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 | October 2020
Check out the real estate stats for last month on Mercer Island as they compare to market activity in October 2019.
- 29 homes for sale | -50 compared to one year ago
- 32 homes under contract | +12 compared to one year ago
- 31 homes sold | +8 compared to one year ago
- 28 – Average number of days homes spent on the market | -6 compared to one year ago
- Homes sold for an average of 103% of list price.
What’s Happening in the Market Now?
Record-low inventory levels in Eastside neighborhoods continue as we approach the holiday season. On Mercer Island, the number of available single-family residential homes dropped month-over-month and year-over-year.
At the end of October, there were just 29 homes available for sale, in contrast to 79 on the market at the end of October 2019. Today we are down to 20 homes on the market, and inventory is low across all price points. Mercer Island’s inventory shortage is reflected throughout the greater Seattle area – the level of inventory available in Eastside neighborhoods is approximately 50% less than last year.
The inventory shortage is leading to faster property sales and more competitive buyer situations. In October, 68% of Eastside homes went under contract within the first 10 days on market, and 72% of homes sold at or above list price. (Take a look at our Windermere – Mercer Island monthly market reports for all stats.)
Despite the low inventory, buyers saw an exciting number of new Mercer Island listings in October – 33 new properties hit the market, which was on par for a typical October market. Governor Jay Inslee even gave the real estate industry the green light for hosting open houses again, with specific health and safety protocols in place.
With the new shut-down due to regional and national increases in COVID-19 cases, open house are on hold again, though real estate brokers are still allowed to provide showings, limited in-person real estate services, and list properties.
With continued low mortgage interest rates, we expect that buyers will still be out house-hunting through November and December at the few homes available to tour. So far, we have seen 7 new listings hit the market this month in November, and we hope December may be a little more active this year than last year, when just 2 homes were listed during the whole month.
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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