Media

Date: 03/31/14

Residential Real Estate Market Remains Active in Capital Region

 PRESS RELEASE

 

For release Thursday, March 20,  2014

 For additional information contact:  

Laura Burns/Executive Officer

Greater Capital Association of REALTORS®

Ph:  (518) 464-0191 x16

Nationwide, many markets have endured rough winters, in some cases leading to even more pronounced seasonal lows.   The Capital Region is no exception.   New listings were down 9 percent compared to February 2013 and pending sales were down 7.0 percent compared to last February.   In the Capital Region, inventory levels fell 6.4 percent from last year to 6,389 units. Those selling attractive, well priced properties should still expect multiple offers. Inventory remains near a  6-year low, but rising prices have already improved consumer confidence and will soon unlock some underwater inventory, perhaps in the coming months.

 With a look towards the spring market opening up a bit, the overall median sales price rallied 5 percent higher to $204,500.   20 of the past 24 months have seen year-over-year price gains.  The supply-demand balance favors price growth.  

GCAR President Al Picchi noted, “Currently there is approximately 8.5 months’ supply of inventory in the region down from 9.8 months in February 2013.  With the exception of a few remaining areas, segments and price points, sellers are in a much better position now than in the recent past.  On average, sellers are receiving 93.0 percent of their original list price at the point of sale. That’s very positive for them.”

GCAR CEO Laura Burns added, “Another positive impact on Capital Region sellers and buyers is the recent congressional action on flood insurance.  The National Association of REALTORS® has been working hard on legislation to curtail the escalating flood insurance premium hikes and had success last week as Congress passed the Homeowner Flood Insurance Affordability Act.  The bill, which is expected to be signed by President Obama, repeals FEMA’s authority to raise premiums at time of sale or implementation of a new flood map, and refunds the disproportionate premium amount to buyers who closed on a property before FEMA notified them of the rate increase.”   

The broader economic picture remains positive. Nationally, we’ve seen 48 straight months of private job growth, we have the lowest unemployment rate since November 2008, interest rates remain attractive, inflation has been tame and GDP is on the up and up.

 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.  

Date: 03/25/14

Bowling For RPAC

Join your fellow Realtors and GCAR Affiliates for a fun evening of bowling,
pizza, appetizers and networking, prizes, music, and lights, all while making an investment in the real estate industry.
Wednesday April 30th 2014 6-8pm
$25 per person
Click here for flyer  BOWLING FOR RPAC FORMS_201404091124

 

 

 

Date: 03/11/14

Residential Real Estate Market Remains Active in Capital Region

PRESS RELEASE

For release Monday, February 24, 2014

 For additional information contact:

Laura Burns/Executive Officer

Greater Capital Association of REALTORS® Ph:  (518) 464-0191 x 16

  

JANUARY INVENTORY DIPS WITH THE TEMPERATURES

 Apparently homebuyers didn’t mind braving the elements last month.  Closed sales in the Capital Region were up 2.1 percent to 538, which, according to Al Picchi, President of the Greater Capital Association of REALTORS® isn’t a bad number for January.  “Sellers are facing much less competition and, in many cases, are receiving multiple offers on their properties in certain price ranges” Picchi said, “When we look at the numbers reported by the National Association of REALTORS® for last month, we see that real estate in the Capital Region is faring better than many areas of the country.”  The National Association of REALTORS® reported that nationwide

existing-homes sales fell in January to the lowest level in a year and a half.

With new listings for January reported down from December by 1.2 percent (1,187 new homes), the overall number of homes for sale indicate a decrease by 6.7 percent from January 2013 levels which is driving prices up  The Capital Region’s median sales price rose 9.9 percent to $195,950.   Greater Capital Region CEO, Laura Burns, noted that, “Because sellers are averaging 93 percent of list price at sale, they are in

a much more positive position when placing their home on the market.   Those shopping for a home now have 6,651 options which may seem like a lot, but it’s actually a multi-year low. ”

 Lawrence Yun, NAR Chief economist, said unusual weather is playing a role. “Disruptive and prolonged winter weather patterns across the country are impacting a wide range of economic activity, and housing is no exception,” he said. “Some housing activity will be delayed until spring.”

 

Job growth still holds the key to long-term household formations and therefore housing demand. Interest rates are still just under 4.5 percent for most buyers in most areas. Depending on economic growth, unemployment and inflation prospects, that rate could lean slightly higher but isn’t likely to make major waves this year.

Date: 03/5/14

CBR with Fair Housing

Mark your calendar for the Certified Buyer Representation Course with Jim Pugliese.

Consumers seeking a Buyer Agent want an agent that has expertise in providing top level service to buyers.
Earn 22.5 CE Hours-includes Fair Housing: May 13,14,15, 2014 from 8:30am – 5:30pm. Fee: $350.
CBR Course Flyer

 

 

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