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 November 2010 in the Capital Region are down significantly from November 2009 while home values appear to have bottomed out as prices rise. 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, “The housing market in the Capital Region continues to present an anomaly where we are seeing decreased demand for homes yet the average and median sales prices are inching back up. We think this shows that while many people are still a bit nervous about making a housing purchase in the face of the bad economic reports we continue to hear there is still a strong feeling in the Capital region that housing is a safe investment.” She adds, “Information we hear from our National Association and other economists indicates that we should see the market begin to become more active as we work our way through 2011.”
James Ader (464-0191 Ext. 16), GCAR’s chief executive officer says, “It’s no secret that 2010 has been a slow year for housing sales. This is certainly true for the Capital Region, but even more so in many other parts of the country. It is also no secret that we did not suffer from the dramatic loses in value experienced in other parts of the country.” He adds, “We think we have reached our low point in sales activity and that we will build from here. We fully expect 2011 to be a more active year in the Capital Region’s housing market.”
“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.” She adds, “To the mortgage lenders we would ask that you look at your approval processes and provide an expeditious way to make loans to qualified buyers.”