Date: 11/21/11

Capital Region Housing Market Continues to Underperform

Based on statistics released today by the Greater Capital Association of REALTORS® (GCAR) the residential real estate market in New York’s Capital Region continues its lackluster performance in spite of low interest rates, motivated sellers, and the overall strength of the Region’s economy. 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 statistics we release today show a residential market which is performing far below what we would expect based on current conditions. Low interest rates, sellers who are motivated to sell and our continuing economic good news would leave outside observers to expect an active, exciting residential market. Instead the market plods along with transactions still being negotiated but not at the pace we should be seeing.” He adds, “Certainly the recent challenges faced by New York State and its workforce put a damper on some of our economic enthusiasm but it should not be holding the market back. Now is a wonderful time to buy; a fact reiterated by the Wall Street Journal, Business Week, Market Watch, and US News & World Report.”

James Ader (464-0191 Ext. 16), GCAR’s chief executive officer says, “Housing is cyclical and has been for as long as there has been a real estate market. But the current slow-moving market has remained too long. We know it will change and we expect that change sooner rather than later.” He adds, “We do note that housing values have held their own in our market. From our ‘high’ point in 2007 until today values have decreased just 4%. That’s a number which compares favorably with markets across the country.”

“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.