Mercer Island home prices up 12 percent from 2010

Mercer Island real estate continues to buck the trend, according to the latest statistics from the Northwest Multiple Listing Service.

Inventory of single family homes and condominiums dropped 30 percent from a year ago in June. With 53 new units coming on the market last month and 31 closed sales, there are 141 active residential listings on Mercer Island.

There were 47 new pending sales last month, up 17.5 percent from a year ago. Pending sales are mutually accepted offers, which reflect recent activity, but it’s not always guaranteed they will close.

For example, last month the home of NBA star Kevin Durant nearly sold — after receiving multiple offers — and it was reported as pending, but is now back on the market.

Listing agent Lee Roberts with Vizor Realty said the buyer’s financing didn’t go through. Listed at $2,999,950, the five-bedroom, five-bath home is on First Hill at 3406 74th Ave. S.E.

The median price for June sales was up 12.09 percent on the Island from a year ago at $875,950 compared to $781,500.

The lion’s share of activity was in single family, but one condo closed last month, with seven more sales reported pending. The median price on Island condos dropped from $312,450 to $210,000 from last year. Five new condo listings came on the market, for a total 19 on the market, compared to 44 a year ago.

Cory Brewer, managing broker of RE/MAX Preference on Mercer Island, said that there are still some distressed properties on the market on Mercer Island.

“There are currently six bank-owned properties for sale on Mercer Island,” he said. “On average, these homes have been on the market for 82 days and have an average price per square foot asking price of $213.92.”

Brewer added that there are currently five short sale properties for sale on Mercer Island. On average, these homes have been on the market for 161 days and have an average price per square foot asking price of $256.42.

There are currently 131 traditional or non-distressed properties for sale on Mercer Island, Brewer said. By comparison, the average days on the market is 151 days and the average asking price per square foot is $457.25.

Lennox Scott, chairman and CEO of John L. Scott Real Estate, said in a prepared statement that sales have been at a healthy level for the past seven months in the markets close to Seattle and Bellevue. He said with buyer confidence returning, multiple offers are occurring in areas of low inventory.

Measured month by month, the Northwest MLS reported about a five-month supply of homes systemwide, which is considered a balanced market. Inventory is tighter in King County, where the month’s supply is about 3.7 months.


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