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"Local and National Apartment Update"

Originally appeared inAlbuquerque Apartment Report Vol. 1.2 - Q294
National Apartment Update The National Real Estate Index reports that Class A apartment prices and rents nationwide increased 0.5% in the third quarter of 1993. Apartment prices experienced a 0.5% increase from $57.47 to $57.77 per square foot during the previous quarter. Rents also increased 0.5% from $9.66 to $9.71 per square foot (annual rent), while capitalization rates decreased one percent, from 9.6% to 9.5%. Though momentum in the apartment sector slowed slightly in the 3rd quarter, the index notes that apartment sales still led the investment real estate sector. Albuquerque Residential Report Although the average price for houses has risen 1.9% in the US and 7.5% in the Mountain states area, Albuquerque has shown a 10% increase in the average price per house. According to a recent lender publication, houses in Albuquerque are on the market an average of only 44 days until a signed purchase agreement is executed.


Article by
by Todd Clarke CCIM (www.nmcomreal.com/nmcomreal)
 
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