Date: 09/28/11

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Date: 09/23/11

Residential Real Estate Market Continues Trend as Sales Improve

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 August compared to August 2010 continuing a four month trend. At the same time housing values have remained stable while other 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, “Our numbers show that for the fourth consecutive month pending sales, the best indicator of current market activity, have increased over August of 2010. Pending sales, the number generated when a buyer and seller agree on the terms and conditions for a property transfer, mark what is happening in the market during that month.” Mr. Semanek adds, “Closed sales, which are the result of pending sales from previous months, are up for the second month in a row. Can we consider the housing slump to have ended? Probably not but the trend is developing for us to look at making that declaration in the near future.”

James Ader (464-0191 Ext. 16), GCAR’s chief executive officer says, “We also note that housing prices have stopped their downward pressure. In August the average sales price increased by 5% and the median sales price by 2%. This might well be a leading indicator that we are moving from a ‘buyer’s market’ to a more balanced market.”

“We would remind everyone as we talk about the good news in our housing market that so many Capital Region residents have suffered enormous losses in their own housing situation from the floods which accompanied Irene and Lee. Many are looking for short term housing as their homes are repaired and so many more have nothing left to repair and must look for permanent housing. GCAR has pledged $5,000 to local housing relief efforts and our State and National Associations will have a local presence very soon as well.”

              GCAR is a professional trade association representing 2,700 real estate professionals in the Capital Region. GCAR is the “Voice for Real Estate ™ in the Capital Region.