Date: 05/19/11

Capital Region Housing Market Yet To Respond to Attractive Market

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 yet to respond to conditions which would otherwise make it an active 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.

Paul Semanek (348-7100 Ext. 502), GCAR president says, “Without question the residential housing market in the Capital Region is much slower than anyone would expect based upon market conditions. Prices are down a bit from several years back yet appear to have stabilized; there is significant pent up buyer demand because of minimal sales for several years; and interest rates are low with a possibility of rising slowly as we go forward.” He adds, “All these factors would suggest that our market would be much more active than it is. It appears that perhaps Capital Region residents are still unsure about the local economy and, more importantly, about their own piece of the local economy – their jobs.”

James Ader (464-0191 Ext. 16), GCAR’s chief executive officer says, “The numbers tell the tale, and it’s a tale of a slow market just waiting for some good news to give it a jump start. Sales for the year, through the end of April, are down by 20% from 2010. The average price is up 1% while the median price is down 2% – both numbers that seem to suggest price stability.” He adds, “However, when we talk with our membership, 2,800 active real estate practitioners, we hear that open house traffic is good and that Internet and other inquiries are strong. But buyers are refraining from making the purchase decision.”

 “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. We think you’ll be surprised what your housing dollars can purchase.”

              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.