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Condos scarce in Mercer Island real estate market

This Mercer Island home on West Mercer Way was built in 2005. It has 90 feet of no-bank waterfront, 3,700 square feet of living space, lake and mountain views. With two bedrooms and 3.5 baths, it was placed on the market in February and is listed for $4.3 million. - Courtesy of Windermere Bellevue Commons
This Mercer Island home on West Mercer Way was built in 2005. It has 90 feet of no-bank waterfront, 3,700 square feet of living space, lake and mountain views. With two bedrooms and 3.5 baths, it was placed on the market in February and is listed for $4.3 million.
— image credit: Courtesy of Windermere Bellevue Commons

For March, the number of homes sold on Mercer Island was up, but the amount of active inventory usually seen in the weeks before spring has yet to materialize.

Data from the Northwest Multiple Listing Service indicates that the 35 single family homes and one condo that sold last month represent a more than 50 percent increase over the amount of homes sold in March of 2012. The median price for the single family homes (closed sales) was $869,000, up about 6 percent from the median price a year ago.

The number of homes listed last month remains well under inventory in 2012. In March of 2012, the number of single family homes on the Island offered for sale totalled 81, down from 111 a year ago.

Just 10 condos were offered for sale last month, in contrast to 20 offered for sale a year ago.

At present there are seven condos for sale and 82 single family homes; two-thirds are offered at $1 million or more. Just six are under $500,000. The most expensive home for sale on the Island is an eight-bedroom waterfront mansion offered at $16.75 million. The least expensive is a one-bedroom, 975-square-foot condo for $195,000.

 

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