Real estate stats are in for the first quarter (Q1) of 2017, and here’s our latest infographic to give you a visual snapshot of what’s happening in the Mercer Island real estate market.
We saw a crazy increase in average sale price to 22.3% over Q1 2016 for all Mercer Island residential sales, and we think the weather might have something to do with it!
In the midst of a record-breaking rainy season, buyers demonstrated that they were ready for fun in the sun with some huge waterfront sales. There were 8 total waterfront sales in Q1 2017, and 4 of those sales were over $5 million.
While there was a similar number of waterfront sales in Q1 2016, the biggest waterfront sale of the quarter was a mere $4,075,000, by comparison. It’s also interesting to note that there were only 4 total sales over $5 million for the whole year of 2016.
So with these stats as early indicators, 2017 is starting out to be a great year for Mercer Island’s ultra-luxury market. Sales in the luxury ($2 million – $3 million) segment were healthy last quarter too. There were 11 total sales in this segment, compared to only 6 sales in Q1 2016.
Needless to say, all this rain certainly isn’t putting a damper on local real estate.
Appreciation in Mercer Island’s non-waterfront market
We also took a closer look at the quarterly data for non-waterfront residential sales (see infographic below), which provided a more reliable number for appreciation – 12% from Q1 2016 to Q2 2017.
We’re seeing the most dramatic price increases at more moderately priced homes on Mercer Island, especially those priced from $1 million to $1.5 million where offer review dates and bidding wars are driving prices higher and higher.
Prices are more stable starting around $1.8 million and higher, and while this market plateaued in 2016, especially for homes priced around $2.5 million, this year is showing improvement. We’re already well into Q2 2017, and anecdotally speaking, there has been steady absorption in the $2+ million market. We even noticed an offer review date on a recent waterfront listing priced near $3 million.
Mercer Island, Seattle & Eastside 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