Summer Heats Up Mercer Island Real Estate Market

The median price of a single family home sold on Mercer Island rose above $1 million for the month of June, nearly 16 percent higher than the same month a year ago, according to statistics released by the Northwest Multiple Listing Service (NWMLS).

Twenty-eight single-family homes were sold in June at a median price of $1,019,975, compared to a median of $880,975 last year. Mercer Island home values overall, including condos, actually fell slightly to $855,000 on 35 closed sales, about 2 percent lower compared to last June, when 31 homes were sold.

But decade-low numbers of homes for sale and an increased number of closed sales are returning the local real estate market to something approaching a normal, seasonal cycle, with demand at its highest in summer months. There were 18.4 percent fewer homes for sale in June: 115 were for sale in 2012; there were 141 homes on the market in 2011.

According to Redfin.com the mean value of local homes sold was 98 percent of asking price, and a declining number of homes (26 percent) that are sold had offered a price reduction.

There were 41 pending sales for the month.

A tight supply of affordable condominiums, selling in a range of $160-$230 per square-foot, helped keep median prices for Mercer Island below $1 million. Last year there were 19 for sale, but only 1 unit sold. This year, seven condos closed with a median sales price of $240,000.

The most expensive home sold on Mercer Island was a 4,300 square-foot waterfront home built in 2000 in East Seattle at 2749 60th Ave. SE. The 4-bed, 2.75 bathroom home, which sold for $4,690,000 on June 15, rests on a half-acre of land and includes a dock with covered moorage.

The least expensive home that sold was a third-floor, one-bedroom unit at Monaco Villa Condominiums in the Town Center area, sold for $168,000 on June 27. The condominium, located at 2929 76th Ave. SE, is 800 square-feet in size.

As of July 6, there were 111 residential properties on Mercer Island were listed for sale, according to Redfin.com. A mere four properties for sale are condominiums, ranging in price from $170,000 to $389,950. Single-family homes range in price from $449,000 to just under $19 million.