San Diego Multifamily Market: Few Deals, Skewed Prices, Speed Disparity
Key Points
- San Diego County’s multifamily market experienced a slow January, with only a handful of transactions closing.
- One deal, The Element, dominated activity, constituting a whopping 60% of the total sales volume. Notably, it was the only property under 50 years old to trade.
- The Element’s high price per unit inflated the overall average sales price. When excluding it, the average drops significantly to $275K, reflecting a more realistic market picture.
- Speed of sale varied greatly, with deals under $3 million closing in an average of 52 days, significantly faster than pricier transactions which took an average of 162 days. This suggests stronger buyer interest for smaller, more affordable properties.
- Cap rates displayed a wide range, from the low 2%s to the high 4%s, highlighting the diversity of property types and investor strategies within the market.
Market Summary
Summary by Class
Summary by Unit Count
Summary by Age
Summary by City
All Transactions
Corto Realty Group, Inc. is a San Diego-based real estate advisory firm specializing in multifamily investing.
Disclaimer: This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to its accuracy. Prospective User should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, sales price, dates, units, locations, cap rates, etc. Consult your attorney, accountant, or other professional advisor.