Date: 08/19/11

Residential Housing Sales Improve While Values Remain Stable

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 shown an increase in sales activity this July compared to July 2010. At the same time housing values have remained stable while parts of the country have experienced depreciating sales prices. 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, “Pending sales, the best barometer of real estate market activity, have increased by 29% when we compare July 2011 against July 2010. And while some of that is the effect of 2010’s home owner tax credit most of the increase is due to buyers returning to the market.” He adds, “Buyers seem to be accepting the fact that housing values will not decrease beyond where they are right now and that interest rates are unlikely to become much more attractive. So the market is picking up; and while still a buyer’s market there aren’t distressed sellers willing to sell at far below market value. Its still not a balanced market but it is moving in that direction.”

James Ader (464-0191 Ext. 16), GCAR’s chief executive officer says, “Our housing price information shows that both the average and median home sales prices almost mirror 2010’s sales prices. It is clear the Capital Region survived the housing downturn much better than the more highly publicized parts of the country.” He adds; “The key to our market becoming active and exciting is positive news on the economic front and good news as well on the job market. Consumer confidence relies on both.”

“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 2,600 real estate professionals in the Capital Region. GCAR is the “Voice for Real Estate ™ in the Capital Region.