February 2019 Real Estate Market Update

March 12, 2019 | by Erin Sirianni

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Upon reflecting on last month’s real estate activity on Mercer Island, we wondered just how much the snowiest February on record may have impacted local real estate activity. New listings were significantly lower than the same month last year. We only saw 26 new listings last month compared to 44 during the same month last year. We have little doubt that stagers and photographers had as much trouble getting to properties during the snowy weather as teachers had getting to schools. So in that regard, our market is off to a slower start, though the number of sales was similar year over year.  The number of pending properties increased slightly, and we noted that buyers had about 35% more inventory to choose from this year than they had last year.

The Seattle Times noted that in King County prices rebounded with “the biggest one-month jump since records have been kept” and described competitive buying conditions as hot but not quite as “red-hot” as the spring market of last year.  On Mercer Island, we saw sales last month on both sides of the price spectrum, from a small rambler sold “as-is” for $760,000 to a $7.2 million waterfront estate sold on the north end. Most Mercer Island properties are selling at or a slightly below list price, and getting the price right is especially important during a balanced market for sellers. We would describe the market as warm, but not necessarily as hot as described in The Seattle Times article.  As a more expensive market, there are simply fewer buyers for the inventory on Mercer Island, though we’re still seeing busy open houses, and the number of properties going under contract has increased month-over-month since December.

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

February 2019 Real Estate Market Stats

Single-Family Residential Market

  • 26 new listings
  • 11 pending properties
  • 14 sold properties
  • Median sale price:  $1,398,000
  • Average sale price: $1,944,825
  • Lowest sale price:  $760,000
  • Highest sale price:  $7,200,000

Mercer Island Condo Market

  • 2 new listings
  • 1 pending property
  • 1 sold property
  • Sale price: $389,000

Feature Image: This beautiful view home, originally built in 1932, is located on the east side of Mercer Island, and recently went under contract (pending inspection). Photo used courtesy of our colleague and Windermere agent Andrea Iverson; visit the property website to learn more.