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Big drop in median price from last year on Mercer Island
The bad news is the median sales price on single family homes on Mercer Island last month is 51.76 percent lower than January of 2011, dropping to $615,000 from $1,275,000.
The numbers are in from the Northwest Multiple Listing Service for January 2012. Inventory is down, pending sales are down and the median sales price is down.
The good news is closings were up from 11 homes in 2011 to 15 last month. Overall, with condominiums and single family homes combined, closings were up 50 percent.
With single family and condominiums combined, median price dropped from $530,000 to $387,000, a drop of 26.98 percent from January 2011. Condos took a 60.81 percent hit, dropping from a median of $516,735 to $202,500 from January 2011 to last month. However, six units closed last month, compared to only three in January 2011. But last year at this time, six condos were pending compared to two last month. There are 18 condos on the market on the Island, down from 27 last year.
Pending sales on single family residences dropped last month to 20 from 26 in January 2011. Inventory has dropped, from 86 homes last month to 109 a year ago.
One of those homes, at 4771 Fernridge Lane, is priced at $649,000, very near the median. Listed last August at $672,00O, this unique south-facing home feels like you’re living in a tree house with its tall profile, and high decks overlooking a tree-filled half-acre lot.
The home has four bedrooms and two and one-half baths, a garage with a workshop and extra storage. Its kitchen was remodeled in 2004, featuring travertine floors and backsplash, stainless steel appliances, cherry cabinets with full roll-out drawers and a 50-bottle wine cooler.
The living room has cathedral ceilings with expansive windows to capture the light.
If you enjoy low-maintenance natural landscaping and privacy, this home is worth a look. The home is listed with Valarie Kaye of Windermere, Mercer Island.
J. Lennox Scott, CEO and chairman of John L. Scott Real Estate, said the reasons for lower inventory are underwater homeowners (those who owe more than their home is worth), sellers with equity holding out for higher prices, and the lack of new construction.
Record low interest rates, declining inventory, and positive job growth are contributing to a rising optimism among industry professionals, but Northwest MLS directors say distressed properties continue to be a drag on the market’s recovery.