Mercer Island Real Estate Market

Is the real estate market slowing down or is it picking up?

Mercer Island real estate continues to be a hot market as does the rest of the NWMLS. At the end of April, there were 5,616 active properties in the NWMLS despite 12,043 new listings coming on during the month.  Last year in April, there was a jump of more than 57% in inventory when the pandemic first started.  This April’s month-end inventory of 5,616 was a year-over-year drop of 45%.   Hence, in the year prior, there were 10,282 active listings in the MLS database. 

Condo supply remains tight as it is down 27% from last year and prices have risen by 12% areawide throughout Seattle. According to CoreLogic research, condominiums are becoming a popular option amongst millennials with 47% of all mortgage applications submitted by the generation in 2019. 

Interior house
Interior of Mercer Island Home

Mercer Island Homes for Sale

27 homes sold throughout the month of April with an average sales price of $3.1 million with every home selling for over a million dollars. Mercer Island’s popularity continues to grow with an increase of homes bought from last year. In April 2020, a total of 21 homes were sold with the average selling price at $1.9 million. Mercer Island homes are selling very quickly.  The average market time is only 9 days compared to 14 days the previous year.

Mercer Island Condos for Sale

Mercer Island condo sales in the area are also up. 7 condos sold this April as opposed to the 3 that sold in April of 2020. The average selling price for a condo in the neighborhood was $595.000 with the most expensive condo selling for $769,000. That condominium was 1,200 sq ft and featured 2 bedrooms, 2 bathrooms and garden space.

Outside Mercer Island House
Luxury home on Mercer Island

Mercer Island Luxury Real Estate

19 homes sold for over $2 million throughout this month, a slight increase from March and a huge increase from the previous year. Last April, there were a total of 3 Mercer Island luxury homes that sold for over $2 million with the highest priced property selling for $7.5 million.  The most expensive home this April sold for over $12 million. 

Mercer Island Waterfront Homes

Four Mercer Island waterfront homes sold this April, compared to only one in March. The three most expensive homes sold in April were all waterfront homes. The highest selling waterfront home featured a large 7,150 sq ft house with 5 bedrooms, 8 bathrooms, and 4 fireplaces.

Is Real Estate Slowing Down?

The short answer: no. Reports show that housing sales continue to grow. However, the market is always prone to 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 Mercer Island waterfront home, a Mercer Island condo, or your first Mercer Island property, we can assist you in your search.