If you’ve seen the headlines, you already know – inflation and rising interest rates cooled the market in the latter half of 2022. A slower pace carried into the first quarter of the year on Mercer Island – but as compared to the lighting-fast sales and almost zero inventory we saw at the end of 2021, we have transitioned to what we would call a more normal, balanced market.
The amount of time properties have spent on the market has slowed down significantly year over year. In the first quarters of 2021 and 2022, the average time a Mercer Island home spent on the market was 17 days and 18 days, respectively – in Q1 of 2023, 44 days was the average.
While the number of homes available for sale is up significantly – 39 at the end of Q1 2023 compared to last year’s 7 at the end of Q1 2022 – the number of homes sold (39) in the first quarter of 2023 was identical to the number of homes sold in the first quarter of 2022 (also 39).
Likewise, the average price per square foot ticked up just over a dollar to $807.33. So, while the median sales price dropped down year-over-year by 12%, the size, location, and condition of island homes should be taken into account, as well; and a comparative market analysis by a knowledgeable real estate broker can give you the best sense of the current value range for your property.
Take a look at at the trends below, and if you’re interested in market reports for other areas in the greater Seattle area, you can find them here: https://siriannigroup.com/blog/seattle-area-real-estate-trends-or-q1-2023-market-reports-are-in
If you’re in need of real estate assistance, don’t hesitate to reach out. We’d love to help!
All reports presented are based on data supplied by the Northwest MLS. Neither the Associations nor their MLSs guarantee or are in anyway responsible for its accuracy. Data maintained by the Associations or their MLSs may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed. Mercer Island data includes NWMLS Area 510
