Mercer Island Real Estate Market Recap: October

Mercer Island saw typical market activity in October with 25 sales, including 21 single-family homes and four condos. The average sale price for a single-family home was up over September to $1,668,300, though one $8.46 million sale of a home on Fabens Point skewed the average slightly high. In comparison, the average sale price for the 24 single-family homes that sold in September was $1,240,695. Of the 25 properties sold in October, the majority actually sold for below list price, with only six selling for above list price. The highest list-to-sale-price ratio was 103 percent for a 2,560-square-foot rambler in Tarywood Heights. Prices were down slightly over last October, which saw an average sale price of $1,730,483 for 27 properties sold.

Currently there are 46 properties on the market on Mercer Island, with prices ranging from $410,000 for a condo in Mercer Heights near Island Crest Way, to an estate on the east side of the island listed for $26,800,000. Of the 46 available properties, 38 are priced at $1 million or higher, and 25 are priced at $2 million or higher, highlighting the luxury aspect of Mercer Island’s market. Five properties are priced at $10 million or more, including a Cape Cod-style waterfront mansion on the northeast tip of the island.

If you are interested in buying or selling a home on Mercer Island, or if you would like to learn more about the area in general, our Mercer Island specialists are ready and willing to help!