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Mercer Island home prices drop in May

This home at 4429 East Mercer Way, with a view of the mountains and lake, was just reduced from $750,000 to $729,000. The home will be open today from noon until 2 p.m. - Contributed Photo
This home at 4429 East Mercer Way, with a view of the mountains and lake, was just reduced from $750,000 to $729,000. The home will be open today from noon until 2 p.m.
— image credit: Contributed Photo

Residential and condominium inventory on Mercer Island were down by 27.72 percent in May compared to one year ago. Potential home buyers have 146 homes to choose from compared to 202 last year.

Of those listings, 51 came on the market last month. Broken apart, 22 condominiums are available for sale on the Island, with 124 single family residences available.

Pending sales — mutually agreed offers that have yet to close — were up from a year ago. While contracts on condominiums were the same as last year, with four pending, 36 single family homes had accepted offers last month compared to 29 a year ago.

Single family homes that closed were at a median price of $718,000, down 18.22 percent from $878,000 last year. However, 27 homes closed compared to 21 in May 2010. Four condos closed last month, up just one closing from a year ago, but the median price fell from $317,000 to $192,500.

“On King County’s Eastside, we are seeing a decrease in the number of listings that are short sales or bank-owned properties,” said Kathy Estey, managing broker of John L. Scott Real Estate in Bellevue. “Inventory of quality homes in median price ranges is low, and we see multiple offers in most price ranges, including homes in the higher price ranges. Some of the old, stale inventory has sold. However, the majority of homes are still selling for less than full price.”

NBA star Kevin Durant’s home, which the Reporter wrote about last month, didn’t linger on the market long. Listed at $2,999,950, the five-bedroom, five-bath home on First Hill is already pending.

“The buyer is local, and we had multiple offers,” said listing agent Lee Roberts with Vizor Realty in Kirkland.

Some listings are more stubborn. Diane Rae Jones with Windermere on Mercer Island just reduced a view home on East Mercer Way from $750,000 to $729,000. The home has four bedrooms, three baths, 2,920 square feet, a 19,000-square-foot lot and two-car garage. The home was built in 1983, but has been updated and includes mountain and lake views.

The Northwest Multiple Listing Service reported that in all of King County, prices slipped 8.4 percent, from $346,000 a year ago to $316,750 for last month’s closed sales of single family homes and condos. For single family homes only, the median sales price was $345,000, down about 9 percent from May 2010.

Pending sales in all of King County numbered 3,113 last month with 2,104 closed sales. There are a total of 11,030 active listings in King County.

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