Bayside Market Update: February 2012
The Bayside real estate market experienced a 45% decline in January. Median home sale prices, of all property types, fell from $455,000 (January 2011) to $250,000 (January 2012). Residentialmedian home sale prices increased from $660,000 to $697,500; Condo median home sale prices decreased from $452,500 to $560,000; and Co-Op median homes sale prices decreased from$205,000 to $195,000.
What this means for Bayside Home Buyers?
If you’re looking to buy a residential (single/multi-family) home or Condo in Bayside, you may want hurry because the home values are appreciating in Bayside, which means that you may find yourself unable to afford the home you want if you wait too long. Bayside Co-Ops have seen a slight drop in home values and they continue to depreciate so if you are looking into buying a Bayside Co-Op, there’s probably no better time than now!
What this means for Bayside Home Sellers?
Though the market in general is depreciating, it’s showing signs of stabilization and even appreciation in residential home values. The market should remain relatively stable throughout 2012 so if you’re waiting for your home’s value to go up, it may take a while. The good news is that even if you lose some equity on your home sale, you will most likely gain much more on the purchase of your next home, but only if you get in while the values & rates are still this low. If you’re a Bayside Co-Op owner, you may have experienced a decrease in your home’s value so you should review a Comparitive Market Analysis to see what your home is worth now and read this blog monthly to keep up with the market.
For more Bayside real estate market information, visit: www.abigailSELLS.com – Call:718-475-2742 – or Text: 718-968-5538
Lic. RE Salesperson
Keller Williams Realty Landmark
32-55 Francis Lewis Blvd.
Bayside, NY 11358
your friend. your neighbor. your Realtor.