2011 Local Market Conditions
2011 Capital Region Market Conditions
The greater Capital District has not been immune to the pull back in real estate values and general lackluster buyer attitudes, but the area has fared much better than most parts of the country, and is starting to show some momentum.
After a couple of years of price declines, the market has stabilized and is now actually showing some improvement in certian locations. This is not suprising given the relativly low unemployent figures for the area, about 3% below national averages. Major investments into the area from projects such as the new chip fab plant (Global Foundries) in Malta, GE's new battery plant in Schenectady, and the new PanAm Southern Railroad yard in Halfmoon/Mechanicville bode well for employent opportunities moving forward.
The Capital Region Multiple Listing Service (CRMLS) covers the 11 county area that makes up the Greater Capital District. This area has always been known for it's combination of reasonable housing prices, employent opportunity, an educated workforce, and central location to major cities like New York, Boston and Montreal. Education (Union College, Rensselaer Polytechnic Institute, Albany State, Skidmore), Government and Health Care (Albany Medical Center, Seton Health Care, Ellis Hospital) have historically been the big employers in the area, but in recent years the High Tech industry has picked the Capital Region as a base of operations. Our stable economy and affordable prices make home ownership an attractive proposition as compared to renting.
