One year after the pandemic brought the market to a crawl, lowered median sale prices, and significantly reduced rents, sales numbers in the multi-unit market have rebounded in Q1 and rents appear to be on their way back up as well.
Driving the rebound in sales is the 2-4 unit segment with 119 sold across the city; a 25 percent increase from last year. This spike is to be expected when comparing to last year as many properties were pulled off the market during the early stages of the pandemic; however, the number of buildings sold during Q1 2021 is actually higher than the past 5 years of recorded Q1 data.
Buildings with 5 or more units were more affected by the pandemic. Most key metrics are down or flat, however the median price per square foot did record 6.7 percent higher than last year. There has also been a significant spike in the number of buildings that went into contract.