Mercer Island real estate still defies category

The apartments at 7800 Plaza are quickly filling up. - Chad Coleman/Staff Photo
The apartments at 7800 Plaza are quickly filling up.
— image credit: Chad Coleman/Staff Photo

As the majority of King County saw both median prices and closed sales decline in April, Mercer Island stood its ground with fewer single family homes and condos coming on the market.

Pending sales — properties with agreed sales contracts that haven’t closed — on the Island were up by 43.75 percent from April 2010, closed sales were up 72.22 percent and the median price was up 9.96 percent.

There are 116 active single family homes on the market compared to 145 a year ago, with 31 new listings coming on the market last month. Median price shot up 23.92 percent from $807,000 in April 2010 to an even $1,000,000. Twenty-six single family homes sold in April, nine more than last year.

Condo inventory is half of what it was at this time last year, with 20 condos on the market, five of those at the 7800 Plaza Condominiums, re-listed with a different marketing firm last month. The five remaining units, now being marketed by Infused Marketing, which consists of Jen Harper of Coldwell-Banker Bain, and Lacey Clark of Windermere, are priced from $499,000 to $750,000.

Harper said the units are open Friday through Sunday from noon to 5 p.m. or by appointment. Two of the units at 7800 Plaza Condominiums were purchased by an investor and are now available for rent.

All told, pending condo sales shot up by 200 percent, with six new sales reported, up from two last year. Closed condo sales were up 400 percent, with five closings compared to one last year and a median price surge from $204,500 in April 2010 to $510,000 this year.

In an effort to make it easier for prospective home buyers to see what is available, Washington Realtors will hold an open house weekend on June 4-5. Agents will open the doors to as many as 7,000 homes that are available for sale in Seattle, King County and across Washington state, making house hunting easier than ever before. That estimate is up to triple the usual number of open houses for a typical spring weekend. Participating homes will be flagged with blue balloons with the Realtor logo.

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