Based on statistics released today by the Greater Capital Association of REALTORS® (GCAR) housing sales in the Capital Region continue to improve continuing a trend begun in 2012; and indicators would predict continuing improvement. 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.
Miguel Berger (435-9944), 2013 GCAR president says, “Closed sales in January 2013 were up by 2% from January 2012. While this is not a large increase it is a continuation of a trend which began early last year and has continued ever since. This is good news for all Capital Region home owners.” Mr. Berger adds, “The number which jumps out at us is that of contracts of sale (pending sales) entered in to in January 2013. This number is up by 21% from January of last year. And it is these contracts of sale which will be our closed sales in the months upcoming.”
James Ader (464-0191, Ext. 16), GCAR’s chief executive officer says, “For those persons who look to sales prices as their metric we can report that the median sales price this January is up by 5% from last January. This is reassurance for property owners that their investment in housing is solid. And it might be a sign to prospective buyers to start the process now while the market is still weighted towards buyers and there is still an excellent opportunity to match housing value and low interest rates into a great opportunity.”
“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.”