Media

Date: 06/20/13

Pending Sales Reach New High In May 2013

Based on statistics released today by the Greater Capital Association of REALTORS® (GCAR) pending sales, that point when both buyer and reach agreement on sales price and other terms of the sale, are shown to have reached their highest point since April 2010 .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, “Pending sales did reach the highest point since April 2010. But we should remember that April 2010 was near the end of the homebuyer tax credit which created an artificial albeit welcome boost to a somewhat slow market at that time. If we do not include April 2010 this is the highest monthly report of pending sales since May 2007. It is clear that the Capital Region’s housing market has weathered the market downturn and has recovered very nicely.” Mr. Berger adds; “If we were to survey our members the most difficult part of their challenge right now is a thin supply of homes for sale. But as sellers see market activity improve and housing prices inching up many will be encouraged to put their homes on the market.”

James Ader (464-0191,
Ext. 16), GCAR’s chief executive officer says, “Homeowners and prospective homeowners alike should be happy to see that year-to-date the median price of a home has increased by 3% and the average price by 4%. This provides further support for the long regarded advice that real property ownership is an important part of anyone’s financial plan.”

“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 2,710 real estate professionals in the Capital Region.
GCAR is the “Voice for Real Estate ™ in the Capital Region.

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GCAR, 451 New Karner
Road, Albany, NY 12205

Date: 06/11/13

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