Date: 06/21/12

Regional Housing Market Continues Resurgence in May

Based on statistics released today by the Greater Capital Association of REALTORS® (GCAR) the residential real estate market in New York’s Capital Region has continued the resurgence it exhibited during the first four months of 2012 with solid May results. 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, “Because of good local economic reports, strong demand and slightly diminishing supply the Region’s housing market has continued to show improvement over the market we experienced in 2011. Closed sales are up 9% compared to May of last year and 16% for the first four months of 2012. And contracts of sale, which mark current activity, are up 12% for May 2012 against May 2011.” She adds; “Both these figures continue the 2012 trend and lead us to believe that, lacking any significantly bad economic news, the market will continue to improve as we move forward this year. Consumer trust, particularly in the Capital Region, is returning to housing.

James Ader (464-0191, Ext. 16), GCAR’s chief executive officer says, “The other number we are pleased to see is a continuing increase in the average and median sales prices of homes sold. The average price for May 2012 was up 4% from May 2011, and the median price is up 2% for the same period. It is clear that while the housing market has been sluggish the Capital Region has not seen the dramatic loss of value we’ve seen in the most publicized parts of the country.”

“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 are appreciating and interest rates just cannot get any lower.”

              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.




GCAR, 451 New Karner Road, Albany, NY 12205