Through July 2021, commercial real estate sales are up about 73% in total volume, compared to six-year averages in the market, says Chase Weatherly, marketing and communications director at Elifin Realty. Commercial sales have been on an upward trend since January.
July brought total commercial sales for this year to 295, a 65% increase over this time in July 2020 and a 45% increase over the six-year average, according to Elifin Realty’s July commercial sales report.
Commercial real estate transactions totaled $489 million from the beginning of this year through July, almost matching the entirety of what was spent in 2020, which totaled $498 million.
The transaction volume in the multifamily sector is currently 10 times higher than this time in 2020 and has already exceeded each of the totals for 2019 and 2020. Multifamily sales have also increased 79% since the beginning of 2021.
More multifamily complexes have been selling recently, Weatherly says, including a couple in the $20 million-$30 million price range.
The price for office space is at its highest level in five years, at nearly $140 per square foot.
In light of the July real estate report, Weatherly sees no indication that the market will slow anytime soon.