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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. This is down from 20 closed sales in the prior week but still about average for the number of weekly sales for Orange County. Closed Sales - Average Days on Market was also about normal at 43 days.
The Orange County SALE OF THE WEEK was a 4 plex on Coriander Dr. in Costa Mesa The property was listed at $2,000,000 and sold for $2,097,950 in 9 days. This is the highest sale price ever in the area by over $150,000. This 4 plex is located in what is known as the “Spice Streets” area of Costa Mesa, this area is an area of pride of ownership 4 plexes. This particular property is located on a corner lot. Recent improvements were a newer roof and exterior paint approx. 6 years ago. The 3 bedroom 2 bath front unit had been recently upgraded including remodeled granite kitchen counters and appliances, recessed lights, remodeled bathrooms, paint, and flooring. The other 3 units are all 2 bedroom 2 bath units.
Orange County multifamily listing inventory had 21 New Listings Last Week. This is a good, strong week of new listings for Orange County. With the influx of new listings, the Total Number of Active Listings increased from 126 listings in the prior week to 130 Total Number of Active Listings last week.
List of Closed Sales
Live MLS Link PDF Link SALE OF THE WEEK
Southern California
Long Beach multifamily had an average week with 9 Closed Sales Last Week. Closed Sales - Average Days on Market was 47 days and there were 2 All Cash Transactions Last Week. All about average/normal weekly numbers for Long Beach multifamily. There was one closed sale that was on the market for 208 days that inflated the Average Days on Market. If that one closed sale is removed the Average Days on Market drops to 27 days.
Long Beach multifamily listing inventory had a good week with 9 New Listings Last Week. The Total Number of Active Listings remained consistent with the last 3-4 weeks at 85 total listings. Prior to that time period inventory was running in the high 90’s to low 100’s for the Total Number of Active Listings . Active Listings, Dollar Volume nudged up slightly to just under $225,000,000.
List of Closed Sales