Media

Date: 10/25/10

Sales Continue To Lag

– But Housing Prices See Increase 

Based on statistics released today by the Greater Capital Association of REALTORS®, 

Inc. (GCAR) pending sales (contracts of sale) and closed sales of single family homes in 

September 2010 in the Capital Region are down significantly from September 2009. At the same 

time sales prices are up substantially when comparing this September with September 2009. 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, which are the 

best indicator of market activity, and closed sales which gives us our housing prices, both reflect 

what is otherwise obvious, a slower than normal housing market. And until the economy settles 

down and sorts itself out we don’t expect a major turnaround in activity.” She adds, “Interest 

rates are very low and money is available for financing although the application process is more 

involved and requires more documentation than it did several years ago.” 

James Ader (464-0191 Ext. 16), GCAR’s chief executive officer says, “An indicator of 

the strength of the Capital Region housing stock is seen in sales prices. This September, even 

with the decreased activity, the median housing price, the best indicator of housing values, 

increased by 8% compared with last September. And the average price is up 9% using the same 

comparison period.” He adds, “While the one month figures might be misleading because of the 

small sample of sales we also note that for the year housing prices for the first nine months are 

also up although to a lesser extent. There is no housing crash in the Capital Region. 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.”