OC Apartment Brokers
SoCal Multifamily Sales Pulse - April 19, 2021 - April 25, 2021
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Here's What's Happening In The Market, Here’s What This Means For You
Brisk Job Recovery, Hiring
Expansion Continues In California
California’s labor market continued to expand at a rapid pace in March, with total nonfarm employment growing by 119,600 positions. And with the state’s decline in new COVID-19 cases and the accelerated rollout of vaccines, the worst effects of the pandemic-driven economic fallout seem to be in the past. As long as the virus remains under control, the state’s labor markets should expand at a healthy pace in the coming months.
In March 2021, there were 1.53 million fewer people employed in California than in February 2020.
California’s unemployment rate declined to 8.3 percent in March but remains elevated relative to the 6 percent rate in the United States overall.
Orange County
Orange County multifamily saw a slight increase in Closed Sales Last Week with 17 closed sales. That's slightly up from the prior two weeks where there were approx. 13-14 Closed Sales. Closed Sales - Average Days on Market remained low at just 33 days. Transaction sales pice was down slightly to $1,282,494 from $1,562,769 last week. There was a strong increase in Active Under Contract listings last week with 17, which shows investor demand and sales activity should remain consistent in the near future.
List of Closed Sales
Southern California
Long Beach multifamily sales were up slightly but remained consistent with prior weeks with 12 Closed Sales Last Week. Of the Closed Sales Last Week 3 transactions were financed with FHA financing, 1 transaction was financed with VA financing and 1 transaction was financed with Cal Vet financing. There were just 7 New Listings Last Week but the Total Number of Active Listings was up overall with 109 Total Active Listings.
List of Closed Sales