Based on statistics released today by the Greater Capital Association of REALTORS® (GCAR) it is clear that the first six months of 2013 proved to be an active time in a strong market inNew York’s Capital Region. 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, “When we look at the first half of this year we focus on several different statistical data points. The first, which is probably of most interest to home owners, home buyers, and persons considering a change in their housing, is the median and average price of a home. If we compare the January through June values of this year against 2012 for the same
period we see that both numbers, the average and median price, increased by 4%.” Mr. Berger adds, “Couple those statistics with an increase in the number of closed transactions of 6% and we have an active, healthy residential market. Certainly the market could be even better but so much relies on external factors that it is hard to project a significantly better market in the near future. But what we have right now is very good.”
James Ader (464-0191, Ext. 16), GCAR’s chief executive officer says, “The height of the housing
market, which followed three or four years of appreciating housing values, was 2007. Then the country ran into its housing downturn. But if we compare Capital Region housing values against that 2007 high water mark we see that our median price right now, for January through June is 3% higher than in 2007. The Capital Region did in fact weather the housing downturn very well.”
“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 extremely low.”
GCAR is a professional trade association representing 2,770 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