Strong October sales numbers continue to propel the local housing market this fall on Mercer Island, according to the latest real estate sales numbers from the Northwest Multiple Listing Service (NWMLS).
Local Realtors say 38 homes and condos were sold on Mercer Island in October, continuing a late-year surge in sales activity. Thirty-five of those properties sold last month were single-family homes, the most sold in 2012. While median home prices of a single-family home fell month-to-month 18.8 percent from $1,012,000 down to $821,800, prices were 49.4 percent higher than the same time last year.
Pending sales, where an offer was accepted by the homeowner but the title has not yet been signed over to the buyer, were 17.9 percent higher in October than they were last year. Pending sales are generally seen as a good indicator of market activity but in recent years are far less predictive of closed sales due mainly to more restrictive lending practices.
Meanwhile, a low inventory of homes continues to narrow the number of homes and condos for sale. There were 18.6 percent fewer homes for sale in October compared to last year: 101 were for sale in 2012; there were 124 homes on the market in 2011.
According to Redfin.com the mean value of local homes sold was 96 percent of asking price, and about 38 percent are sold at a price reduction.
The most expensive home sold on Mercer Island was a one-acre waterfront home in the Roanoke neighborhood at 1614 Roanoke Way. The 4,910 square-foot waterfront mansion with 4 bedrooms and 2.75 bathrooms sold for $7,972,250 on Oct. 17, has an athletic court and 202 feet of shoreline and a dock.
The least expensive home that sold was a modest studio condominium at Island Habitat Condominums, sold for $117,000 on Oct. 10. The studio, located on the edge of the Town Center area at 2933 76th Ave. SE., is 457 square-feet in size.
As of Nov. 13, there were 88 residential properties on Mercer Island were listed for sale, according to Redfin.com.
Only three properties for sale are condominiums, ranging in price from $215,000 to $534,950. Single-family homes range in price from $449,000 to just over $16 million.