The real estate market is picking up again following the regular holiday slowdown. Mercer Island is seeing some activity with several new listings in the past week, including this five-bedroom rambler near my neighborhood – listed for just over $1 million.
I have been busy in Seattle with my first listing of the year in Eastlake (pending!) and my first sale of the year (this cool house) in West Seattle.
But let’s take a moment before February hits to look back on 2015. Mercer Island continues on a three year trend of double-digit appreciation with the median sale price of single family homes ($1,199,500) increasing by 10.6%. Here’s a run-down of the numbers*:
- 329 single-family homes sold
- 219 sales over $1 million
- 110 sales between $550,000 and $1 million
- 21 sales of $3 million or more
- 54 condos sold
- 30 waterfront homes sold
- $13.8 million – highest sale of the year
- $551,000 – lowest home sales price
- $1,199,500 – median home sales price
- $1,518,165 – average home sales price
- $451 – average cost per square foot
- 3,368 sq ft – average size of homes sold
- 47 – average days on market
Highest & lowest sales
The highest private sale was, of course, waterfront – a 2007 built, 13,721 sq. ft., 8 bedroom, 8.5 bath spectacular home located on 1.23 acres with 120 feet of north-facing Lake Washington shore. It was listed at $16.5 million and sold for $13.8 million.
The lowest sale was a 1949 built, 1280 square foot 3 bedroom, 1 bath rambler for $551,000 on the South end.
A closer look at “average days on market”
The stats show average days on market (the time between when a home is listed and goes pending with a mutually accepted offer) to be 47 days. This is somewhat deceiving since homes priced at $2 million or more generally have longer market times. The most desirable homes, and especially those under $1 million, are usually snapped up in less than a week.
A quick historical comparison
As a comparison to last year, 338 homes sold in 2014 with a median sales price of $1,084,750. Here’s a look at the trends from 2010 to 2014. Notice the steady climb in sales price and average cost per square foot. The number of homes sold and the decline in average days on market reflect our challenge of low inventory on Mercer Island.
Considering buying or selling a home on Mercer Island? We’d love to help. Erin is a local neighborhood expert and a residential real estate broker with Windermere Mercer Island. She is co-founder of the Sirianni Group, in partnership with her husband, Charlie Sirianni. Charlie is a Mercer Island native, Managing Broker with Windermere Mercer Island, and former real estate attorney of 10+ years. Get in touch with Erin (email / phone) or Charlie (email / phone) today.
