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Recently, the Greater Albuquerque Association of Realtors (pronounced “real-tors” and not “real-a-tors”) released its June 2021 Market Statistics. The report, which should come as no surprise, highlighted continued and unprecedented growth in the Albuquerque real estate market. Driven by historically low-interest rates and limited inventory, the report shows that the price for median detached homes in Albuquerque rose 25.8 percent when compared to June 2020, and reached an all-time high of $305,000.
Real estate in Downtown Albuquerque, which covers Old Town and West Downtown has seen similar trends. Just in the month of June, 27 residential properties have been sold, with an average sale price of over $291,500. Compare that to the same time frame last year, 28 properties sold for an average of over $238,800, a 19 percent difference.
Albuquerque is not unique in experiencing a housing market boom. The National Association of Realtors (NAAR) announced that nearly every metro area they track recorded year-over-year price increases in the first quarter of 2021, with 89 percent of metro areas seeing double-digit price gains. In Albuquerque, according to the NAAR report, those gains were 16 percent between Q1 2020 and Q1 2021. Additionally, while existing home sales nationally were down slightly in May (by 0.9 percent), the median existing-home price for all housing types saw a record year-over-year increase of 23.6 percent. “I have been blown away with how much cash has been injected into our market,” said Michael Schlichte, owner and qualifying broker of Absolute Real Estate & Property Management. “Regular retail buyers and large scale investment groups are placing large amounts of cash down, sometimes over 25 percent. They’re covering a seller’s customary costs and, oftentimes, paying above the appraised value. These elements were virtually nonexistent during the market boom of 2005 to 2007.”
As positive as this news may seem, however, there is always another side to the story. Low inventory, price increases and quick turnaround often lead to bidding wars between buyers. “If you’re coming in at list price … it’s considered a lowball offer right now,” said Belinda Franco, GAAR president in an interview with the Albuquerque Journal. Many prospective buyers are now finding that they are priced out of their ideal home and oftentimes have to settle. “I was not expecting homes to be sold so quickly and well above asking price,” said Tong Savath, a Washington state transplant, regarding purchasing his first home. “It can be devastating to learn that sellers have accepted another offer without having an opportunity to counteroffer.”
While the market has shown just the slightest uptick in residential inventory, real estate brokers feel that this is just seasonal exploration by homeowners simply “testing the waters.” The issue with putting your home on the market, however, is that you had better have someplace else to live. There is no significant slowdown in sight, and most brokers expect to be very busy through the end of the year. “If you want your offer to be taken seriously, highest and best offers are currently what the market is dictating, and a licensed real estate broker can help you to identify that,” said Schlichte.
*Business writer Muhamed Abdel-Hack is a licensed real estate agent with Weichert Realtors-Image in Albuquerque.
HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.
Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.
Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.
The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.
Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.
They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.
The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.
This report by The Canadian Press was first published Oct. 24, 2024.
Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.
Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.
Average residential home price in B.C.: $938,500
Average price in greater Vancouver (2024 year to date): $1,304,438
Average price in greater Victoria (2024 year to date): $979,103
Average price in the Okanagan (2024 year to date): $748,015
Average two-bedroom purpose-built rental in Vancouver: $2,181
Average two-bedroom purpose-built rental in Victoria: $1,839
Average two-bedroom purpose-built rental in Canada: $1,359
Rental vacancy rate in Vancouver: 0.9 per cent
How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent
This report by The Canadian Press was first published Oct. 17, 2024.
VANCOUVER – Voters along the south coast of British Columbia who have not cast their ballots yet will have to contend with heavy rain and high winds from an incoming atmospheric river weather system on election day.
Environment Canada says the weather system will bring prolonged heavy rain to Metro Vancouver, the Sunshine Coast, Fraser Valley, Howe Sound, Whistler and Vancouver Island starting Friday.
The agency says strong winds with gusts up to 80 kilometres an hour will also develop on Saturday — the day thousands are expected to go to the polls across B.C. — in parts of Vancouver Island and Metro Vancouver.
Wednesday was the last day for advance voting, which started on Oct. 10.
More than 180,000 voters cast their votes Wednesday — the most ever on an advance voting day in B.C., beating the record set just days earlier on Oct. 10 of more than 170,000 votes.
Environment Canada says voters in the area of the atmospheric river can expect around 70 millimetres of precipitation generally and up to 100 millimetres along the coastal mountains, while parts of Vancouver Island could see as much as 200 millimetres of rainfall for the weekend.
An atmospheric river system in November 2021 created severe flooding and landslides that at one point severed most rail links between Vancouver’s port and the rest of Canada while inundating communities in the Fraser Valley and B.C. Interior.
This report by The Canadian Press was first published Oct. 17, 2024.
