March 2019 Real Estate Market Update

April 15, 2019 | by Erin Sirianni

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We’re heading into peak spring season and the busiest time of the year for the Mercer Island real estate market. With the Mercer Island School District’s spring break behind us, we’re expecting to see more new listings in the coming weeks, and buyers are getting serious in their home searches, especially families who are looking to get settled during the summer before the school year starts.  

March brought 39 new listings, and as we’re seeing increased inventory, we’re also seeing an increased number of properties sell and go under contract. Properties aren’t selling quite as fast as they were selling at the same time last year. In March 2018, the absorption rate was 61%, and last month’s absorption rate was about 29%. However, this is a more normal rate of absorption that’s characteristic of a more balanced market. 

While buyers are certainly enjoying a slower pace, properties that have prime locations and are move-in ready and priced competitively are going under contract quickly. With more inventory and competitive properties across all price ranges, it’s important for sellers to make sure their properties are well-prepared for the market. Properties that present well both online and in-person will have the best outcomes during this active spring buying season.

Find trends and statistics for Mercer Island’s March 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.

 

March 2019 Real Estate Market Stats

Single-Family Residential Market

  • 39 new listings
  • 22 pending properties
  • 23 sold properties
  • Median sale price:  $1,650,000
  • Average sale price:  $1,744,593
  • Lowest sale price:  $870,000
  • Highest sale price:  $3,488,000

Mercer Island Condo Market

  • 6 new listings
  • 4 pending properties
  • 2 sold properties
  • Lowest sale price: $570,000
  • Highest sale price:  $859,950

Mercer Island Single-Family Home Sales – March 2019

Here’s our monthly report with data for all single-family home sales on Mercer Island. 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.

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: Northwest contemporary home with shared waterfront and spectacular Lake Washington and Seward Park views – originally built in 1966 and beautifully remodeled with a design by architect George Suyama. Photo used courtesy of Windermere agent Don Weintraub; visit this listing to learn more.