Since January, the Mercer Island market has been very active with steady new inventory and most new listings snapped up by buyers within a week. The stats for last month signaled a summer slow down.
In July, Mercer Island experienced an approximate 34% drop in new listings, as well as a 32% decrease in closed sales, compared to June. While Mercer Island is still a strong sellers’ market, especially in the entry-level price points, there is a hint of softening – the absorption rate, which steadily climbed from 26.5% in January to 80.6% in June, dropped to 54.5% in July.
Anecdotally, between Seafair and the recent smoky weather, August has been a slow month for local real estate, and we expect the rest of the month to be on the slower side too. Though the next real estate peak season is just around the corner, and we should see new listings increase again and active buyers continuing their searches in September.
Mercer Island new listings, pending sales, homes for sale, and homes sold for the past two years
July 2017 Real Estate Market Update
Overview of residential / condominium market:
- 68 active listings (as of 8/14/17)
- 37 new listings in July (54 in June)
- 37 sold homes in July (July 2016: 32 sold homes)
Single-Family Residential Homes*
- 27 new listings
- 30 sold homes (July 2016: 26)
- Average sales price: $1,613,702
- Median sales price: $1,434,000
- Lowest sales price: $780,000
- Highest sales price: $2,810,000
- Homes sold under $1 million: 4
- Homes sold between $1 – 2 million: 17
- Homes sold over $2 million: 9
*Non-waterfront
Waterfront
- 2 new listings (2 Eastside)
- 3 sold homes (2 Eastside; 1 Westside)
- Lowest sales price: $2,850,000
- Highest sales price: $5,500,000
Downtown Condos
- 8 new listings
- 4 sold listings
- Lowest sales price: $342,000
- Highest sales price: $517,500
Mercer Island “Nosy Neighbor Report” – July 2017
Here’s our new monthly “nosy neighbor” report with all data for all residential 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 this report:
Click to open as a full-size PDF.
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
Sirianni Real Estate Group News & Notes
In July, we were excited to help our clients purchase the beautiful Mercer Island home pictured above. Our recent sales also included this modern home in Sammamish and this mid-century home in Seattle’s Montlake neighborhood. Last month, we listed this classic traditional home in Bellevue’s Woodridge neighborhood.
As noted above, Mercer Island is home for us, and it is also our hub – we help our clients wherever they need us. Check out all of our recent sales here, visit our Listings Portfolio here, and read our testimonials here. Ready to get moving? Get in touch today. We’d love to help.
Questions? Feel free to reach out anytime!
Charlie Sirianni, JD
Managing Broker
Windermere Mercer Island
Call: 206-992-6151
Email: [email protected]
Erin Sirianni
My MI Founder & Editor / Residential Broker
Windermere Mercer Island
Call: 206-992-5272
Email: [email protected]
