Building upon the Q1 2023 data, the present Western Washington real estate market maintains its cooler demeanor compared to the same period last year. The impacts of inflation and rising interest rates continue to exert a moderating influence on the market. The unprecedented surge witnessed in early 2022 has now transitioned into a more stable environment, marked by a decrease in frenzy.
While the overall market remains in favor of sellers, buyers are adopting a more measured approach, taking additional time to deliberate their decisions. In such a dynamic landscape, we look forward to providing our clients with guidance specific to each unique property and situation toward achieving optimal outcomes in today’s market.
The number of Mercer Island homes sold in Q2 2023 was the same as this time last year – 36 – and the months of inventory remained relatively unchanged at 1.4 compared to 1.3 in Q2 2022. Demand for this coveted Eastside location is constant, although buyers are considering their home-purchasing decisions for over four times as long as last year; homes were on the market in Q2 2023 for an average of 31 days versus 7 days during Q2 2022. Mercer Island remains a sought-after area, as the number of homes sold only decreased by 8.33% from 84 to 77.
Like all areas throughout the greater Seattle area, Mercer Island also saw a year-over-year decrease in the median sales price – from $2,710,000 in Q2 2022 to $2,200,000, in Q2 2023. The price per square foot also decreased 10.21% from $852 to $765, allowing buyers some breathing room in the face of rising interest rates. While the market isn’t as heated as it was in 2021 and 2022, the long-term view is that the local real estate market will easily withstand these fluctuations, with its prized waterfront, high-end amenities and unique offerings as an suburban island community centrally located between major metropolitan areas.
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
