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 | August 2020
Check out the real estate stats for last month on Mercer Island as they compare to market activity in August 2019.
- 40 homes for sale | -50 compared to one year ago
- 44 homes under contract | +17 compared to one year ago
- 36 homes sold | +10 compared to one year ago
- 62 – Average number of days homes spent on the market | +23 compared to one year ago
- Homes sold for an average of 98.2% of list price.
What’s Happening in the Market Now?
Looking back at August as compared to July, the number of new listings decreased, while the number of homes that went under contract increased. Note the red line in the graph below – its steady climb in recent months gives you an idea of just how active buyers have been in the local market. By the end of the month, the number of homes available for sale was nearly 30% less month-over month and 55% less year-over-year.
The absorption rate based on pending sales climbed to 110%, and the months of inventory based on pending sales dropped to just 0.9 months of inventory available at the end of the month. As a rule of thumb, an inventory level of less than three months indicates a strong seller’s market while an inventory level greater than six months indicates a buyer’s market.
The Mercer Island real estate market has continued to be very active this month, as September marks the beginning of the fall real estate season, the second busiest time for local buyers and sellers, after the spring market.
We expect to see an active market through October and the beginning of November before real estate activities settle down around the holidays.
Brought to you by The Sirianni Group
This market update is brought to you by Erin and Charlie Sirianni, co-founders of The Sirianni Group, a leading team with Windermere Real Estate.
We work with clients on Mercer Island and throughout the greater Seattle area. If you are looking for real estate assistance, we would love to help.
Reach out today to begin the conversation!
Charlie Sirianni, JD, CRS, ABR
Managing Broker
Windermere RE Mercer Island
206-992-6151
[email protected]
Erin Sirianni, CRS, ABR
Residential Broker
Windermere RE Mercer Island
206-992-5272
[email protected]
Recent Sales & Reviews | Sirianni Group Website | Contact Us
