Is the market slowing down or speeding up? We’re still experiencing a rollercoaster, even during the holiday “slow season.” Regionally, pending sales hit an 11-year high last month (there are 32 pending sales on Mercer Island, as of today), and inventory remains low.
New listings on the island dropped significantly in November, from 29 new listings in October to only 8 new listings last month. Buyers are steadily absorbing current inventory. There were 25 sold homes last month, a slight drop from 33 sold homes in October. We are down to 53 current listings on the market, with 85% priced above $2 million.
Mercer Island’s condo market had zero activity last month, with no listings or sales. There is only one condo listing currently on the market. The inventory disappeared in October, when there were 6 total sales. It could be a great to time to list a condo, if you are thinking about it.
There were no new waterfront listings last month either, though this isn’t surprising as we head into the winter season. There are some beautiful waterfront homes currently on the market, and this is the time to get the best deal on real estate. There may be more price flexibility on homes that have been on the market for a few months or more.
We try to tour every listing, and we’ve also noticed some overlooked gems out there, ready for the right buyer.
November 2016 Real Estate Market Update
Overview of residential / condominium market:
- 53 active listings (as of 12/8/16)
- 8 new listings in November
- 25 sold homes in November (November 2015: 28 sold homes)
Neighborhoods around Mercer Island are showing off their holiday spirit. Here’s a larger-than-life Santa display in Parkwood. (Single-story home and power lines for scale.)
Single-Family Residential Homes*
- 8 new listings
- 22 sold homes (November 2015: 19)
- Average sales price: $1,306,568
- Median sales price: $1,150,000
- Lowest sales price: $730,000
- Highest sales price: $2,702,500
- Homes sold under $1 million: 7
- Homes sold between $1 – 2 million: 13
- Homes sold over $2 million: 2
*Non-waterfront
Waterfront
- 0 new listings
- 3 sold homes
- Lowest sales price: $3,500,000
- Highest sales price: $8,180,000
Downtown Condos
- 0 new listings
- 0 sold listings
- Lowest sales price: N/A
- Highest sales price: N/A
Current Mercer Island Listings
By Home Type / Location
- Mercer Island Condos
- Single-Family Residential Homes (All)
- New Construction Homes
- Waterfront Homes
- Search by Neighborhood
By Price
- $1 million or less
- $1 million to $1.5 million
- $1.5 million to $2 million
- $2 million to $2.5 million
- $2.5 million to $3 million
- $3 million to $4 million
- $4 million to $5 million
- $5 million or more
Take a look at local real estate trends over the past 12 months on our Mercer Island Real Estate Statistics page.
Sirianni Group News & Notes
Reflecting on the year so far, we are thankful for all of our clients, friends, and colleagues and warm homes on these cold days! 2016 has been exciting and busy for us. Our adventures with our clients this year have spanned from Bellevue to Bainbridge Island. Our home tours have taken us through nearly every neighborhood, cul-de-sac, lane, and new listing on Mercer Island. Our latest listing also just closed – sold in 2 days, $123,000 over list price.
We’re here for you if you’d like to discuss your next real estate adventure. Feel free to reach out anytime.
