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.

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.

 

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

Mercer Island Single-Family Home Sales – February 2019

Here’s our monthly report with data for all single-family home sales on Mercer Island (not including unlisted sales). 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.

Click here for full-size PDF

Current Mercer Island Listings

By Home Type / Location

By Price


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,  CRS, ABR
Managing Broker | Premier Associate
Windermere Mercer Island
Call: 206-992-6151
Email: [email protected]
Erin Sirianni / CRS, ABR
Residential Broker | Premier Associate
Windermere Mercer Island
Call: 206-992-5272
Email: [email protected]

 


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.