< Back to Blog

GCAR Release: Capital Region Housing Market Shows Appreciation

Based on statistics released today by the Greater Capital Association of REALTORS® (GCAR) it is can be reported that he Capital Region’s housing market continues to remain active mirroring most of 2013. 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 comparing the number of contracts of sale, the point at which a buyer and a seller agree on the terms and conditions of a sale, we see that there were 14% more of these ‘pending sales’ this October over last October. When real estate brokers look at their own internal numbers this is perhaps the key statistic they look to as it shows current activity.” He adds, “Although sales prices are not reported until the transaction closes pending sales are the best gauge of what is happening right now.”

James Ader (464-0191, Ext. 16), GCAR’s chief executive officer says, “Everyone is certainly interested in housing values and we can report that through the end of October the median sales price has increased by 2%, and the average sales price by 3% for all of 2013. While not exciting to report these are solid numbers which hold the promise of a continuing recovery from the poor market we experienced just a few years ago.” He adds, “2% and 3% rates of appreciation would seem to indicate that our local market is well balanced at this time with neither buyers nor sellers having an edge when it comes to negotiations on pricing.”

“We’d like to remind homeowners who receive the basic STAR exemption that they need to reregister for that exemption to continue in 2014. This is, at this point, a one-time reregistration process. Enhanced (seniors) STAR recipients must reregister each year as they have done previously.

GCAR is a professional trade association representing over 2,700 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

Be Sociable, Share!