April 2019 Real Estate Market Update

May 14, 2019 | by Erin Sirianni

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The rhododendrons around Mercer Island are spectacular this time of year. As the state flower of Washington, they also seem to be the most popular local landscaping shrub. We’re enjoying seeing them bloom in many different colors around the island. 

In reflecting back on the month of real estate on Mercer Island, the biggest surprise was that the number of sales for the month was remarkably low. There were only 16 sales of single-family homes on Mercer Island in April. A month-over-month comparison shows us that there were 24 home sales in March, and a year-over-year comparison shows us that there were 37 home sales in April 2018.  Last spring was an exceptionally strong market on Mercer Island and throughout the greater Seattle area, though looking back over five years, we typically see more closed transactions in April. Given fewer than usual sales, we were encouraged to see that the number of pending transactions increased quite significantly with 35 properties under contract at the end of the month, an increase from 23 homes under contract in March.

There are 90 current active listings on the market today. Buyers who are looking for homes priced above $2 million will find the biggest selection, while buyers who are looking for homes in the entry-level market on Mercer Island (below $1.3 million) have limited inventory to consider. We expect to see more new listings and strong buyer activity continue for about 4 to 6 more weeks. After June, the real estate market will slow down on Mercer Island as is typical in July and August. It’s hard to believe summer is right around the corner!

Find trends and statistics for Mercer Island’s March real estate market below.

Mercer Island new listings, pending sales, homes for sale, and homes sold for the past 15 months (single-family homes – does not include condos)*


*Trendgraphix data may vary from other data provided in this monthly market update. For example, while a listing may appear to be a “new listing” to Trendgraphix, it may have been canceled and re-entered into the MLS as a strategy to repopulate IDX feeds. Additionally, town homes are occasionally listed as both a single-family home and as a condominium home. We filter for these types of “new” listings and duplicate listings.

 

Mercer Island absorption rate based on homes sold for the past 15 months (single-family homes)*


The absorption rate indicates how quickly homes are selling. It is calculated by taking the number of properties sold divided by the number of properties for sale (as a percentage). In a buyer’s market, the absorption rate is 16.67% or lower. In a balanced market, the absorption rate range is from 16.67% to 33.33%, and in a seller’s market, the absorption rate is 33.33% and above.

 

April 2019 Real Estate Market Stats

Single-Family Residential Market

  • 48 new listings
  • 35 pending properties
  • 16 sold properties
  • Median sale price:  $1,582,500
  • Average sale price:  $1,739,660
  • Lowest sale price:  $935,000
  • Highest sale price:  $4,460,000

Mercer Island Condo Market

  • 2 new listings
  • 2 pending properties
  • 2 sold properties
  • Lowest sale price: $340,000
  • Highest sale price:  $520,000

Mercer Island Single-Family Home Sales – April 2019

Here’s our monthly report with data for all single-family home sales on Mercer Island. If you’re curious about a recent sale in your neighborhood, you can learn the details with a quick glance at the report below or by clicking on the map for sale details.