Real estate stats are in for the third quarter of 2019. Here are our market reports with neighborhood trends for Mercer Island and the greater Eastside.
Q3 2019 Mercer Island Market Recap
Mercer Island experienced continued slowing in the luxury market with fewer waterfront sales (5) than typical in Q3. Conversely, many moderately-priced renovation-ready homes transacted this quarter bringing the overall Q3 median sale price down 4% to $1,678,000.
The island is beginning to see a moderate number of building and remodel applications submitted after a two-year lull sparked by major changes in the city’s residential building code.
The north end had the highest average cost per square foot ($620) while Mercerdale ($435) was most affordable. First Hill had the shortest average market time with just 5 days and East Mercer had the longest (117 days).
Demand remains steady, and we expect well-priced, turnkey condition homes to continue to do quite well as we move further into the fall market.
From a home buyer’s perspective, this more balanced market affords the ability to comfortably complete a purchase even when selling a home at the same time. Buyers are also enjoying enough time and space to thoroughly conduct due diligence on prospective properties.
Read our report in full for a neighborhood-by-neighborhood breakdown of average sale price, size, and number of homes sold.
Q3 Greater Eastside Market Recap
Q3 was the most stable and balanced market we have seen on the Eastside in years. With very low mortgage interest rates compelling buyers to act and fewer homes for sale than we saw last fall (when a flood of homes came to market), buyers and sellers are each finding their own place in a more equitable real estate arena.
Stimulated by announced expansion from the top names in tech, the Eastside is the place to be right now. Buyers found far fewer homes for sale – nearly 25% – in Q3 than they did one year ago.
Sale prices in Kirkland, bolstered by recent announcements from Google and Tableau, were up an average of 15.4% over Q3 2018. Prices near Microsoft campus, where the Spring District is coming online, were up 3.2%. The West Bellevue market saw a lower median sale price, which was attributable to fewer high-end sales in Q3 this year compared to last year.
All in all, the Eastside had a very good quarter. Home sellers enjoyed great returns and this more balanced market afforded many more consumers the ability to comfortably complete a buy/sell transaction – and with enough time and space to thoroughly conduct due diligence on prospective properties.
Read our report in full for a neighborhood-by-neighborhood breakdown of average sale price, size, and number of homes sold.
