February 2017 Real Estate Market Update

February brought 32 new listings to the market, building on the momentum of January, when we saw 27 new listings. This is a stronger start to the year than 2016, which had about two-thirds as many new listings in the same time frame.

Sales were consistent from January to February, with 17 homes sold in each month. Homes priced below $1.5 million are still moving the fastest off the market, though February saw two big westside waterfront sales at $3.7 million and $8.2 million.

February 2017 Real Estate Market Update

Overview of residential / condominium market:

• 59 active listings (as of 3/7/17)
• 32 new listings in February
• 17 sold homes in February (February 2016: 14 sold homes)

Single-Family Residential Homes*

• 24 new listings
• 11 sold homes (February 2016: 7)
• Average sales price:  $1,321,239
• Median sales price:  $1,295,000
• Lowest sales price:  $940,000
• Highest sales price:  $2,120,625
• Homes sold under $1 million:  2
• Homes sold between $1 – 2 million:  8
• Homes sold over $2 million: 1

*Non-waterfront

Waterfront

• 4 new listings (2 Westside; 2 Eastside)
• 2 sold homes
• Lowest sales price: $3,700,000
• Highest sales price: $8,205,000

Downtown Condos

• 6 new listings
• 4 sold listings
• Lowest sales price:  $397,800
• Highest sales price:  $499,900

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.

Sirianni Real Estate Group News & Notes

Our year is off to a busy start. Since January 1st, we’ve had one closing, and we currently have two properties under contract on Mercer Island. We were thrilled to help our client (one of our readers!) purchase a darling single-story home, a unique off-market opportunity. We are also busy with a listing coming up later this month in Seattle’s Montlake neighborhood.

If you haven’t checked it out yet, be sure to explore our new My MI Home Search Feature. It’s a simplified home search tool that we designed specifically for the Mercer Island market. You can search by home type, neighborhood, price, and even by elementary school zone.

What we’re reading
There’s quite a bit of drama and sweeping generalization in recent headlines. However, regional inventory is still low and prices continue to climb, marking a strong sellers’ market. Here’s what local and national media say about the latest real estate trends in the Greater Seattle area:

• Among Seattle-area homebuyers ‘the mood has escalated into a panic’ [Puget Sound Business Journal – subscription article]
• Seattle and Eastside home prices, after brief slowdown, surge to record highs [The Seattle Times]
• Seattle Real Estate Sees Surge In Chinese Interest After Vancouver Enacts 15% Tax [Forbes]
• Afraid and confused, legal immigrants backing out of Seattle-area home purchases [The Seattle Times]

As always, please get in touch if you have questions or if we can help you with any of your real estate needs.

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

Charlie Sirianni, JD
Managing Broker
Windermere Mercer Island
Call: 206-992-6151
Email: [email protected]
Reviews

Erin Sirianni
My MI Founder & Editor / Residential Broker
Windermere Mercer Island
Call: 206-992-5272
Email: [email protected]
Reviews

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