Due to a week of light listings during spring break, we saw fewer new listings on Mercer Island in April compared to March. April brought 38 listings to the market while March brought 49. The total number of sales was consistent, with 32 homes sold in April compared to 31 in March.
Besides fewer listings, the most remarkable statistic we noticed was a drop in “Continuous Days on Market” (CDOM) for the Mercer Island non-waterfront residential market. The average CDOM was only 16 in April compared to 39 in March.
CDOM means the total number of days that a listing is “Active” in the Northwest Multiple Listing Service (NWMLS), and this is when buyers are easily able to view and consider properties through online listing data, showings, and open houses. However, once a seller reaches mutual acceptance with a buyer (with a signed contract agreeing to price and terms), the property is either pending, pending inspection, or contingent, and the CDOM period ends.
The significant drop in CDOM indicates how serious buyers are in the spring market right now. They are pre-approved, actively house hunting, submitting offers, and getting under contract.
As summer rolls around, and falls turns into winter, we expect the average CDOM stat to increase as more inventory comes available and buyers have less urgency. However, the most desirable and well-priced homes will continue to sell quickly.
We also noted that for the first time since we’ve been creating our monthly market updates not a single house sold on Mercer Island last month with a price less than $1 million. There are three residential properties priced under $1 million that are currently for sale on Mercer Island, so we’ll see sub-$1 million sales in the future, but they seem to be getting less common as our market becomes more expensive.
April 2017 Real Estate Market Update
Overview of residential / condominium market:
- 71 active listings (as of 5/7/17)
- 38 new listings in April (49 in March)
- 32 sold homes in April (April 2016: 24 sold homes)
Single-Family Residential Homes*
- 29 new listings
- 22 sold homes (April 2016: 18)
- Average sales price: $1,662,114
- Median sales price: $1,485,000
- Lowest sales price: $1,100,000
- Highest sales price: $2,897,500
- Homes sold under $1 million: 0
- Homes sold between $1 – 2 million: 17
- Homes sold over $2 million: 5
- 6 new listings (4 Eastside, 1 Westside; 1 North Mercer)
- 1 sold homes (Eastside)
- Sale price: $4,100,000
- 3 new listings
- 9 sold listings
- Lowest sales price: $260,000
- Highest sales price: $580,000
Current Mercer Island Listings
By Home Type / Location
- Mercer Island Condos
- Single-Family Residential Homes (All)
- New Construction Homes
- Waterfront Homes
- Search by Neighborhood
- $1 million or less
- $1 million to $1.5 million
- $1.5 million to $2 million
- $2 million to $2.5 million
- $2.5 million to $3 million
- $3 million to $4 million
- $4 million to $5 million
- $5 million or more
Take a look at local real estate trends over the past 12 months on our Mercer Island Real Estate Statistics page.
Mercer Island “Nosy Neighbor” Report – April 2017
We’re excited to introduce a new monthly report – we’re calling it our “Nosy Neighbor” Report – with the monthly data for all residential sales on Mercer Island. We’ll be including this report in all of our future monthly market updates. So if you’re curious about a recent sale in your neighborhood, you can learn the details with a quick glance at this report.
Let us know if you would like a free, no-obligation market analysis for your home. Simply fill out the form below:
Questions? Feel free to reach out anytime!
Windermere Mercer Island
My MI Founder & Editor / Residential Broker
Windermere Mercer Island