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.
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
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.
