September often marks the beginning of the second busiest real estate season on Mercer Island as sellers make one last push to get their homes listed before the holidays.
Last month, we saw 37 new residential and condo listings, a slight increase over the 35 new listings in August. Sales, however, decreased in September and are down about 30% month-over-month and about 35% year-over-year.
Despite the lower number of sales, sale prices have continued on their upward trajectory. The median sale price for a residential, non-waterfront home in September 2017 was $1,428,800 compared to $1,172,500 in September 2016. The quarterly trends also show a significant increase – the Mercer Island median sale price for all single-family residential homes in Q3 2017 was up 13.6% year-over-year.
Anecdotally, we’re watching the most desirably located, move-in ready homes priced below $2 million sell quickly and some above asking price. However, the increase of Mercer Island prices may also be contributing to the decrease in the number of sales. As entry-level pricing continues to shift upwards, buyers seem to be taking more pause. We’ve seen offer review dates come and go, and we’re seeing fewer offer review dates overall.
Additionally, for luxury-priced homes, the buyer pool is simply smaller. Currently, nearly 60% of Mercer Island’s residential inventory is priced at $2 million or more. Over 30% of current residential inventory is priced $3 million or more.
Mercer Island new listings, pending sales, homes for sale, and homes sold for the past two years (all residential – does not include condos)
September 2017 Real Estate Market Update
Overview of residential / condominium market:
- 72 active listings (as of 10/8/17)
- 37 new listings in September (35 in August)
- 27 sold homes in September (September 2016: 39 sold homes)
Single-Family Residential Homes*
- 28 new listings
- 19 sold homes (September 2016: 34)
- Average sales price: $1,564,758
- Median sales price: $1,428,800
- Lowest sales price: $890,000
- Highest sales price: $2,900,000
- Homes sold under $1 million: 2
- Homes sold between $1 – 2 million: 13
- Homes sold over $2 million: 4
- 1 new listings (Eastside)
- 4 sold homes (2 Westside, 1 Eastside, 1 North Mercer)
- Lowest sales price: $3,462,500
- Highest sales price: $4,541,000
- 8 new listings
- 4 sold listings
- Lowest sales price: $355,000
- Highest sales price: $550,440
Mercer Island “Nosy Neighbor Report” – September 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:
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
Sirianni Real Estate Group News & Notes
In September, we were excited to help our clients purchase the beautiful Mercer Island home with abundant gardens pictured above. We also helped clients get under contract on a fantastic Bellevue condo as well as a wonderful home in the Issaquah Highlands (both sales currently pending).
Questions? Feel free to reach out anytime!
Windermere Mercer Island
My MI Founder & Editor / Residential Broker
Windermere Mercer Island