Real estate stats are in for the first quarter (Q1) of 2018, and here are our latest infographics and reports to give you insight into the Mercer Island real estate market.
Overall median prices in Seattle rose 16.1% to $770,000, while the Eastside rose 13.0% to $944,000. On Mercer Island, the median sale price for Q1 2018 was $1,560,000, marking a 4% decrease from the median sale price of $1,625,000 in Q1 2017.
This may come as a surprise, but looking back at last year’s market activity reveals the real story. Q1 2017 marked an unusual three months of ultra-luxury sales, including 8 waterfront sales, and 4 of those were over $5 million. By contrast, the first quarter of 2018 was more typical, with 4 waterfront sales – 2 of which topped the $5 million mark.
Looking only at non-waterfront sales (see the infographic below), Mercer Island showed continued price gains. In Q1 2018, Mercer Island’s median sale price grew 12.8% to $1,528,724 from $1,355,000 in Q1 2017.
In spring frenzy fashion, buyers on Mercer Island saw intense competition for many desirable new listings in the first quarter of the year. We noted that about 46% of all single-family homes (27 of 58) sold above list price. When a home sells above its list price (or “asking” price), this often indicates that the sellers received multiple competitive offers for their property, and the escalation clauses of these offers bumped up the final sale price.
Competitive offers were received on more than half of homes priced below the $2 million threshold. Approximately 56% of properties in the entry to mid-level market (listed with prices between $720,00 and $2,000,000) sold above list price. And yet, buyers should also take heart that bidding wars are not taking place on every home, and most transactions are financed.
As always, we’re available to discuss our winning strategies that have helped our clients secure homes on Mercer Island. Get in touch anytime.
Mercer Island, Seattle & Eastside Market Reports
For a complete overview of last quarter’s numbers and trends for the Mercer Island market, as well as for Seattle and the Greater Eastside, check out our reports below:
Reach out to us for a free, no-obligation market analysis for your home.
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If you are in need of real estate services, we would love to help. Get in touch today. Check out all of our recent sales here, visit our Listings Portfolio here, and read our testimonials here.
Charlie Sirianni, JD
Managing Broker
Windermere Mercer Island
Call: 206-992-6151
Email: [email protected]
Erin Sirianni
My MI Founder & Editor / Residential Broker
Windermere Mercer Island
Call: 206-992-5272
Email: [email protected]
