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 is showing signs of improvement, as reflected by sales activity and 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.
Miguel Berger (435-9944), 2012 GCAR president-elect says, “The numbers from our March reports which are especially encouraging are both the pending sales (contracts of sale) for the month of March; and the average and median price of transactions closed during the month. Pending sales which reflect what was happening in the market during March were up by 22% over last March.” Mr. Berger adds; “Sales prices, which reflect transactions negotiated 2 or 3 months ago, are up as well. The average price in March was up 5% from last March while the median price increased 10% in the same period. Both these figures point towards a more active market which can lead to a more balanced market.”
James Ader (464-0191, Ext. 16), GCAR’s chief executive officer says, “As the market moves towards a more balanced market where neither buyer nor seller has an overwhelming advantage we will see a market that is poised to become active and exciting. This will certainly be a welcome event after so many years of a sluggish market in the Capital Region and across the nation.”
“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 Mr. Berger. “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 have begun to appreciate 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