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 for the most part a buyers’ market but, as the market shows signs of improvement, it appears to be regaining 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), 2012 GCAR president says, “The number from our February reports which jumps out at us is the number of contracts of sale compared to that same piece of data from last February. There is a 47% increase in those sales contracts this February over last February. And this follows a strong January so that year-to-date sales have increased by 37% over 2011.” Ms. Amadon adds, “Our inventory has also decreased a bit from last year so we are seeing a move away from a market which was heavily weighted in favor of buyers to a more balanced, and ultimately better, market. When balance returns we will again see an active market which is so important to our Capital Region’s economy.”
James Ader (464-0191 Ext. 16), GCAR’s chief executive officer says, “We would also point out that the median sales price in February is 5% higher than February 2011. If that becomes a trend we will add one more indicator that the market has begun to return to where it was in 2005 – 2007. ” He adds; “It is still too early to declare an end to the challenges in the housing market but it would appear we are headed in that direction.
“We 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. “And we caution buyers that waiting for the market to bottom out, and for interest rates to drop lower, may well cause you to miss the wonderful opportunity which exists today. Prices will probably not decline anymore and interest rates just cannot get any lower.”
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.”
GCAR, 451 New Karner Road, Albany, NY 12205