Home listings down but prices up
By MARY L. GRADY
Mercer Island Reporter Editor
August 8, 2012 · 9:44 AM
Reflecting a trend seen across King County, the inventory of Island single family homes and condos was down last month over the same month a year ago, while the median price of closed and pending sales was up.
According to statistics by the Northwest Multiple Listing Service released on Monday, countywide, the median price for real estate sold in July was up by more than 6 percent. At the same time, the number of King County homes and condos available for sale fell by 42 percent.
Prices for finalized sales were also up for Island homes, but just by 2 percent. Residential property available fell here by nearly 14 percent. The median price for the 30 Island homes and condos finalized sales in July was $786,500.
As of Monday, 121 homes and condos are listed, including 11 priced at $5 million or more. The $17.5 million asking price for most expensive home on the market, a westside waterfront mansion, was changed to $18.950 million — a jump of more than 8 percent.
Contact Mercer Island Reporter Editor Mary L. Grady at firstname.lastname@example.org or (206) 232-1215 ext. 1050.