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 | September 2020
Check out the real estate stats for last month on Mercer Island as they compare to market activity in September 2019.
- 34 homes for sale | -48 compared to one year ago
- 35 homes under contract | +12 compared to one year ago
- 41 homes sold | +16 compared to one year ago
- 48 – Average number of days homes spent on the market | -24 compared to one year ago
- Homes sold for an average of 101.9% of list price.
What’s Happening in the Market Now?
The market continues to be in strong favor of sellers, as the level of inventory remains at extreme lows throughout the region and the number of new listings coming to the market is woefully short of meeting buyer demand.
In September, there were just 34 homes available for sale on Mercer Island at the end of month, and for the first time in recent history, that number was exceeded by the number of homes that went under contract (35) and the number of homes that sold (40).
The absorption rate based on closed homes in September climbed to 117.6%, indicating that many new listings are going under contract within days or weeks of hitting the market, and properties that have had longer market time are selling as well. By contrast, the absorption rate in September 2019 was 30.5%. As a rule of thumb, an absorption rate of less than 16.67% indicates a strong buyer market while an absorption rate level greater than 33.33% indicates a seller’s market.
Despite the stats, this is not to say that any new listing that hits the market will sell immediately. Buyers are very savvy in today’s marketplace with high expectations for how properties should be prepared for the market and for market value. So far in October, there have been 25 new listings on Mercer Island, 15 of which are under contract or sold, and 10 are still available for sale.
As we look ahead, November and December are typically quieter months for real estate activity on the island, though sellers should be aware that there are still lots of strong, motivated buyers out there, and there’s no reason to wait to list if they’re ready.
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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