Mercer Island Reporter


Mercer Island home prices rebound in September

Mercer Island Reporter Staff
October 9, 2012 · 11:32 AM

Data from the Northwest Multiple Listing Service’s monthly report indicates that the number of high-end Island homes and condos listed for sale has slowed. At the same time, prices for homes that sold here in September rose dramatically.

The number of Island homes and condos whose sales were pending at the end of September totaled 41, up by more than a third over the same month a year ago. The number of home sales completed was 32 last month, with 27 sales finalized in September of 2011.

The median price of all homes and condos sold last month jumped nearly 36 percent over a year ago, to $985,000, a jump likely influenced by a change in the mix of condos sold versus single family homes that sold during the month.

Across the Eastside, more than 844 homes and condos sold in September, up from 703 a year ago. In all of King County last month, 2,300 homes and condos sold, up 300 from a year ago. The median price for all Eastside homes that sold bumped up 3.4 percent over homes and condos sold a year ago. The median closed sales price in September for Mercer Island was the highest of all 29 map areas in King County.

Presently, there are 117 single family and condominium homes on the market in Mercer Island, — up very slightly from 110 available on the Island in August, but less than the 135 homes offered for sale in September a year ago.

Of the single family homes listed for sale, there are 10 homes listed at $5 million and above, with a handful of very high-end homes either sold or apparently taken off the market, including the multimillion lakeside mansion on Boulevard Place.

There are also two dozen or so homes offered for sale between $2 million and $5 million; almost three dozen listed between $1 and $2 million; and more than 30 under $1 million. There are no single family Island homes listed for sale for less than $500,000.

There are 11 condos on the market offered at prices ranging from $152,000 to $925,000.


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