Yardi Matrix: Multifamily Sales Volume Plunges Nearly 42% Y-O-Y
Multifamily sales are down sharply–though impact varies regionally—as a result of the pandemic, Yardi Matrix reported. Through the first three quarters of 2020, $50.6 billion of multifamily property sales were completed in the U.S., down 41.7% from $86.5 billion in the year-ago period.
Yardi Matrix holds out little hope that full-year volume will get close to 2019’s record high of $127.8 billion. Gateway and coastal metros have generally seen a larger decline than secondary and tertiary markets in the Sun Belt and Southwest.
“Much of the change could be described as a ‘filtering’ effect: investors moving from urban cores to inner-ring suburbs, from primary to secondary metros and from secondary to tertiary metros,” the report states. “This phenomenon results from several factors, including owners putting fewer properties on the market, disagreement between buyers and sellers about prices, the composition of buyers, and the competition for assets.”
For comments, questions or concerns, please contact Paul Bubny