Here’s our monthly snapshot of the latest trends and data for the Mercer Island residential real estate market, and – because it’s still 2020 – a photo of an adorable sleeping cat.
Mercer Island Real Estate by the Numbers | November 2020
Check out the real estate stats for last month on Mercer Island as they compare to market activity in November 2019.
- 17 homes for sale | -45 compared to one year ago
- 20 homes under contract | -3 compared to one year ago
- 29 homes sold | +9 compared to one year ago
- 36 – Average number of days homes spent on the market | -46 compared to one year ago
- Homes sold for an average of 100.3% of list price.
What’s Happening in the Market?
As is typical as we head into the holidays, new listings dropped off in November with just 9 single-family homes hitting the market, following a much more robust month of October, when there were 35 new listings. Buyers remained very active throughout the month, and 20 homes went under contract. By the end of the month, just 17 homes were available for sale on the island.
The dearth of inventory is remarkable – last month, Mercer Island was at 27% of last year’s levels, as there were 62 homes available for sale at the end of November 2019. Similarly, across the Eastside, inventory is 38% of what it was last year. In Seattle, buyers are finding a more balanced market with inventory levels comparable to last year, though a recent holiday buying spree just resulted in Seattle-area inventory dropping 25% month-over-month.
In November, the absorption rate based on pending sales climbed to 117.6% (and based on closed sales, the absorption rate was 170.6%!). The absorption rate shows the velocity at which homes are selling – and represents how active listings are being absorbed (sold or pending) each month. When those numbers climb above 100%, we’re seeing that buyers are absorbing more than the number of new listings that hit the market and then some, as properties with longer market time are going under contract as well.
As of today, there are only 13 single-family residential properties on the market, and two of those are listed as “pre-sale” (new construction properties that have not yet been completed), two are “land-value” parcels, and two are waterfront properties priced at $6.28M and $17.8 million (a sprawling lakeside estate).
It will likely be mid-January before we see new listings pick up again, and as we look ahead to 2021, we hope that with the COVID-19 vaccine, we’ll see the market and our industry slowly make its way back to a bit more balance and normalcy. We certainly miss seeing our clients’ and colleagues’ smiling faces, and we’re eager to get back to hosting open houses and inviting our buyer clients to hop in our car for neighborhood tours. It sure has been an unusual year!
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]
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