In March, we saw a significant increase in new listings on Mercer Island. There were 49 homes that came on the market, a 65% increase over 32 homes listed in February.
The new inventory is bringing relief to buyers region-wide. A recent article in the Puget Sound Business Journal noted a 50% increase in new listings in the Seattle-area in March over February. It also noted that Seattle median sale prices are up 13% over March 2016.
Mercer Island is too small to get a reliable sense of appreciation by comparing monthly data, but we’ll be publishing our first quarterly market report soon, which will provide a more accurate picture. Stay tuned!
Even with the increase in new listings, we’re still experiencing a very competitive market, especially for homes priced under $2 million, and many listings are being “absorbed” (in real estate-speak) within a week of being listed. In March, there were 31 sold homes on Mercer Island (including 5 waterfront and 6 condo sales!) – a strong increase over the 17 sold homes in February.
March 2017 Real Estate Market Update
Overview of residential / condominium market:
- 60 active listings (as of 4/8/17)
- 49 new listings in March
- 31 sold homes in March (March 2016: 24 sold homes)
Single-Family Residential Homes*
- 37 new listings
- 20 sold homes (March 2016: 19)
- Average sales price: $1,797,602
- Median sales price: $1,637,500
- Lowest sales price: $935,000
- Highest sales price: $4,250,000
- Homes sold under $1 million: 2
- Homes sold between $1 – 2 million: 12
- Homes sold over $2 million: 6
- 2 new listings (2 Eastside)
- 5 sold homes (3 Westside; 1 Eastside; 1 North Mercer)
- Lowest sales price: $2,300,000
- Highest sales price: $7,500,000
- 10 new listings
- 6 sold listings
- Lowest sales price: $345,000
- Highest sales price: $553,500
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.
Sirianni Real Estate Group News & Notes
March was a busy month for us! We were happy to help our clients purchase a fabulous mid-century home in Mercer Island’s East Seattle neighborhood. We were also able to help clients secure a beautiful and spacious home in an East Mercer neighborhood, which is now pending. We listed this charming home in Seattle’s Montlake neighborhood, now under contract after our clients received multiple offers. This month has been a whirlwind of activity, and we’re thrilled that we have been able to help our clients achieve success in both purchasing and selling their homes. We’re excited to see what April will bring!
What we’re reading:
- Seattle’s housing market is in for ‘another frenzied spring’ [Puget Sound Business Journal]
- Seattle’s median home price hits record: $700,000, double 5 years ago [The Seattle Times]
- Seattle remains nation’s hottest home market, with biggest price growth in 3 years [The Seattle Times]
- As Seattle market mirrors Vancouver’s, housing experts search for answers [The Globe and Mail]
As always, please get in touch if you have questions or if we can help you with any of your real estate needs.
Photo courtesy NWMLS / Nicole Demers-Changelo
Reach out anytime. Call or send us a text for a quicker response.
Windermere Mercer Island
My MI Founder & Editor / Residential Broker
Windermere Mercer Island