Date: 02/24/11

Capital Region Housing Market Little Changed From 2010

Based on statistics released today by the Greater Capital Association of REALTORS® (GCAR) the residential real estate market in New York’s Capital Region began 2011 much as it ended 2010 with still low levels of activity but with values continuing a slow appreciation.  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.

Paul Semanek (348-7100 Ext. 502), 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, “And that increase in housing value has continued into January of 2011. For the Capital Region the median sales price is up by 1% over January 2010; and the average price has increased by 2% – again measured against January 2010.”

James Ader (464-0191 Ext. 16), GCAR’s chief executive officer says, “While buyer activity is not something we can measure reports from our membership indicate that buyers are increasingly more active. Perhaps this is a result of an improving economy and more importantly the perception that the economy has begun a long overdue recovery.”

 “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.”

              GCAR is a professional trade association representing 2,600 real estate professionals in the Capital Region. GCAR is the “Voice for Real Estate in the Capital Region.