Mercer Island Quarterly Report

Mercer Island maintained its brisk pace in the 3rd quarter with a strong sentiment of consumer confidence driving 101 closed residential sales during the months of July, August and September.

In the residential home arena, the average sales price of $1,272,165 is up 9.4% and the median sales price is up a whopping 14.9% from the prior quarter. The average cost per square foot, a more stable benchmark, has increased 7% from the prior quarter from $372/sq ft to $398/sq ft. The average number of days on market of 52 is the lowest since the year 2000. Of the 101 closed sales, 64 had a market time of less than 30 days and 7 had a market time of greater than 120 days.

Condominium sales numbers decreased across the board with both average sales prices and cost per square foot both down about 11% while the median price stayed relatively unchanged at $296,250. Lest one jump to conclusions that the sky is falling on the condo market, it is important to note the lower average price is due to the lack of any high-end condo sales this quarter. A shortage of available condominium homes drove average market time down to 20 days–the fewest days on market ever recorded to this statistician’s knowledge.

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© Copyright 2013, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.