Mercer Island home prices up in July
By MARY L. GRADY
Mercer Island Reporter Editor
August 10, 2010 · Updated 9:51 AM
The number of Mercer Island single family homes on the market was down 20 percent in July — down to 164 from 205 a year ago. It seemed that several homes priced at or above $9 million are absent from the summer market here.
Yet the number of single family home sales that were in the works last month was up to 24 from just 20 a year ago. And perhaps the best news for the month was the median sales price for 23 homes whose sales were finalized in July, was up nearly 13 percent over a year ago from $879,000 to $990,000. Only one other sale area in King County had a higher median price for the month.
The number of Island condos on the market in July was up dramatically over a year ago due to the growing supply of condominums here. There were 14 new condos listings added to the market, bringing the total up to 51 listed for sale, a two-thirds increase over a year ago. The median price for the five condos whose sale was finalized in July was $202,000.
As of Monday, Aug. 9, there were 211 homes and condominiums in total on the market ranging in price from $175,000 for a one-bedroom condo to $23.8 million for a waterfront mansion near Faben Point. They include: 49 condominums and 162 single family homes. Of those:
• 37 single family homes are offered for sale between $2 and $10 million dollars.
• 53 single family homes and one condo are offered between $1 million and $2 million
• 84 homes and condos (combined) are priced between $500,000 and $1 million.
• 36 homes and condos (combined) are listed between $175,000 and $500,000.
Note: Statistics about the sale of Mercer Island real estate are easily skewed by the few numbers of homes that are listed or sold each month relative to other regions.Contact Mercer Island Reporter Editor Mary L. Grady at firstname.lastname@example.org or (206) 232-1215 ext. 1050.