Transaction velocity is the volume of multifamily sales in a market over a time period. LA multifamily 2025 velocity: 557 deals, $6.5–$7.9 billion — a meaningful recovery from 2023's trough.
Higher velocity typically reflects healthy market conditions — buyers and sellers both active, prices discoverable. Low velocity reflects market dislocation, wide bid-ask spreads, or capital pullback.
LA multifamily velocity tracker: 2021 peak ~1,200 deals, 2023 trough under 400 deals, 2024 ~500, 2025 557, 2026 projected 650–700. Volume is recovering but still well below the 2021 peak. The recovery is uneven — stronger on post-1995 than pre-1978 inventory.
From the Sterman LA Multifamily Glossary — defined the way a broker with $1.41 billion across 254 closed transactions actually uses these terms.
Michael Sterman, Senior Managing Director Investments, Marcus & Millichap.
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