Date: 06/21/11

Residential Real Estate Market Shows Signs of Revival –Pending Sales Up in May

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 perhaps begun to recover from an extended slump as evidenced by pending sales in May. 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, “The local real estate market is mirroring what our members have been telling us in that increased pending sales show that buyers are beginning to return to the market. When we compare pending sales in May of 2010 against this May we see an increase of 34% in this key number.” Mr. Semanek adds; “Some of this increase reflects the fact that last May was very slow as most purchasers had pushed their purchase forward to qualify for the homebuyer tax credit which ended April 30, 2010. But it is still nice to see an uptick in sales.”

James Ader (464-0191 Ext. 16), GCAR’s chief executive officer says, “It is true some of the increase in pending sales is a result of the low number of contracts in May 2010. How much is due to that we do not know. But we’ll hope May is the beginning of a trend. If we have two or three more months of improving sales activity we’ll call it a trend, and a good trend at that.”

Mr. Semanek also noted that; “The Capital Region, as has many parts of the State and country, has avoided any significant loss of value in our housing stock. From our high point in 2007 through the end of 2010 housing values had receded just 2%.”

 “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.