Here’s our monthly snapshot of the latest trends and data for the Mercer Island residential real estate market.
Mercer Island Real Estate by the Numbers | April 2020
Check out the real estate stats for last month on Mercer Island as they compare to market activity in April 2019.
- 51 homes for sale | -41 compared to one year ago
- 11 homes under contract | -23 compared to one year ago
- 18 homes sold | +2 compared to one year ago
- 14 – Average number of days homes spent on the market | -24 compared to one year ago
- Homes sold for an average of 102.3% of list price.
Design Spotlight
This month, we’re excited to feature Colleen Knowles Interior Design, one of the Pacific Northwest’s leading luxury residential designers, who is based on Mercer Island. “I love, art, color and natural wood and working with craftspeople,” says Colleen. “It brings me joy and pleasure to curate all those wonderful things into my interiors, and it’s an honor and privilege to enter my clients’ lives.”
This gallery showcases her fantastic work at a contemporary-style Mercer Island home with east-facing lake views. Photography by Aaron Leitz. Art in dining room by Brian Sanchez. Art in entry way by Yvette Newman.
More photos and info at Colleen Knowles Interior Design →
What’s happening in the market now?
The impact of COVID-19 on Mercer Island’s real estate market can easily be seen in last month’s real estate data. While inventory increased month over month, the supply of homes for sale is 45% lower compared to same month last year, and new listings were down nearly 65% by the same comparison.
As you can see in the figure below, inventory started off low this year to begin with, which led to an early “hot” spring market. Of the 18 properties that sold in April, 10 of those sold for over list price indicating competitive offer situations.
The COVID-19 outbreak further led some sellers to take their homes off the market given the uncertainty ahead, and others decided to delay their listings, resulting in continued low housing supply.
New listings are finally picking up again now that we are two weeks into May, and 13 homes have gone under contract since the beginning of the month, indicating that buyers are active – many motivated by continued low interest rates.
Strict safety protocols are in place for showing and listing activities. We are available to answer any of your questions about the market and real estate during this challenging time.
Brought to you by The Sirianni Group
This market update is brought to you by Erin and Charlie Sirianni, a real estate team with Windermere – Mercer Island. We serve clients on Mercer Island and throughout the greater Seattle area.
Learn more about The Sirianni Group at www.siriannigroup.com and feel free to contact us at 206-992-5272 with questions or to set up a complimentary home buying or listing consultation.
