The Canovo Report - January 10, 2024

🗞️ The Canovo Report: Ogden MIL 7.13% Cap Rate, 2024 begins with Multifamily outpacing Single Family,

January 10, 2024

This week in the Canovo Report…

Our top Multifamily Listings, 2024 begins with Multifamily outpacing Single Family, mortgage rates move sideways, and…

…migration boom may be over.

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Happy Investing,

David Robinson

Featured Multifamily Listings This Week

> Our team has analyzed these deals using our custom bulk property analyzer. If you’d like more detail regarding any of these listings, click the links below. If you’d like to learn how we help exclusive investor clients find and acquire top-performing multifamily, click here.

$399,900.00

8814 S 400 E Sandy Utah , 84070

Type: Duplex

Est Proforma Cap: 6.60%

Total Monthly Expenses: $719.80

Gross Monthly Income: $3,008.00

$585,000.00

219 W La Salle Dr Midvale Utah , 84047

Type: Duplex

Est Proforma Cap: 6.13%

Total Monthly Expenses: $1,011.23

Gross Monthly Income: $4,122.00

$850,000.00

1804 W 400 N Salt Lake City Utah , 84116

Type: Fourplex

Est Proforma Cap: 6.16%

Total Monthly Expenses: $1,473.32

Gross Monthly Income: $6,016.00

$1,150,000.00

1810 S 800 E Salt Lake City Utah , 84105

Type: Fourplex

Est Proforma Cap: 6.25%

Total Monthly Expenses: $2,009.02

Gross Monthly Income: $8,244.00

$429,900.00

2054 S Taylor Ave Ogden Utah

Type: Mother In Law

Est Proforma Cap: 7.13%

Total Monthly Expenses: $808.95

Gross Monthly Income: $3,468.00

$465,000.00

752 W 400 S Provo Utah

Type: Mother In Law

Est Proforma Cap: 6.15%

Total Monthly Expenses: $805.23

Gross Monthly Income: $3,286.00

Canovo Group may not be the listing brokerage for the above properties. The information provided is not guaranteed and should not be relied upon to make investment decisions. Buyers should complete their own analysis and due diligence before making any investment.

Sold Multifamily Listings Last Week

> Here's a roundup of multifamily properties sold over the past week. We've estimated their selling cap rates using our bulk analyzer. Curious about your property's value? Request a complimentary broker's opinion of value.

What is Your Property Worth? Request a Free Valuation.

Utah Market Data

> 2024 Utah Real Estate Market Begins with Multifamily Activity Surpassing Single Family

As 2024 kicks off, we've analyzed the current landscape of real estate, taking a snapshot of Active and Under Contract listings for both Multifamily and Single Family properties against the same day last last year (January 10th).

Multifamily Listings See an Uptick

Active Listings: There are currently 175 multifamily properties on the market, marking a 14.4% increase from 153 listings at this time in 2023.

Under Contract Listings: There's a 5.9% rise in under contract multifamily listings, growing from 51 in 2023 to 54 today.

Single Family Listings Experience a Decrease

Active Listings: The number of active single family listings has decreased to 7,596, a 1.64% drop from 7,724 in 2023.

Under Contract Listings: There's a significant 13.5% decline in single family properties under contract, falling from 3,676 in 2023 to 3,181 today.

This data indicates a stronger start for multifamily properties in 2024, contrasting with a slight downturn in the single family sector.

Source: wfrmls

Interest Rates and Financing

Sponsored: Spencer Allen | Trillion Mortgage NMLS #2296408

 > Mortgage Rates Move Sideways as Markets Digest Incoming Data

Between late October and mid-December, the 30-year fixed-rate mortgage plummeted more than a percentage point. However, since then rates have moved sideways as the market digests incoming economic data. Given the expectation of rate cuts this year from the Federal Reserve, as well as receding inflationary pressures, mortgage rates will likely continue to drift downward as the year unfolds. While lower mortgage rates are welcome news, potential homebuyers are still dealing with the dual challenges of low inventory and high home prices that continue to rise. (more)

Other Top News, Reports and Insights

> Apartment Rent Growth Leaders for Calendar 2023

By the end of 2023, around half of the largest U.S. apartment markets experienced rent decreases, but cities with limited new housing supply over the past five years, particularly in the Midwest, saw rent increases. Cincinnati led the national apartment rent growth with 3.9%, followed by cities like Boston, Chicago, and Newark, while Midwest markets and cities like Anaheim and Washington, D.C. also recorded growth close to 3%. (More)

> The Pandemic-Driven Migration Boom Is Waning, With the Share of Homebuyers Relocating at Lowest Level in 18 Months

The share of U.S. homebuyers seeking to move to different metro areas declined to 23.9% in November 2023, marking the first annual decrease in Redfin's records and the lowest in a year and a half, amidst less remote work flexibility and rising housing costs in popular destinations. Sacramento, Las Vegas, and Spokane, WA, emerged as top relocation destinations, attracting buyers with their relative affordability compared to expensive coastal cities like the Bay Area, which saw price increases of only 8% compared to Sacramento's 35% since before the pandemic. (More)

> Interest Rate Hopes Send Fannie Mae Index Higher

Despite generally pessimistic consumer sentiment about housing, Fannie Mae’s National Housing Survey in December showed a rise in the Home Purchase Sentiment Index, mainly due to expectations of declining mortgage interest rates over the next year. This optimism, influenced by recent rate decreases and bond market trends, suggests that consumers anticipate improved home affordability in 2024, potentially increasing home sales despite ongoing affordability challenges. (More)

We hope you found this weeks report valuable. If you have any questions, feedback, or if we can serve you in any way, don’t hesitate to reach out!

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