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Market dominated by high-end homes - Mercer Island home sales up nearly 15% in 2004; average price up 19.5%

By Mary L. Grady

The number of homes sold on Mercer Island was up nearly 15 percent this year over last. According to data from the Northwest Multiple Listing Service (NWMLS) 383 single family homes and 66 condominiums sold on the Island during the last 12 months. The average price of homes that sold in 2004 was up nearly 20 percent.

The higher-end homes dominated the market in sales activity.

More than a 100 homes on Mercer Island, 111, sold for $1 million or more in 2004. Seattle's Madison Park neighborhood had 108. A total of 113 homes in the Eastside Medina, Hunts Point, Yarrow Bay, Beaux Arts and Clyde Hill sold in the seven-figure range. According to the NWMLS numbers, it was a record year for home sales in King County.

Of the 31,474 single-family homes sold in King County last year, the cheapest went for $9,000 and the most expensive for $9 million. On Mercer Island, the most expensive single family home sold for $6,495,000; the least expensive for $340,000.

Less than one-fifth of the homes sold on the Island went for $500,000 or less. Only two brought prices of under $350,000.

In Western Washington, the total number of units sold was up by nearly 11 percent for 2004.

Single-family homes sold last year in all of King County were on the market an average of 50 days. Half were sold within 30 days. The average number of days that single family Island homes were on the market was 73 days in 2004, slightly less than the 80 day average in 2003.

The average price for condos sold last year in King County was $231,462 -- the highest of any county in Western Washington. The average price of condos sold on Mercer Island was $261,000.

Of the approximately 100-plus single family homes currently for sale on the Island, 73 are priced at over $1 million. Two waterfront manses remain on the market for $40 and $29 million.

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