June 2016 Real Estate Market Update

July 11, 2016 | by Erin Sirianni

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As is typical in the summer months, I’m seeing a slow down in Mercer Island’s real estate market. We’ve had a light couple weeks of new listings surrounding the 4th of July, and I’m even feeling a slight shift toward buyer relief – new listings lasting longer than a week on market and even some price reductions.

Additionally, Mercer Island has a considerable inventory of active listings priced above $2 million – over 52 homes and about half are priced between $2 to $3 million. If you are looking for a luxury home on Mercer Island, you may just call that a buyer’s market.

Here are the latest stats and notable listings for the month of June. As always, feel free to get in touch with any real estate questions and needs. I’m always happy to help.

Mercer Island June 2016 Market Report

Single-Family Residential Homes*

  • 43 new listings
  • 28 sold homes
  • Average sales price:$1,421,688
  • Lowest sales price:  $685,000
  • Highest sales price:  $2,499,000
  • Homes sold under $1 million:  6
  • Homes sold between $1 – $2 million:  20
  • Homes sold over $2 million:  2


Waterfront Homes on Mercer Island

  • 5 new listings (1 Westside; 4 Eastside)
  • 3 sold homes  (1 Westside; 1 Eastside; 1 North End / Gold Coast)
  • Lowest sales price: $2,844,000 (Westside)
  • Highest sales price: $4,965,000 (North End / Gold Coast)

Downtown Condos

  • 6 new listings
  • 8 sold listings
  • Lowest sales price: $245,000
  • Highest sales price: $486,000
  • Average sales price: $417,313

Notable Listings

My favorite listings currently on the market include this French-inspired Westside waterfront estate – “Maison des Volets” or House of Shutters – recently featured by both SeattlePi.com and Curbed.com. Additionally, Sotheby’s Auction House hosted an exclusive event at the property. I imagine many romantic summer soirees for the future owners. Enjoy a video tour of the estate here.

Craftsman Estate

Listing photo courtesy NWMLS / Hedy Joyce, Coldwell Banker Bain

Also in the “dream home” category, I  enjoyed this elegant Craftsman home with a dreamy wraparound porch built in 1991 by RKK Construction. Settled on nearly two acres, it is one of the largest estates on Mercer Island, and tucked off West Mercer Way, it also one of the most private with a gated entry and long, winding driveway.

Listing photo courtesy NWMLS / Marianne Parks & Mary Lou Putnam, Windermere Mercer Island

Listing photo courtesy NWMLS / Marianne Parks & Mary Lou Putnam, Windermere Mercer Island

This completely remodeled home is one of my favorite listings on Mercer Island under $1,300,000.  Live here and walk to everything – the Park n Ride, downtown Mercer Island, Luther Burbank Park, and even the Roanoke. Plus the price was just reduced from $1,320,000 to $1,275,000.

And if you are a mid-century modern fan, here’s a classic home near Groveland Beach Park that includes shared waterfront. Be sure to see the video of the home here.

Listing info courtesy NWMLS / Jay Kipp, Realogics Sotheby’s; Hedy Joyce, Coldwell Banker Bain Mercer Island, 206-406-7275; Marianne Parks & Mary Lou Putnam, Windermere Mercer Island; Nancy Chapin, Windermere Mount Baker

Considering buying or selling a home on Mercer Island? We’d love to help. Erin is a local neighborhood expert and a residential real estate broker with Windermere Mercer Island. She is co-founder of the Sirianni Group, in partnership with her husband, Charlie Sirianni. Charlie is a Mercer Island native, Managing Broker with Windermere Mercer Island, and former real estate attorney of 10+ years. Get in touch with Erin (email / phone) or Charlie (email / phone) today.