For release January 23, 2014
For additional information contact:
Laura Burns/Executive Officer
Greater Capital Association of REALTORS®
Ph: (518) 464-0191 x15
A Warmer Climate for the Capital Region’s Residential Real Estate Market
While residents in the Capital Region tough it out through icy temperatures in this latest arctic blast, the real estate industry continues to warm up due to an active market in 2013. The Greater Capital Association of REALTORS® reports that statistics collected from the year-end activity in the Capital Region Multiple Listing Service , Inc. indicate home sales and market times in 2013 were on or above par with the nation’s increased home sales and prices.
GCAR’s 2014 President, Al Picchi noted, “With the local real estate industry experiencing the highest level of closed sales since 2007, we are looking forward to continuing the trend in 2014 due to current economic indicators and planned development for the region.” Picchi went on to add, “When we look at what’s happening across the country, we see that, on average, sellers in the Capital Region market received approximately 93% of their list price in 2013 and at the fastest pace since 2008 with average days on market at 90 days.”
GCAR’s Chief Executive Officer, Laura Burns, added, “With mortgage rates remaining comparatively low and prices still affordable for even first-time home buyers, the Capital Region’s expanding economic growth and resulting positive employment picture should heat the market up further making 2014 an even better year for those selling and buying in the Capital Region.”
The Greater Capital Association of REALTORS® is a professional trade association officially representing the real estate industry since 1920 (formerly the Albany County Association of REALTORS®) and is the local chapter for the New York State and National Associations of REALTORS®. GCAR is composed of a broad base of professionals including licensed real estate brokers and sales agents, multi-dwelling owners, appraisers, mortgage and banking professionals, title and abstract companies and other companies servicing the real estate industry.