Happy Summer! I captured the above photo on a recent walk in The Lakes neighborhood. It was a beautiful morning and perfectly still, though ducks soon rippled the water’s reflection as they headed my way for a possible snack. My pockets were empty, and I’m afraid I disappointed them!
Speaking of The Lakes … I don’t usually discuss specific neighborhoods in our monthly market updates, but I would be remiss if I didn’t mention activity in The Lakes neighborhood this past June. For a neighborhood of 100 homes, the Lakes has very low turnover – for the past five years, only 3 homes have sold in the Lakes each year. This year will be different, as 4 homes sold in just one month (June), and a fifth home is pending.
It’s likely just a seasonal coincidence that a flurry of listings would come available in The Lakes in such a short period of time, though perhaps it’s a harbinger for buyers signaling that inventory will finally be increasing island-wide following our long shortage. Time will tell.
Until then, let’s get back to our broader look at Mercer Island’s recent real estate activity.
Anecdotally, many buyers and sellers noticed a slight slow down in the market between Father’s Day weekend and Summer Celebration weekend. With graduation season, school ending, summer vacation beginning, plus a couple of holidays, including the 4th of July, real estate simply became a lower priority for many. We’re expecting new listings to pick up again starting this week, and we hope this July will be similar to last July.
According to the stats, June was a great month for Mercer Island real estate. Available inventory continued to climb, and buyers continued to buy. We discussed absorption rate in our May market update, and we saw another significant increase to 80.6% in June. Historically, Mercer Island’s highest absorption rate was 86.5% in August 2015. We’ll see whether we get there again this year.
As another visual, the bar graph below shows the number of new listings, pending sales, homes for sale, and homes sold for the past two years. The dark green bars representing sold homes are the most interesting, particularly for recent months. The number of sold homes increased from 38 in May to 56 in June. Year over year, sales marked an approximate 30% increase as well.
These increases are in part seasonal but also a reflection of strong job growth in the greater Seattle area and continued low interest rates.
June 2017 Real Estate Market Update
Overview of residential / condominium market:
- 71 active listings (as of 7/10/17)
- 54 new listings in June (60 in May)
- 56 sold homes in June (June 2016: 41 sold homes)
Single-Family Residential Homes*
- 44 new listings
- 48 sold homes (June 2016: 28)
- Average sales price: $1,639,698
- Median sales price: $1,493,500
- Lowest sales price: $842,000
- Highest sales price: $3,825,000
- Homes sold under $1 million: 3
- Homes sold between $1 – 2 million: 35
- Homes sold over $2 million: 10
- 3 new listings (2 Westside; 1 North Mercer)
- 3 sold homes (3 Eastside)
- Lowest sales price: $3,576,600
- Highest sales price: $8,000,000
- 7 new listings
- 5 sold listings
- Lowest sales price: $325,000
- Highest sales price: $755,000
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” – June 2017
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:
Sirianni Real Estate Group News & Notes
We had another busy month in June helping clients find their homes on Mercer Island and throughout the Seattle area. Our recent sales included this wonderful Northwest Contemporary-style home on Mercer Island and this fabulous Leschi condo, perfectly situated for summer on the shore of Lake Washington. In June, we listed a beautiful modern home in the Pine Lake neighborhood of Sammamish (currently pending), and we’ll have another new listing coming up next week in Bellevue’s Woodridge neighborhood.
As noted above, while Mercer Island is home for us, it is also our hub – we help our clients wherever they need us. Check out all of our recent sales here, visit our Listings Portfolio here, find out why our clients work with us here, and read our testimonials here. Ready to get moving? Get in touch today. We’d love to help.
Questions? Feel free to reach out anytime!
Windermere Mercer Island
My MI Founder & Editor / Residential Broker
Windermere Mercer Island