Mercer Island Market Update – June & July 2020

July 13, 2020 | by Erin Sirianni

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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 | June 2020

Check out the real estate stats for last month on Mercer Island as they compare to market activity in June 2019.

  • 63 homes for sale | -31 compared to one year ago
  • 35 homes under contract | +16 compared to one year ago
  • 34 homes sold | -13 compared to one year ago
  • 36 – Average number of days homes spent on the market | -19 compared to one year ago
  • Homes sold for an average of 100.2% of list price.

View Sold Property Details →

Design Spotlight

This month, we’re delighted to spotlight Floisand Studio Architects (FSA). FSA was founded in 1999 by Richard Floisand and Allison Hogue, a husband and wife team – and their work encompasses residential, commercial, and public projects at all scales.

Richard and Allison focus on the fundamentals of their trade – partnering with clients and craftspeople to design buildings that last and operate as creative and dynamic backdrops for life. They share a passion for meticulously detailed architecture that captures how their clients live and work today.

Here’s a selection of images from several of their residential projects on Mercer Island.

More photos and info at Floisand Studio Architects  →

What’s happening in the market now?

We’ve adapted to a new normal on Mercer Island in the midst of the COVID-19 pandemic, and the local real estate market has stepped up to a brisk pace. June brought 42 new listings to the market, and nearly half are already under contract. The number of sales jumped as well – 34 single-family properties sold in June, an increase from just 11 in May.

Overall, we’re seeing the most buyer activity in entry level price points up to about $2 million. Due to the low inventory, competitive buyers have brought multiple offers for the most attractive properties, and about 1/3 of Mercer Island properties that sold in June closed above the asking price.

While the $2+ million market is more balanced due to a smaller pool of luxury price-point buyers, we’re hearing of increased demand for shared waterfront and waterfront homes as well as second vacation homes. With higher risks around vacation travel and public recreational activity due to COVID-19, some affluent buyers are focusing on these types of properties for private waterfront recreation and boating activities.

Last year, new listings peaked in May (as shown in the chart above). Due to these unprecedented times, the spring market was delayed, and we expect to see a continued upward trajectory in regard to the number of new listings, sales, and pending properties in July, following June’s lead.

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.

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