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 | May 2020
Check out the real estate stats for last month on Mercer Island as they compare to market activity in May 2019.
- 51 homes for sale | -42 compared to one year ago
- 29 homes under contract | -20 compared to one year ago
- 11 homes sold | -27 compared to one year ago
- 60 – Average number of days homes spent on the market | -3 compared to one year ago
- Homes sold for an average of 98.5% of list price.
What’s happening in the market now?
After new listings dropped precipitously on Mercer Island in April, they bounced back in May, though not to the level we would normally see for this time of year. New listings were down about 35% compared to the same month last year, though buyers were at the ready and snapped most of them up. At the end of the month, inventory was 45% lower than inventory levels for the same time last year.
What should have been a busy month of closings was anything but, reflecting the impact of the stay-home order on the real estate market. Only 11 sales closed last month compared to 38 in May 2019.
June has brought more listings – but whether the volume of new listings typical for Mercer Island’s spring market will materialize during the summer months remains to be seen. For now, Mercer Island is experiencing a strong sellers’ market, especially for single-family homes priced under $2 million.
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.
