September often marks the beginning of the second busiest real estate season on Mercer Island as sellers make one last push to get their homes listed before the holidays.
Last month, we saw 37 new residential and condo listings, a slight increase over the 35 new listings in August. Sales, however, decreased in September and are down about 30% month-over-month and about 35% year-over-year.
Despite the lower number of sales, sale prices have continued on their upward trajectory. The median sale price for a residential, non-waterfront home in September 2017 was $1,428,800 compared to $1,172,500 in September 2016. The quarterly trends also show a significant increase – the Mercer Island median sale price for all single-family residential homes in Q3 2017 was up 13.6% year-over-year.
Anecdotally, we’re watching the most desirably located, move-in ready homes priced below $2 million sell quickly and some above asking price. However, the increase of Mercer Island prices may also be contributing to the decrease in the number of sales. As entry-level pricing continues to shift upwards, buyers seem to be taking more pause. We’ve seen offer review dates come and go, and we’re seeing fewer offer review dates overall.
Additionally, for luxury-priced homes, the buyer pool is simply smaller. Currently, nearly 60% of Mercer Island’s residential inventory is priced at $2 million or more. Over 30% of current residential inventory is priced $3 million or more.
Single-Family Residential Homes*
*Non-waterfront
Waterfront
Downtown Condos
Here’s our new monthly “nosy neighbor” report with all data for all residential sales on Mercer Island (not including unlisted sales). If you’re curious about a recent sale in your neighborhood, you can learn the details with a quick glance at this report:
Click to open a full-size PDF.
By Home Type / Location
By Price
In September, we were excited to help our clients purchase the beautiful Mercer Island home with abundant gardens pictured above. We also helped clients get under contract on a fantastic Bellevue condo as well as a wonderful home in the Issaquah Highlands (both sales currently pending).
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.
Questions? Feel free to reach out anytime!
Charlie Sirianni, JD, ABR
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]