Based on statistics released today by the Greater Capital Association of REALTORS® (GCAR) the residential real estate market in New York’s Capital Region is continuing its recovery from an extended period of slow 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, “In August of this year the total number of closed single family sales is 13% higher than in August of 2011. This is a trend we have seen for most of 2012 where sales in the current year have exceeded 2011.” She adds, “We also are seeing an increase in sales prices. The median sales price this August is 4% higher than a year ago. Again, this is another trend we have seen throughout the year. It is safe to say that our regional housing market is performing better and better as we move forward and that we expect this to continue on into 2013.”
James Ader (464-0191, Ext. 16), GCAR’s chief executive officer says, “Our numbers for the first eight months of 2012 bear out the overall improvement in the market. The number of sales through the end of August is 14% higher than in 2011. The median sales price, the best gauge of housing values is up 3% from a year ago. We feel we can say that the housing market has turned the corner after several poor performance years.”
“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