Pending Sales Rise From July –
Year To Comparisons Still Show Slow Market
Based on statistics released today by the Greater Capital Association of REALTORS®, Inc. (GCAR) pending sales (contracts of sale) of single family homes in August 2010 in the Capital Region are up slightly from July of this year but a comparison against last August is not as encouraging. The report is based upon data collected by the Capital Region Multiple Listing Service, Inc. a regional service owned by GCAR and the Saratoga Schenectady Schoharie Association of REALTORS®, Inc.
Laurene Curtin (459-4564), 2010 GCAR president says, “Pending sales in August did increase by 7% (566 to 608) from July 2010 but our year to year comparison shows that this August the number of pending sales dropped by 28% from August of 2009. It is clear we are still seeing some lingering effects of the tax credit which pulled out many summer buyers and made them spring buyers. But we would have expected to see more activity in the market.” She adds, “Interest rates are very low, housing costs have steadied and are showing signs of appreciation to come, but buyers are not moving into the market as strongly as we would have anticipated. When they’ll return is an unknown factor, but our members do report more activity even if this activity is not leading to contracts to purchase.”
James Ader (464-0191 Ext. 16), GCAR’s chief executive officer says, “We think buyers understand this is the best time in a long time to purchase but they are still hesitating. And while it’s easy for us to say that we seen other slow markets it is not easy for sellers to understand when their homes linger on the market.” He adds, “But no matter what we’re seeing this summer we know that the market has turned, prices have stabilized and appear ready to rise, and interest rates, at least for the short term will remain attractive. So to sellers we say ‘Be patient’; to buyers we say, ‘Don’t miss this opportunity”.
“We would suggest to buyers that they take a look at the social and economic benefits of purchasing real estate and talk to their REALTOR® about taking advantage of the best market buyers have seen in many years,” says Mrs. Curtin. “We think they’ll be pleasantly surprised by the home buying power of their dollars in the Capital Region.”
GCAR is a professional trade association representing 2,800 real estate professionals in the Capital Region. GCAR is the “Voice For Real Estate In The Capital Region.”