Mercer Island Real Estate - 2016 in Review

Posted by Casey Losh on Thursday, February 2nd, 2017 at 11:32pm.

Mercer Island home sales was strong again in 2016.  The Mercer Island real estate saw increase in most of the significant statistics in 2016 over 2015.  The overall number of sales decreased (339 vs 384), but the Mercer Island homes stayed on the market less days (36 days vs 44 days), sold for more money with a higher average overall sales price ($1,473,971 vs $1,365,324) and average price per square foot ($477 vs $429), and Mercer Island real estate sold for more than list price in 2016 (100.3%) after selling just under in 2015 (99.6%).

The increase in Mercer Island real estate statistics are even more impressive when you consider that in 2016 there were 30 Mercer Island waterfront home sales while in 2015 there was 41 waterfront sales.  Since waterfront homes tend to be more expensive, there were a smaller percentage of Mercer Island waterfront homes in 2016 so the increases in the statistics rose despite fewer waterfront sales.

The overall real estate market in the region (area covered by Northwest Multiple Listing Service which serves 23 Washington State counties) saw an 8.1 increase of sales in 2016 when compared to 2015 with inventory at a record low for most of the year. For the 23 counties, the median sales price increased 8.9 percent from $310,000 in 2015 to $337,500 in 2016. 

The luxury real estate market was strong in 2016, with over 3,251 home sales over $ 1 million compared to 2,676 in 2015: over a 21 percent increase. 

2017 seems to be taking over where 2016 left off. As always, to maneuver the Seattle condo market, reach out to your local real estate broker to navigating the Seattle real estate market.

These statistics were gathered from the Northwest Multiple Listing Service, but were not compiled or published by that organization.

Pictured Home: Mercer Island view home currently on the market.

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