Mercer Island Real Estate Report, May 2021 Review
Is the real estate market slowing down or is it picking up?
The market continues to set record highs and lows according to the NWMLS report. One instance of this was seeing a year-over-year price increase measured by percentages showing a new high of 30% from last year. Furthermore, NWMLS data shows that prices on 8,011 single family home sales (excluding condos) that closed that month sold for 107.3% of the asking price. Additionally, the 4-county Puget Sound region (King, Snohomish, Pierce and Kitsap) was 108.6% of the asking price while King County, which includes Mercer Island real estate, was 109.5%.
Mercer Island Homes for Sale
Single-family style homes more than doubled this May compared to last year with 26 homes sold in May 2021 versus 11 homes sold during May 2020 on Mercer Island. The average listing price for a home listed in the area came to just over $2 million. Furthermore, the most expensive of the group sold for $3.5 million and featured a 4,730 square foot house with five bedrooms and five bathrooms.
Mercer Island Condos for Sale
In terms of condominium sales for the month of May, there was a slight increase in condo sales this year as opposed to last year. A total of seven homes sold in May 2021 compared to the five condo homes sold in May 2020 last year. The average listing price of a condo sold in May 2021 was just over $600,000. Additionally, the highest priced condo sold for $990,000, which was over $100,000 over the original asking price. The condo itself is 2,135 square feet with three bedrooms and three bathrooms.
Mercer Island Luxury Real Estate
It’s safe to say that the number of luxury residential homes that sold during May 2021 are in the double digits. After all, the average selling price came around $2.3 million with the average square footage of these homes coming to over 3,000 square feet. Ultimately, the island is a highly sought after city to live.
Mercer Island Waterfront Homes
While Mercer Island has had many sales during the month of May, none of the homes sold during that time were a waterfront home. Waterfront homes are in high demand. Despite the island having nearly 800 waterfront homes, only 8 have sold this year. Waterfront homes are selling for more than $250,000 more than their list price. Even though there was a lack of waterfront homes that sold this month, a majority of the houses did feature a mountain, city and lake views.
Is Real Estate Slowing Down?
The simple answer is: no. Looking at May numbers, it shows the Mercer Island real estate market continues to be very strong. But the real estate market can change. To get up-to-date information, contact one of Ewing and Clark’s real estate agent. Ewing and Clark and its real estate brokers have been providing exceptional real estate service to Greater Seattle since 1900. Whether you are looking for a waterfront home or your first property, we can assist you in your search.
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