This Month in Bayside Real Estate: March 2012

Bayside Market Update: March 2012
The Bayside real estate market experienced a 2% increase in February. Compared to this time last year, Median home sale prices of all property types increased from $442,500 to $450,000. Over the last 2 years the Bayside Market has seen a low of $399,000 (May 2010) and a high of $462,000 (November 2011). 2 years ago the median home sale price in Bayside was $410,000 which is $40,000 less than last month, so it looks like the values are slowly appreciating.
  • Residential median home sale prices decreased from $686,500 to $660,000
  • Condo median home sale prices decreased from $473,500 to $465,000
  • Co-Op median homes sale prices decreased from $220,000 to $200,000
What this means for prospective Bayside Home Buyers?
If you’re looking to buy a Residential (single/multi-family) home or Condo in Bayside, it is still a good time to buy. Prices are relatively stable and rates are still at historic lows so you still have a wonderful opportunity to buy a home or Condo in Bayside.

If you’re looking to buy a Co-Op in Bayside, you may be able to get a GREAT deal! Bayside Coops saw the largest decline in median home sale prices so you may want to get out there, view some homes, and see what you can get… You may be pleasantly surprised!  

What this means for Bayside Home Sellers?

If you are a Bayside Residential (Single/Multi-Family) home or Condo owner, your home may not have changed in value much this year over last. The good news is that you have a great opportunity to move up because interest rates are still low and housing affordability is as well. Prices are expected to remain relatively stable so if you are waiting for your home’s value to go up, you may be waiting through 2012.

 

If you are a Bayside Co-Op owner, your home’s value may have declined significantly. So, I recommend that you receive a free Comparative Market Analysis in order to see where you home actually stands and to make sure that you sell before your value declines too much more.

Regardless of your situation, you may have experienced an increase/decrease in your home’s value. So, it is important that you review a Comparative Market Analysis and stay current with local Bayside real estate market trends regularly to see what your home is worth on a month-to-month basis. 
For more Bayside real estate market information, visit: www.abigailSELLS.com
Call:718-475-2742 – or Text: 718-968-5538
This blog brought to you by Abigail Herrera with Keller Williams Realty Landmark.
Lic. RE Salesperson | Internet Marketing Specialist | Certified Buyer Representative
your friend. your neighbor. your Realtor.
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