Based on statistics released today by the Greater Capital Association of REALTORS® (GCAR) the residential real estate market in New York’s Capital Region remains a buyer’s market, a position it has held for several years. Yet there are indications that buyers are returning to the market which could help lead to balance. 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.
Nina Amadon (489-1000), GCAR president says, “As we look at results from January we are encouraged in what we see. But we also must remember this is just a one month sample of the market. If this is a trend, perhaps after another two months of similar reports, then we will have a real cause for optimism.” She adds, “What we see in January is an increase in the number of closed sales from January 2011 by 10%. However, these closed sales are the result of contracts of sale from late last year. The real number which we like to see is the 26% increase in the number of properties which went under contract during January. These ‘pending’ sales are a mark of the market during January and a 26% increase from last January is very encouraging.”
James Ader (464-0191 Ext. 16), GCAR’s chief executive officer says, “If the increasing number of pending sales is the leading sign of a trend in increased buyer activity then we should soon start to see the median and average sales price inch upwards. Only time will tell and we still could use a good bit of economic news. Not so much locally as our Regional economy is pretty solid but rather nationally and globally.”
“We would remind everyone who is interested in buying or selling a home to talk with a professional. The housing purchase is too large to tackle without a complete understanding of the Capital Region’s market and of the entire real estate transaction”, says Ms. Amadon.
GCAR is a professional trade association representing 2,500 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