File photo.

File photo.

Sirianni Group provides June real estate insights

The real estate team recently shared an update on its website, My Mercer Island.

The Sirianni Group, a real estate team with Windermere — Mercer Island, recently shared on its website a look at real estate trends in the city and how they compare to activity in 2019.

“We’ve adapted to a new normal on Mercer Island in the midst of the COVID-19 pandemic, and the local real estate market has stepped up to a brisk pace,” states the site, My Mercer Island.

Per the update, 63 homes in June were on sale on Mercer Island — 31 less than 2019. Thirty-four single-family homes were sold this June (13 less than in 2019), and 35 homes were under contract (16 more compared to last year).

As of June 2020, a listed home will spend about 36 days on the market — a number 19 less than last year.

“Overall, we’re seeing the most buyer activity in entry-level price points up to about $2 million,” My Mercer Island states. “Due to low inventory, competitive buyers have brought multiple offers for the most attractive properties, and about 1/3 of Mercer Island properties that sold in June closed above the asking price.”

The update states that currently, the $2 million-plus market is more balanced because of a smaller pool of price-point buyers. However, there is more of a demand for shared waterfront and waterfront homes as well as second vacation homes, according to My Mercer Island.

“With higher risks around vacation travel and public recreational activity due to COVID-19, some affluent buyers are focusing on these types of properties for private waterfront recreation and boating activities,” the update states.

New listings, the update confirms, had peaked in May of last year.

“Due to these unprecedented times, the spring market was delayed, and we expect to see a continued upward trajectory in regard to the number of new listings, sales and pending properties in July, following June’s lead,” My Mercer Island states.

For more updates on real estate trends and other city-specific goings-on, go to the My Mercer Island website.

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