Real estate stats are in for the third quarter (Q3) of 2017, and here are our latest infographics to give you a visual snapshot of what’s happening in the Mercer Island real estate market.
For the fifth consecutive quarter, the Mercer Island residential real estate market saw double-digit appreciation in Q3 2017 compared to the same quarter last year, and our local trends closely resemble those of our hotter-than-ever regional real estate market.
If you’ve been following the media reports, Seattle is now the nation’s top-ranked real estate market according to the 39th annual Emerging Trends in Real Estate survey published by PwC and the Urban Land Institute (last year it ranked at #4). According to the Zillow Group, home values in the greater Seattle area are growing twice as fast as they are in San Francisco’s notoriously hot market. Some buyers are giving up, and meanwhile, Seattle rents are reaching record-high prices.
On Mercer Island, we’re seeing similar buyer frustration. A closer look at the stats shows why – the number of Mercer Island’s new single-family residential listings is down about 30% compared to Q3 2016, and the lack of inventory is driving competition and higher prices.
Anecdotally, we’re hearing that homeowners looking to downsize or move up into a larger home are hesitating to list their properties before pursuing their next steps. Media reports are fueling uncertainty and doubt about becoming a buyer in a hyper-competitive market. This hesitation may in part be contributing to fewer listings and lower inventory on Mercer Island this year than last year.
New construction homes built in the next couple years will contribute to Mercer Island luxury home inventory, and we’ve already seen price stabilization in this market. Fourteen new homes may be built at the site of the Old Boys and Girls Club at 2825 West Mercer Way, according to the Mercer Island Reporter, and permits are in review for a 7-plot subdivision of a 2.17 acre property on the south end of Mercer Island. As for the entry-level and mid-range market on Mercer Island, we expect a continued strong sellers’ market for the foreseeable future.
Expect even fewer new listings through Q4 2017 as we near the holiday season; however, this may be a great time to reach out if you’re considering a move in 2018. We’re always available to discuss winning strategies for our clients who have recently purchased homes in the greater Seattle market, as well as our marketing plans that have helped clients leverage the market in selling their homes for top dollar but with less stress with our concierge approach. Get in touch anytime.
Mercer Island, Seattle, Eastside, Waterfront & Condo Market Reports
For a complete overview of last quarter’s numbers and trends – Mercer Island, Seattle, and the Greater Eastside – check out the full reports below:
Let us know if you would like a free, no-obligation market analysis for your home. We would be happy to help!
Questions? Feel free to reach out anytime!
Windermere Mercer Island
My MI Founder & Editor / Residential Broker
Windermere Mercer Island