BAYVIEW 6 MONTH SALES (SINGLE FAMILY HOMES)
The second half of 2019 has been an exciting one for the Bayview. In Q2 we saw 23 single-family homes sold in the Bayview. Homebuyers were encouraged with the prospect of cheap financing and ample inventory. Sellers benefited from rising home prices and increased interest in the Bayview and developments off 3rd street. As a result, homes sold on average 10% over the listing price. The price per square footage reached $660 per sqft and the median home price reached $954,000.
As we examine Q3 single-family home sales in the Bayview, we see some significant changes. The number of homes sold dropped more than 50% from the previous quarter. Typically, with fewer homes sold and fewer homes on the market home prices go up. That is precisely what happened. The median home sale price crossed the $1 million mark. Price per square foot also increased reaching $708 per sqft. On average, buyers are bidding 14.88% over listing price, up 4% over the last quarter.
As we look toward the end of 2019 we continue to see a favorable market. The IPO season continues to create new wealth and sellers will see the value of their properties climb. The Bayview neighborhood shows all the right indicators that home prices will continue to increase toward record highs during the remainder of 2019.