So this is what a recovery looks like. Nearly as many homes sold in 2012 as sold in 2008, a 13.9% increase from last year. Total home sales declined every year from 2006 to 2011. Last year sales reversed the downward trend and jumped to 8,186 sales, just shy of 2008 numbers. The year in context clearly shows a positive trend line for sales in 2012, and by all accounts the trend is expected to continue in 2013.

Not only did sales increase in 2012, but so did home prices. The median home sales price in the Capital Region, reached $194,000, the highest median sales price since before 2004. Overall on a year to year basis, prices grew 4.3% from 2011. And within 2012, prices had 11 consecutive months of prices gains, as compared to the same month in 2011. Not only did prices overal increase in 2012, but every month in 2012 was better than the corresponding month in 2011. In fact December 2012, saw a median home sales price of $193,840 a 7.7% increase from December 2011. Whereas the nationally economy hit bottom in 2012, the Capital Region real estate market bottomed out in 2011 for both home sales and median home prices.  Just as the Capital Region real estate market was insulated from some of the booms that other markets felt, we also were insulated from the big busts. As the nation’s real estate market climbs out of the the hole, the Capital Region market is off and running with both price and sales gains.