So cal multifamily broker

Orange County

Orange County multifamily had 11 Closed Sales Last Week. This is down from the last 3 prior weeks when there were three consecutive weeks of 14 weekly closed sales. The Closed Sales - Average Days on Market was up slightly at 47 days. Almost half or 5 of the 11 closed sales were Transactions That Sold At or Above Asking Price.

The Orange County SALE OF THE WEEK was a 4 plex on Heil Ave. in Huntington Beach. The property was listed at $1,949,900 and sold for $1,955,000 in 5 days. The property is located in the Huntington Harbor area of Huntington Beach. The units consisted of one 3 bedroom 2 bath, two 2 bedroom 2 baths, and one 1 bedroom 1 bath. The existing rents were slightly under market. Two of the units have large patios, two units have balconies. There are 4 individual enclosed garages. The property sold at $488,750 per unit and $462 per sq. ft. The Orange County average price per sq. ft. is $544.

 For Orange County listing inventory, there were 9 New Listings Last Week. That’s down from 13 new listings in the prior week. The Total Number of Active Listings is now down to 126 listings. This is up from the low point this year of 119 total listings that occurred 3 weeks ago.

Southern California

Long Beach multifamily had 9 Closed Sales Last Week. This is just about average for weekly closed sales for Long Beach. The Closed Sales - Average Days on Market was elevated at 97 days. The elevated days on market were caused by one listing taking 300 days to sell and another listing taking 397 days to sell. If we remove those two closed sales the Closed Sales - Average Days on Market drops down to 25 days. Of the 9 Closed Sales Last Week there were 7 Transactions That Sold At or Above Asking Price. So we’re still seeing bidding wars among investors for Long Beach multifamily.

Long Beach multifamily listing inventory had 5 New Listings Last Week. This is lower than the usual number of weekly new listings as we’re seeing the listing inventory drop in most areas of Southern California as we head into the end of the year and holidays. The Total Number of Active Listings dropped down to 84 total listings. This is the lowest number of active listings that we’ve had all year. Still another reason for bidding wars.