Date: 10/20/11

Capital Region Housing Sales Fall After 4 Consecutive Months of Increases

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 a decrease in the number of contracts of sale (pending sales) when compared against 2010 ending, at least temporarily, a four month string of increasing activity. At the same time housing values have remained stable while many parts of the country have struggled to hold their housing stock’s value. 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, “In September the Capital Region saw residential, single family, housing pending sales drop by 3% over the number of pending sales in September 2010. However the decrease is small and it follows four straight months where contracts of sale increased over the same period in 2010. He adds; “We do not want to consider this small drop in sales as a trend and will look forward to the October report with the hope that sales in October will continue the rebound we saw in May, June, July and August.”

James Ader (464-0191 Ext. 16), GCAR’s chief executive officer says, “In spite of our still lethargic residential market we note that home values have continued to hold their own. As we continue our very long ‘buyer’s market’ we might expect housing value to be eroding but that is just not the case. In fact our housing values have increased by 1% on the average price, and have declined by just $100 on the median price if we look at January – September of 2011 against the same period in 2010.” He adds, “Capital Region housing values did not sky rocket in 2000 – 2007 as they did in some parts of the country so the housing downturn did not damage homeowner equity as it did in many others areas.”

“We would remind everyone as we talk about the 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. If you are able to help out please try to do so.”

              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.