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 to improve after several years of less than robust activity. 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, “After six months we can say, with a great deal of certainty, that the Capital Region housing market is headed back towards an active market, with appreciating home values, and a balance between buyers and sellers when it comes to negotiating. The market is far from the hectic pace we saw in 2005, 2006 and 2007. But improvement has to come slowly.” She adds; “As exciting as our market was in 2005 – 2007 there is probably a point where activity slightly below that level would be better for housing in the Capital Region. The ideal market is one without extremes. We haven’t reached that ideal market but we’re headed in that direction.”
Laura Burns (464-0191, Ext. 15), GCAR’s director of association services 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 the first six months of 2012 was up 2% from 2011, and the median price is up 3% for the same period. Those two numbers indicate a healthy market where neither buyer nor seller has a huge negotiating advantage.”
“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