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Here's What's Happening In The Market, Here’s What This Means For You
Orange County
Orange County multifamily had 15 Closed Sales Last Week. Another strong week of closed sales for Orange County. The Closed Sales - Average Days on Market was normal at 32 days. 9 0f the 15 Closed Sales Last Week were Transactions That Sold At or Above Asking Price. With the current low inventory, investors are being asked to pay higher than list price in most cases in order to acquire a property. If you’re planning on doing a 1031 exchange this type of situation might seem scary. Keep in mind we have access to a lot of inventory using the Delaware Statutory Trust. Give me a call with any questions you might have regarding this process. There were just 2 All Cash Transactions Last Week.
The Orange County SALES OF THE WEEK are two triplexes in Costa Mesa. One of the triplexes is located on Fillmore Way and the other triplex is located on Coolidge Ave. Both triplexes are located in the same area. The major cross streets are Baker St. and Fairview Rd. and they are located 3/4 mile from South Coast Plaza. The triplex on Fillmore Way was listed and sold at $1,225,000 in 2 days. The triplex on Coolidge Ave. was listed and sold at $1,250,000 in 2 days. Built in 1963. Both triplexes have a similar bedroom and bath mix of all 2 bedroom units. There was approx. 20-25% upside in the rents. The square footage of Fillmore Way is 3,430 and the square footage of Coolidge Ave. is 3,166. The triplexes sold for $357 per sq. ft. and $394 per sq. ft. The average price per sq. ft. in Orange County is $596.
Looking at Orange County multifamily listing inventory, Orange County had 10 New Listings Last Week. No surprise there. This has been the norm for Orange County for the last few weeks. After increasing in the prior week, the Total Number of Active Listing dropped to 109 total listings last week. There was good sale activity last week with 10 listings moving from Active to Active Under Contract Last Week.
List of Closed Sales
Live MLS Link PDF Link SALE OF THE WEEK
Southern California
Long Beach multifamily had 7 Closed Sales Last Week. This is about average for the number of weekly closed sales for Long Beach. The Closed Sales - Average Days on Market was higher than normal at 55 days. There were 3 of the 7 Closed Sales Last Week that were Transactions That Sold At or Above Asking Price and 2 of the 7 Closed Sales Last Week were All Cash Transactions.
Long Beach multifamily listing inventory had 4 New Listings Last Week. So it was a bit of a slow week for new listings. The Total Number of Active Listings matched the prior week with 71 total listings. There were just 2 Active Listings that moved to Active Under Contract. There's currently not much inventory in Long Beach and Long Beach is tied with Riverside County for the lowest amount of inventory out of the areas we keep stats on. Both areas have 71 total listings.
List of Closed Sales