A look at the Island real estate market for February offers some evidence that the real estate market here is improving. The number of homes sold is up. The median price of homes sold is up as well.
Inventory appears to be tight — good for sellers and prices, but not so much for buyers. A total of just 75 homes and condos were offered for sale on Mercer Island last month, down nearly a third from 114 offered during the same month a year ago.
But the number of sales are up. Twenty-six single family home sales were finalized in February compared to just nine a year ago. The median sale price for the single family homes sold last month was $955,000, up from $865,000 a year ago. Just one condo sold a year ago on the Island for $169,000. Last month, four condos were sold with a median price of $227,500.
The number of sales that were pending (not yet finalized) last month was up significantly to 46 (both homes and condos) this past month. That number is 25 more than a year ago. The number of closed sales are up as well — from just 10 closures finalized for the month a year ago to 30 last month, a rate of one a day.
More activity has appeared with the addition of 62 new listings for both homes and condos last month, up from just 45 added in February a year ago.