San Diego Multifamily Sales Double in 2H18

San Diego

San Diego multifamily sales surged in the second half of 2018 after a slow start to the year. According to research from CBRE, multifamily sales doubled in the second half of the year over the first of the year, however, the activity was on par with the second half of 2017, bringing the year in line with the five-year historical average. In addition, price-per-square-foot increased in the second half of the year.

“Second half gains in 2018 were driven mostly by several large sales. Sales of assets under 100 units by smaller private owners, who dominate the market, were about even throughout 2018,” John Newton, a broker in CBRE capital markets, tells GlobeSt.com. “So far,  1st quarter activity has been strong, driven by a number of large transaction that carried over from 4th quarter 2018. We expect a similar level of investment activity with larger deals moving the needle in terms of dollar volume.”