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Mercer Island real estate prices fell in April

The real estate market for April reflected lower prices for homes and condos that sold during the month, while the number of sales pending for single family homes appears to have rebounded.

But prices remain significantly lower than in the past several months. Prices for both homes and condos sold on the Island during the month declined significantly from April a year ago. The median price for the 17 single family homes that closed last month was $807,000, down 21 percent from a year ago when just 11 homes sold. Just one condo sold on Mercer Island last month.

Despite the continuation of relatively low interest rates, inventory has fallen. The number of listings is down from 233 last April to 185 for both condos and single family homes; a drop of more than 20 percent. Sellers of single family homes have fared better recently with the number of single home sales pending up from five to 32 for the month. (Pending sales reflect the number of homes that are in the process of being sold, but are not counted as closed or final.) The number of condo sales pending for last month was just two, down from five a year ago. At the same time, the number of condos on the market from a year ago is up by more than 18 percent, from 34 last year to 40 at present.

As of May 9, there were 193 single family homes and condos in total on the market. About one-quarter of those, or 45, are condominiums that range in price from $197,000 to $1.19 million. Of the 148 homes for sale here, 116 are offered at $1 million or less; 36 are priced between $1 and $2 million; and 29 are between $2 and $5 million. Just six are listed between $5 and $10 million. The two remaining listed at $32 million and $23.8 million are new waterfront homes.

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