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Mercer Island home prices up in July
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.