Based on statistics released today by the Greater Capital Association of REALTORS® (GCAR) the residential real estate market in New York’s Capital Region has completed the year with a slight increase in housing values perhaps pointing at a return in 2011 to a more balanced and robust market. 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 (690-0510), 2010 GCAR president, says, “The housing market ended 2010 with four consecutive months where the median price of homes sold increased from the same month a year earlier.” She adds, “So while the market is certainly less active than it otherwise should be we believe we have perhaps ended the slight slide in housing values we had experienced.”
Paul Semanek (348-7100 Ext. 502), 2011 GCAR president says, “Housing values fell in both 2008 and 2009 in the Capital Region. But in 2010 we began what we expect to be a long term rebound.” He adds, “Even our loss of value is very moderate, especially when compared with so many hard hit parts of the country. If we look at the apex of our housing values in 2007 and compare that to 2010 we see just a 3% decrease. Wouldn’t those be wonderful numbers for so many other markets?”
James Ader (464-0191 Ext. 16), GCAR’s chief executive officer says, “As we see the progression of our new industries, GlobalFoundaries and its support services in particular, and as we see the new level of hope that there might be changes in how business is conducted at the State Capitol we are very optimistic that the Capital Region is on its way to an even more solid local economy and growing consumer confidence.”
“We would suggest to buyers that trying to time the market is as often as not unproductive. Take a look at the social and economic benefits of purchasing real estate and talk to your REALTOR® about taking advantage of the best market buyers have seen in many years,” says Mr. Semanek. “Low interest rates and an attractive inventory of homes for sale make this a wonderful time to purchase.”