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Sales slow but prices up
There is more on the market in Mercer Island than single family residential homes and condos. As of July 28, there are 29 listings for vacant residential land on Mercer Island and 17 of those properties have been on the market for 90 days or less. The properties total 12.65 acres of land and have an average asking price of $2.3 million an acre. They range in size from 8,800 square feet in size to just over an acre.
The market remains active in single family homes and condos for sale. Thirty-three new listings have been added in the last 15 days.
The number of homes listed for sale on Mercer Island rose nearly 50 percent in June or 150 over June of 2007. The number of pending and closed sales for June 2008 were down by 40 percent or more from last year. The median final sales prices, however, were up by more than 10 percent for the same month a year ago to just over $1 million from $969,000.
According to data from the Multiple Listing Service (MLS), home sales in western Washington are the highest that they had been in 10 months as more buyers are entering the market, attracted by lower prices and more choices. MLS reports that prices in most of the counties they serve are down from a year ago, but up slightly from the previous life. The agency said there is a six-month supply of home inventory in western Washington as compared with a nearly 11-month inventory nationwide.