The Albuquerque real estate market continued setting new records last month. The Greater Albuquerque Association of Realtors' report for May shows a 26% year-over-year increase in the median sales price for a home, to $290,000. Inventory also continues to be at historic low levels.
https://www.bizjournals.com/albuquer...erque-low.html
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A year ago, Albuquerque's single-family housing inventory had tightened to historic levels. According to May 2021 data in the latest Greater Albuquerque Association of Realtors report, the market's inventory has eclipsed that mark.
While inventory increased by nine listings between April and May, the 691 homes across the metro area represented a decrease of 62.6% when compared to the previous year. For comparison, Albuquerque's inventory approached the 4,000 mark in May of 2016.
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Meanwhile, indicators that reflect the cost of homebuyers to get into the market continue to climb.
The median sales price for a single-family home increased 26.1% — to $290,000.00 — in May 2021 when compared to the previous year. And the percent of list price received exceeded 100% for the second straight month. The mark of 101.5% in May represents a 2.63% increase over the previous year.
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Albuquerque Business First is reporting that leasing has begun for the Broadstone Nob Hill Apartments.
https://www.bizjournals.com/albuquer...-nob-hill.html
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Nob Hill's newest apartment complex is inching closer to being ready for residents to move in.
Titan Development confirmed to Business First that the pre-leasing process is underway for the 102-unit Broadstone Nob Hill. The apartments are located on Central Avenue between Montclaire Drive NE and Sierra Drive NE at 4101 Central Ave. NE.
Titan said construction is about 70% complete as of Wednesday. It expects the construction of the project to be completed in full by the third quarter of this year.
Broadstone Nob Hill is four-stories and encompass es 125,772 square feet. The move-in process will begin when the first floor is fully built-out, but an exact date is unknown as of Wednesday, Titan said.
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Below is the most recent pic I can find of the Broadstone Nob Hill project, taken about a week ago by a poster on Facebook.
https://www.facebook.com/photo.php?f...22499424466843
Albuquerque Business First also reports that building permit applications have been submitted for the San Roque and La Serena affordable apartment projects on Coors Boulevard just north of Bluewater Road NW.
https://www.bizjournals.com/albuquer...developer.html
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Building permit applications filed with the city of Albuquerque show two new apartment complexes are planned for the Westside.
Separate building applications for a new 78-unit project at 441 Coors Blvd. NW and a new 137-unit project at 457 Coors Blvd. NW were filed Thursday. The two will encompass 86,734 and 194,903 square feet, respectively. Each has similar work descriptions of a main building which will house the majority of the units, but will include separate "garage loft" buildings for the remaining units.
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The Luminaria Senior Community apartments have posted construction progress pics on their Facebook page. The framing construction is now up to the third floor.
https://www.facebook.com/story.php?s...10802873985673
