San Diego Multifamily Sales Up 184% in First Quarter
Multifamily sales volumes totaled $650 million in the first quarter, an significant increase over the $229 million in sales activity in 1Q18.
San Diego multifamily family investment sales activity increased significantly in the first quarter. According to research from ABI Multifamily, San Diego multifamily sales totaled $650 million, a 184.4% increase over the first quarter of 2018, when sales volumes totaled $229 million.
In addition to the increase in sales volumes, price per unit also increased 18.8% to $271,595, compared to $228,589 at the same time last year. Price per square foot increased 22.3% to $338.66.
This investment activity is the result of a strong apartment market. Multifamily rents increased 4.1% to an average of $1,940. However, the apartment vacancy rate tick up .5% to 95.9%, compared to 96.4% last year.