The real estate stats are in for 2017, and here’s our latest infographic to give you a visual snapshot of what happened last year in the Mercer Island market.
As an overview, 2017 was another strong sellers’ market, and the median sale price increased approximately 17% (to $1,550,000) over 2016. A shortage of inventory continues to drive prices, and many homes listed for sale attracted multiple offers.
With a closer look at the data, we noted that about 35% of single-family homes (117 of 331) sold above list price last year. When a home sells above its list price (or “asking” price), this often indicates that the sellers received multiple competitive offers for their property.
The competition is even more intense for homes in lower price ranges. Just over 50% of properties in the entry to mid-level market (listed with prices between $750,00 and $1,500,000) sold above list price.
As homes become more expensive, the market leans more toward a buyers’ market, yet even for homes priced between $1,500,000 and $2,500,000, we saw just over 20% sell above list price last year.
The luxury market had a strong year with 26 waterfront sales (a slight increase from 24 waterfront sales in 2016) and a remarkable 44 sales of new construction homes (by contrast, there were 30 new-construction homes sold in 2016).
The highest sale of the year was a beautiful westside waterfront home, which sold for $8,205,000. The lowest priced sale of the year was a 1880-square foot, 3-bedroom home on East Mercer Way, which sold for $750,000.
Overview of the Mercer Island Real Estate Market
All Single Family Homes (waterfront & non-waterfront)
- 331 single-family homes sold in 2017 (2016: 289)
- Average sale price: $1,865,751 (2016: $1,643,232)
- Median sale price: $1,550,000 (2016: $1,320,000)
- Lowest sale price: $750,000
- Highest sale price: $8,205,000
- Average price per square foot: $545
- Average days on market: 48
Non-waterfront – Single-Family Residential Homes
- 305 sold homes (2016: 265 | 2015: 289)
- Average sale price: $1,653,146
- Median sale price: $1,475,000
- Lowest sale price: $750,000
- Highest sale price: $4,675,000
- Average price per square foot: $500
- Average days on market: 40
*Not including off-market sales
Waterfront – Single-Family Residential Homes
- 26 sold homes (2016: 24)
- Average sale price: $4,359,765
- Median sale price: $3,750,000
- Lowest sale price: $2,180,000
- Highest sale price: $8,205,000
- Average price per square foot: $910
- Average days on market: 139
- East Mercer sales: 14
- West Mercer sales: 11
- North Mercer sales: 1
Off-Market – Single-Family Family Residential Homes
- 21 sold homes, including 5 waterfront homes and 16 non-waterfront homes
- Lowest sale price: $765,000
- Highest sale price: $9,950,000
- For Sale by Owner*: 7 homes
- Seller Representation Agreement**: 14 homes
*For Sale By Owner – A sale where a real estate firm represents a buyer who is purchasing a “for sale by owner” (FSBO) property where the seller is not represented by a real estate firm. [Definition Source: NWMLS]
**Seller Representation Agreement – A sale where the seller identified a buyer and agrees in principal to sell the property to that buyer, then enlists a real estate firm to represent the seller in that sale pursuant to a Seller Representation Agreement. [Definition Source: NWMLS]
Downtown Condominium Homes
- 55 sold homes (2016: 52)
- Average sale price: $486,754
- Median sale price: $461,728
- Lowest sale price: $252,000
- Highest sale price: $1,295,000
2017 Year in Review Market Reports
For a closer look at last year’s numbers and trends – residential, condo, and waterfront – check out the full reports below:
Mercer Island Residential 2017 Year in Review
Seattle Residential 2017 Year in Review
Greater Eastside 2017 Year in Review
Waterfront 2017 Year in Review
Condo 2017 Year in Review
Current Mercer Island Listings
By Home Type / Location
- Mercer Island Condos
- Single-Family Residential Homes (All)
- New Construction Homes
- Waterfront Homes
- Search by Neighborhood
By Price
- $1 million or less
- $1 million to $1.5 million
- $1.5 million to $2 million
- $2 million to $2.5 million
- $2.5 million to $3 million
- $3 million to $4 million
- $4 million to $5 million
- $5 million or more
If you are in need of real estate services, we would love to help. Get in touch today. Check out all of our recent sales here, visit our Listings Portfolio here, and read our testimonials here.
Charlie Sirianni, JD, ABR
Managing Broker
Windermere Mercer Island
Call: 206-992-6151
Email: [email protected]
Erin Sirianni
My MI Founder & Editor / Residential Broker
Windermere Mercer Island
Call: 206-992-5272
Email: [email protected]
