Though we typically see home sales slow down as we enter the fourth quarter of the year, Mercer Island is still an active real estate market.
Winter months usually see a 30-50 percent reduction in the number of new listings on the market compared to spring and summer months. This trend continues in 2017, but with a market teeming with eager buyers, competition remains fierce and multiple-offer situations are still the norm.
“Currently there are 65 single family homes and six condominiums listed on Mercer Island, which is 19 percent fewer than one year ago,” said Sandra Levin, office leader at the John L. Scott Mercer Island branch. “Properties that are presented well and attractively priced are continuing to attract buyers’ attention, and, therefore, multiple offers.”
New residents continue to be drawn to the Puget Sound region, and prospective homebuyers are encouraged to make a move now while interest rates remain historically low, hovering just below 4 percent. This means homes are not only attracting multiple, above-asking-price offers, but they are selling much more quickly than normal. For the greater Eastside, 67 percent of homes sell in the first 30 days they are on the market. This is compared to a typical season when only 30 percent sell in that same time frame.
These factors all add up to an increase in homes sales prices as well. The average home in Mercer Island sold for $1,961,000 this fall, which is a jump of 24.2 percent jump over the sales price this time last year.
With the rate of home sales we have seen in the past couple of months, it would take less than a month to sell off the current inventory. This indicates a market largely in favor of sellers. But, if this winter proceeds as most do, we’ll see more inventory come on the market after the first of the year. This increased inventory will benefit buyers who are looking to make Mercer Island their home. Perhaps surprisingly, it will also work to the benefit of sellers as buyers who have been waiting for an increase the homes being offered will re-enter the market and start making offers.