July was a good month for Mercer Island real estate, reflecting region-wide trends toward a more balanced market. The Puget Sound Business Journal went so far as to call it the “best July in history for the region’s housing market.”
This dramatic headline was sparked by a new report by the Northwest Multiple Listing Service, which reported a record-breaking number of pending sales for July for its 23-county service area as well as new high levels of active listings.
Whether Mercer Island is experiencing its best real estate month ever depends on how you look at it, but we are seeing similar inventory trends here – which means relief for buyers!
Active listings on Mercer Island are inching toward levels that we haven’t seen in two years. (Check out the graph below.) The number of homes for sale on the island is up 20% compared to last month and up over 80% compared to this month last year.
As we noted in last month’s market update, inventory still leans toward luxury price points, with approximately 60% of current active listings priced around $2 million or more. Builders are also contributing to more inventory on Mercer Island – there are 15 current active new construction homes for sale on Mercer Island, about twice as many as this time last year.
As for entry and mid-range price points (under $1.5 million), the number of homes for sale is still on the low side, and the most attractive, move-in ready homes are under contract within days of hitting the market. Yet new listings in these price points have also been on the rise over the last two months, so I hope we will see this trend continue.
A look at single-family residential real estate for the past two years
New listings, pending sales, homes for sale, and homes sold
Mercer Island July 2016 Market Report
Overview of the residential / condominium market:
- 56 new listings in July
- 32 sold homes in July
Single family residential homes*
- 46 new listings
- 26 sold homes
- Average sales price:$1,334,941
- Median sales price: $1,210,000
- Lowest sales price: $655,000
- Highest sales price: $2,900,000
- Homes sold under $1 million: 8
- Homes sold between $1 – $2 million: 15
- Homes sold over $2 million: 3
Waterfront Homes on Mercer Island
- 4 new listings (3 Westside; 1 Eastside)
- 4 sold homes (2 Westside; 2 Eastside)
- Lowest sales price: $2,850,000 (Eastside)
- Highest sales price: $9,751,880 (Westside)
- 6 new listings
- 2 sold listings
- Lowest sales price: $452,000
- Highest sales price: $460,00
I expect August will be a quieter month for Mercer Island real estate as it’s a popular time for vacations and back-to-school activities, and like last year, there should be another increase in new listings in September and October before the real estate market winds down again over the holidays. If you’re considering selling your home before the end of the year, now is a great time to reach out!
Here’s a selection of my favorite listings currently on the market. While the hottest listings often go under contract quickly, there are still some great opportunities out there.
Puget Sound Business Journal columnist Patti Payne recently featured this $4.5 million Stuart Silk-designed waterfront home, located on the northeast side of Mercer Island. It has a beautiful lawn and a dreamy cabana. The millwork makes the home warm and comfortable, and there’s no lack of bookshelves for the avid reader. [PSBJ link]
This shingle-style home is also warm and welcoming with plenty of built-in shelving. Designed by Robert Maloney and built by Stark Construction, it’s reminiscent of a Sun Valley lodge and has sweeping views of Lake Washington from its perch on the southern tip of the island. This home was on the market last year, so if you considered it then, here’s another chance at it. Plus the price was just reduced from $2,200,000 to $2,165,000.
If you enjoyed the Seafair Air Show last week, here’s a listing on Mercer Island that has a fantastic view and deck, ideal for watching the show. Priced at $1,638,000, this Leland-built home has a nice mid-island location in the Dawn Villa neighborhood, walkable to Pioneer Park, Island Crest Park, and Island Park Elementary School. It has a mid-century vibe and, at 3,200 square feet with 5 bedrooms, has great spaces for living and entertaining.
In notable new construction listings, this modern home by Build Urban is new on the market and has incredible west-facing views – also perfect for watching next year’s Blue Angels performance. JayMarc Homes also recently listed their Mozart home, inspired by the historic neighboring Symphony House.
Listing info courtesy NWMLS / Larry Williams, Windermere Mercer Island; Terri Smith, Windermere Northwest;Ed Mencke, Windermere East; Robyn Hsu & Rachel Schindler, Windermere Mercer Island