Choices few for Mercer Island home buyers

Sales up, but inventory still much lower than December 2011.

December real estate numbers reveal a surge of activity of home and condo sales. While the number of listings added were a third lower than a year ago, the number of pending sales nearly doubled. Sales that were final were also up — from 15 in December of 2011 to 25 this past month. Prices, however, remained flat at $850,000 for all homes and condos sold in December 2012, down just under two percent over the prior year.

Single family home listings and sales dominated the Island market in December. The number of single family homes whose sale was either pending or closed during December totaled 49, as compared to 13 condos. Just eight Island condos were on the market last month. The average closed sale price for Island condos last month was $250,000, down from $320,000 for the pair of condos that sold in December 2011.

A final wrap up by the Northwest Multiple Listing Service for 2012 is due out later this month.