The Greater Capital Association of Realtors most recent monthly statistics indicate that the 393 closed sales in the six county region in February was a 17% increase compared to the same month in 2009.  It did however reflect a 17.5% decrease compared to February of 2008.

Following the same trend, the first two months of this year were up 7.5% from 2009 with 784 closed sales, yet still lagged about 22% behind 2008. In addition the region experienced a 16.7% surge in new listings at 1290. Pending sales were up 13.5% to 615 and there was a 7% increase in the median sales price of homes to $187,000.

James Ader, the association’s chief executive officer commented that “It has been some time since so many indicators were positive at the same time.“  Ader and other experts agree that the up to $8000 tax credit for homebuyers helped attribute to the significant increases in the Albany real estate sales.

Both he and the association’s president, Laurene Curtin feel that despite the fact that the credit will expire in April, the real estate market will continue to improve. Though she doesn’t see consistent across the board improvements every month and not at the levels of last month, she does expect the market to slowly start rebuilding itself.

Capital District homes sales were up 8% in December of 2009 compared to December of last year.

November sales this year also beat November sales from last year.

The news was especially good because speculators had predicted a slump in December. This prediction was based on the premise that the federal tax credit for buyers was due to expire at the end of November.

The $8000 rebate, speculators feared, was a huge factor in artificially boosting November sales. They feared December numbers would crash. However, the tax credit was extended and even expanded and helped keep the local numbers balanced for December.

According to Greater Capital Association of Realtors there is evidence to suggest that the local market is stabilizing. However it does remain a buyers market, with prices flat or down slightly.

The Capital District area has been largely unaffected by the worst recession in decades and remains a good place to live and work.