Based on statistics released today by the Greater Capital Association of REALTORS® (GCAR) the 2012 residential real estate market in New York’s Capital Region was a solid with increased activity, stronger pricing, and the promise of an active 2013. 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, “We can now look at all of 2012 and report that the activity we had seen from month to month resulted in a full year of market improvement. The number of sales were up from 2011, and the value of homes sold, of particular importance to home owners, rebounded nicely from a less than exciting 2011.”
Miguel Berger (435-9944), 2013 GCAR president says, “The market is still a buyers’ market but the trend in 2012, and what we expect to be a continuation of this trend in 2013, would lead us to believe that the inherent advantage buyers have had for several years will soon be a thing of the past as the market will reach a nice balance.” He adds, “The promise of continued low interest rates combined with a leveling of the buyer v. seller playing field should result in an exciting market for all of 2013. GCAR looks for an excellent year in the Capital Region’s residential market.”
James Ader (464-0191, Ext. 16), GCAR’s chief executive officer says, “The metric which is perhaps the one of most interest to buyers and owners is that of housing prices. And in 2012 the median price was up by 4% over 2011 while the average price was up 3%. Both of these figures further enforce our reports of a continually improving market and the underlying strength of real property as an investment.”
“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 Mr. Berger. “We caution buyers, if you were waiting for the market to bottom out that time has passed. And if you are waiting for interest rates to drop lower you may well miss the wonderful opportunity which exists today. Prices are appreciating and interest rates are at historic lows.”
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