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Interesting month for Mercer Island real estate
Island inventory, number of pending sales and median price were all down last month compared to a year ago.
Combining single family residences with condominiums, median sales price was down 10.96 percent, from $743,750 a year ago to $662,250 last month. However, there were 30 closings compared to 14 a year ago in November.
New contracts (pending sales) were down 34.29 percent from 35 in November 2010 to 23 last month, and inventory is down 30.06 percent, from 163 to 114.
“It’s been a very interesting year in real estate,” said Barb Korducki of Coldwell Banker. “More homes are selling for less.”
But she said there is more stability on the Island because so many homes have remained in the same families for years. Korducki said if homes are not priced aggressively, they will sit. But, she added, it’s a great time for existing homeowners to list their homes, because there is no competition from builders.
Korducki is one of the listing agents of the Coval home at 3051 84th Ave. S.E., which was featured in the Reporter in mid-October. The one-of-a-kind home had not been priced at that time, but it has been priced at $15.5 million. The home is one of few on the Island that rests on a five-acre parcel and features one of the most beautiful indoor pools imaginable. The home is filled with exotic wood and was crafted entirely by hand. This home will require a buyer who will appreciate the craftsmanship and time it took to build the home.
The condo stats last month compared to a year ago were jaw-dropping, with a 600 percent increase in closings. That said, seven condos closed last month, compared to one in November 2010. The median price fell 56.82 percent from $683,224 to $295,000.
The median price on single family homes rose 13.20 percent from $750,000 a year ago to $849,000 last month. Last month 23 single family homes closed on the Island — 10 more than last year. But pending sales on single family and condos were down on the Island, at 37.93 percent for single family and 16.67 percent on condos.
Inventory stands at 95 single family homes compared to 132 a year ago, and 19 condos on the market compared to 31 last year.
Another one-of-a-kind home came on the market recently. Located at 3635 74th Ave. S.E., this three-bedroom chalet looks as though it was transported from a ski resort. Listed with Bonnie Sanborn of Windermere, the home is on a secluded 17,600-square-foot lot, with a view of Lake Washington to the west. The huge wall of glass will capture the view and sunsets. The home has a brand new cedar shake roof, hardwood floors, and extensive wood accents in a Bavarian style. Listed for $860,000, it’s a great home for a couple or single.
In other Island real estate news, the mansion at 4137 Boulevard Place, which the Reporter said may be sold, is still on the market.