December 2016 Real Estate Market Update

We can hardly believe that 2016 is already in the books! The local real estate market ended on a quieter note, but not without a flourish of activity in the first weeks of the month.

While November brought only 7 new listings to the market, December brought 13. Sales dropped slightly from 25 sold homes in November to 21 sold homes in December, a comparable number to last year.

The condo market perked up with 4 new listings and 4 sales, while there was no activity at all (listings or sales) for the waterfront market (not unusual for a winter month).

December was a strong month for the new construction market, bringing in 4 new listings.  Five new construction listings sold and/or went pending during the month as well.

Another recent real estate trend to note is the rise in mortgage interest rates. According to Freddie Mac, the average rate on a 30-year fixed-rate mortgage was 4.20 in December (up from 3.77 in November). Rates are still historically low – in mid-2008, rates were above 6%. Industry experts predict rates will stay below 5 percent through 2017.

December 2016 Real Estate Market Update

Overview of residential / condominium market:

• 47 active listings (as of 1/4/17)
• 13 new listings in December
• 21 sold homes in December (December 2015:  22 sold homes)

Single-Family Residential Homes*

• 9 new listings
• 17 sold homes (November 2015: 18)
• Average sales price:  $1,596,943
• Median sales price:  $1,399,000
• Lowest sales price:  $850,000
• Highest sales price: $3,140,000
• Homes sold under $1 million:  2
• Homes sold between $1 – 2 million:  11
• Homes sold over $2 million: 4

*Non-waterfront

Waterfront

• 0 new listings
• 0 sold homes
• Lowest sales price: N/A
• Highest sales price: N/A

Downtown Condos

• 4 new listings
• 4 sold listings
• Lowest sales price:  $309,000
• Highest sales price:  $520,000

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

Take a look at local real estate trends over the past 12 months on our Mercer Island Real Estate Statistics page.

Upcoming Community Meeting on Mercer Island’s Residential Development Code Review

If you are interested in the City’s current efforts and activities to update the Mercer Island residential development code, the Planning Commission is hosting a community meeting on Wednesday, January 11th, from 6 to 8 pm, at the Mercer Island Community & Event Center.

The purpose of this meeting is to present preliminary concepts for discussion and to gather community input. Participants will engage in small group discussions about the concepts, providing feedback and additional ideas to the Commission.

We previously wrote about the Mercer Island’s residential code review in our September Market Update. You can also find more information at: www.mercergov.org/residential

Sirianni Group News & Notes

In December, we had two Mercer Island closings, including a listing and a buyer-side sale. We wrapped up the year with 9 total sales between Mercer Island, Seattle, and Bellevue.

One of the biggest rewards of our job is helping our clients find their dream home, and we are thrilled for our clients who purchased this Mercer Island home (pictured above), a beautiful property with breathtaking views of Mount Rainier and Lake Washington.

If you’re considering a move to/from/around Mercer Island in 2017, we would love to help you. Feel free to get in touch anytime.

Photo courtesy NWMLS / Tim Conway, John L. Scott

Reach out anytime. Call or send us a text for a quicker response.