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Housing market shows promise in Capital Region | News

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Housing market shows promise in Capital Region

The Capital Region is a buyers market, according to statistics released Wednesday from the Greater Capital Association of Realtors (GCAR). The association says that the market shows signs of improvement and appears to be regaining balance.

According to the GCAR, the report is based on data collected by the Capital Region Multiple Listing Services Inc. which is a service owned by GCAR and the Saratoga Schenectady Schoharie Association of Realtors.

Home sales in the Capital Region went up 14 percent in February and pending sales are up 47 percent. The rates are compared to a year ago.

The association says this could mean the real estate market may be recovering from a five year long slump. There were 426 closed sales last month, compared to 375 a year ago.

James Ader, GCAR chief executive officer said the median sales price in February is five percent higher than February 2011 and that if that continues, it is one more indicator that the market has begun to return to where it was in 2005 to 2007.

“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 the entire real estate transaction,” said Amadon.

According to the The Business Review results in the four main counties were as follows:

Albany: completed sales up 23 percent; median price up 4 percent, to $186,500

Rensselaer: completed sales up 2 percent; median price up 11 percent, to $185,000

Saratoga: completed sales up 16 percent; median price down 6 percent, to $245,000

Schenectady: completed sales unchanged; median price up 2 percent, to $154,500

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