on Market

$2,926,667

Closed Sales - Average Sales Price

Transactions Sold At or Above Asking Price

Financed Transactions Last Week

All Cash Transactions Last Week

2-4 Unit Transactions Last Week

5+ Unit Transactions Last Week

New Listings Last Week

Months of Inventory

119

Total Number of Active Listings

$404,759,776

Active Listings, Dollar Volume

Active Under Contract Last Week

Pending Listings Last Week

Expired Listings Last Week

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Avg. Cap Rate: 4.63%

Avg. Gross Rent Multiplier: 14.13

List of Closed Sales

Live MLS Link PDF Link

Live MLS Link expires in 30 days after published

Los Angeles

Closed Sales Last Week

Closed Sales - Average Days on Market

$1,441,032

Closed Sales - Average Sales Price

Transactions Sold At or Above Asking Price

2-4 Unit Transactions Last Week

5+ Unit Transactions Last Week

128

New Listings Last Week

Months of Inventory

1,939

Total Number of Active Listings

$13,505,222,365

Active Listings, Dollar Volume

Active Under Contract Last Week

Pending Listings Last Week

Expired Listings Last Week

Looking For A Bargain?

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Avg. Cap Rate: 4.63%

Avg. Gross Rent Multiplier: 14.13

List of Closed Sales

Live MLS Link PDF Link

Live MLS Link expires in 30 days after published

San Diego

Closed Sales Last Week

Closed Sales - Average Days on Market

$1,999,357

Closed Sales - Average Sales Price

Transactions Sold At or Above Asking Price

Financed Transactions Last Week

All Cash Transactions Last Week

2-4 Unit Transactions Last Week

5+ Unit Transactions Last Week

New Listings Last Week

Months of Inventory

213

Total Number of Active Listings

$115,644,697

Active Listings, Dollar Volume

Active Under Contract Last Week

Pending Listings Last Week

Expired Listings Last Week

Looking For A Bargain?

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Avg. Cap Rate: 4.67%

Avg. Gross Rent Multiplier: 14.34

List of Closed Sales

Live MLS Link PDF Link

Live MLS Link expires in 30 days after published

Riverside

Closed Sales Last Week

Closed Sales - Average Days on Market

$779,800

Closed Sales - Average Sales Price

Transactions Sold At or Above Asking Price

Financed Transactions Last Week

All Cash Transactions Last Week

2-4 Unit Transactions Last Week

5+ Unit Transactions Last Week

New Listings Last Week

Months of Inventory

Total Number of Active Listings

$378,334,545

Active Listings, Dollar Volume

Active Under Contract Last Week

Pending Listings Last Week

Expired Listings Last Week

Looking For A Bargain?

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Avg. Cap Rate: 5.6%

Avg. Gross Rent Multiplier: 12.09

List of Closed Sales

Live MLS Link PDF Link

Live MLS Link expires in 30 days after published

San Bernardino

Closed Sales Last Week

Closed Sales - Average Days on Market

$544,667

Closed Sales - Average Sales Price

Transactions Sold At or Above Asking Price

Financed Transactions Last Week

All Cash Transactions Last Week

2-4 Unit Transactions Last Week

5+ Unit Transactions Last Week

New Listings Last Week

Months of Inventory

152

Total Number of Active Listings

$303,139,449

Active Listings, Dollar Volume

Active Under Contract Last Week

Pending Listings Last Week

Expired Listings Last Week

Looking For A Bargain?

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Avg. Cap Rate: 6.39%

Avg. Gross Rent Multiplier: 9.63

List of Closed Sales

Live MLS Link PDF Link

Live MLS Link expires in 30 days after published

So cal multifamily broker

So Cal Multifamily Sales Pulse - April 7, 2024 - April 13, 2024

Here's What's Happening In The Market, Here’s What This Means For You

Orange County

Long Beach

Los Angeles

San Diego

Riverside

San Bernardino