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 and July 2012 has outperformed July 2011. 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, “Closed residential sales in the Capital Region in July 2012 are 4% higher than during the same period in 2011. This is a trend we have seen for most of 2012 and a trend we expect to continue as the economy and consumer confidence continue to improve.” She adds, “The other figure we track is the average and median sales prices of single family homes. For July 2012 the average price has increased from July 2011 by 3% and the median price by 4%. Both these statistics, the number of sales and the average/median price, indicate the housing slump is slowly coming to an end.”
James Ader (464-0191, Ext. 16), GCAR’s chief executive officer says, “Perhaps more important than the July numbers is the fact that 2012, after seven months, shows positive growth in the real estate market. Total sales for all of 2012 are up by 12%. It appears safe to say that increased sales are now a trend, a trend we expect to continue through year end.”
“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 2,600 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