Date: 07/25/11

Residential Pending Sales Up In June – Market Shows Signs of Increased Activity

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 June. 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 positive news we can report from our June reports of residential comes in two different areas. First pending sales, which are the best indicator of current activity, are up by 18% when we look at June 2010 compared against June 2011. Pending sales for the year still lag behind 2010 but it appears the market is starting to regain some impetus.” He adds, “The second indicator we see is the average and median sales price of homes sold. Both the numbers for June 2011 compared against June 2011 and the year-to-date figures are almost exactly the same. This is a good indication that housing values, while seeing some slight depreciation since the beginning of the housing downturn, have held their own very well in the Capital Region. While many parts of the country have also held their value the areas which make the news are those where values have suffered dramatically.”

James Ader (464-0191 Ext. 16), GCAR’s chief executive officer says, “Many people will read the report we are releasing and will see only the drop in closed sales from last June to this June. But we have to remember that the home buyer tax credit which required a contract of sale by April 30, 2010 also required, at first, a closing by June 30, 2010. So many closing were pushed forward to meet that deadline. The closing deadline was eventually extended but still June 2010’s numbers were greatly influenced by the original closing requirement.”

“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.




GCAR, 451 New Karner Road, Albany, NY 12205