Date: 05/22/12

Increasing Contracts of Sale and Value Appreciation Points To Balancing Of Capital Region Housing Market

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 increased activity and price appreciation indicate movement towards a more balanced market. 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, “Our numbers for the month of April show a 16% increase in the number of contracts of sale when compared against 2011, and an increase in both the median price (4%) and the average price (2%) of homes which transferred ownership during April. Both these numbers are strong indicators that a market which once favored buyers so heavily is starting to rebalance itself. ”

James Ader (464-0191, Ext. 16), GCAR’s chief executive officer says, “As the market moves towards a position 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 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 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