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Median price for homes sold in July remains flat
On Mercer Island, 48 single family homes and condos were added to the market in July bringing the total of housing units offered for sale on the Island to 105; 15 percent less than were added a year ago — an amount that represents a nine-week supply. Just five of those units were condos. A year ago, 59 homes and eight condos were new to the market for the month, a total of 123.
The amount of single family homes available at July's end is equivalent to nine weeks of inventory. Four to five condos on the market is considered to be a two-months supply on the Island.
Across the Northwest Multiple Listing Service counties in Western Washington, more sellers listed their homes for sale during July compared to a year ago, but brokers with Northwest Multiple Listing Service say inventory remains “well below” what is considered to be a balanced market. Last month’s pending sales rose slightly from a year ago while prices system-wide increased nearly 6.3 percent.
“Some agents and firms are beginning to feel the summer doldrums, while others are experiencing a definite increase in activity,” observed Diedre Haines, regional managing broker for Coldwell Banker Bain. Haines, a director with Northwest MLS, described price increases as “healthy, not exorbitant,” adding, “Thankfully we are not seeing signs of a bubble and instead are seeing realistic appreciation.” Nevertheless, she suggested sellers who overprice their properties can face disappointing consequences.
The number of home sales that were pending last month included three condominiums and 34 single family homes, nearly the same as a year earlier when there were eight condos and 59 houses in the process of being sold.
The number of home and condo sales finalized in July 2014 totaled 48, an increase of 40 percent over July of 2013, when the sales of just 34 homes or condos were made final.
The median price for single family homes whose sale were finalized last month was $945,000. A year earlier, the price was $962,000. The median price for the four condos sold in July this year was $309,000. The median price for five condos that sold a year ago was $305,000.