Local real estate market mirroring rising summer temperatures

A monthly real estate snapshot from John L. Scott Real Estate.

By Sandra Levin

Special to the Reporter

Temperatures on Mercer Island are hot, and the local real estate market is also bustling with activity. On Mercer Island, we had more homes come on the market in July compared to June (16.8 percent) and also compared to last year. Additionally, we had a much higher percentage of homes go under contract that have not closed yet compared to last month and last year (47.8 percent and 6.3 percent, respectively).

When looking at closed sales, we did see fewer closings in July and prices stayed neutral. Part of this can be attributed to the usual seasonality of the summer months. Our inventory on Mercer Island is strong, interest rates are low and homes in all price ranges are still finding buyers. When homes show well and are priced right, they are still selling.

The conditions are right for August to pick back up, with a high percentage of closed sales and more inventory to choose from. We often find that people want to get settled before the school year and are usually finishing up summer travel in August, so they’re onto the next step.

If your home is on the market but hasn’t sold, it may be time to look at potential factors that may be at play to see what can be adjusted. Is the price in line with similar properties nearby? Would a repair to your home improve prospects? It’s also important to continue target marketing, as there are still buyers out and about looking to close before the school year begins.

Along a similar vein, if someone is looking to sell, but hasn’t done so already, it certainly isn’t too late to do so. Now is a great time to sell, given favorable interest rates and sunny weather – both of which are encouraging to buyers looking for a new home. Homes show well in the summer in the longer days with sunshine, and home searching is enjoyable for buyers during this time of the year. If you decide to list now, I recommend finding a trusted agent to ensure you maximize timing and pricing, which will position your home well to sell.

According to recently released U.S. Census data, one area that has grown in popularity in America is suburbs. This growth is in part due to an influx of millennials who are priced out of city cores. As the Seattle metropolitan area grows, there has been major growth in the last few years in more suburban areas surrounding it.

Mercer Island is a short distance to Seattle and the Eastside, yet has a feel of a smaller, active and close-knit community. Over the years, we’ve attracted more people to Mercer Island that may have people in the house working on both sides of the lake. Mercer Island offers lots of parks, water to play in, fantastic schools and a thriving downtown with a variety of restaurants and shops. The key to Mercer Island is that you can enjoy all the amenities surrounding the island, yet come home to a great network out your front door.

Sandra Levin is an office leader and business coach at John L. Scott Mercer Island.

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