Mercer Island Real Estate Report, June 2021
Is the real estate market slowing down or is it picking up?
It appears the heat of the market has started to simmer as home buyers rejoice with active listings on the rise for the month of June. With a total of 6,358 active listings at the end of the month, this is the highest it has been since November when buyers could choose from 6,505 active homes. Additionally, for the tri-county area the total active listings of single family homes and condominiums increased 14.5% from May while state-wide, the month-to-month inventory improved 14.9%.
Mercer Island Homes for Sale
In terms of single-family homes for sale, Mercer Island saw a total of 44 homes sold for the month of June. In comparison to the year prior, there was a 37 Mercer Island homes sold. However, while the quantity of homes sold saw a modest increase, the average selling price was a different story. June 2021 saw an increase of 33% for the average selling price of a single-family home or over a $600,000 increase! The highest-priced home of the bunch sold for $6.4 million and featured a vintage 1930’s style waterfront home with 4 bedrooms and 2.5 baths. The home scales at 2,320 square feet.
Mercer Island Condos for Sale
Condominium sales saw a 166.6% increase for this month compared to June 2020. Or rather, 5 additional condos that sold in June 2021 compared to June 2020. A majority of which featured 2 bedrooms and 2 bathrooms. The highest priced of the bunch sold for $640,000 and scales at 1,379 square feet.
Mercer Island Luxury Real Estate
Using $2 million as a metric to determine what is and what is not a luxury residential home, there were 25 luxury Mercer Island homes that had sold during the month of June. Additionally, eight homes sold for over 3 million dollars with the highest-priced home featuring a street-to=street level lot on the Mercer Island Gold Coast. Finally, in comparison to June 2020, the total amount of luxury homes had more than doubled from last year with June 2020 having sold 11 luxury homes total with only 3 selling for over $3 million.
Mercer Island Waterfront Homes
The number of Mercer Island waterfront home sales were consistent with the previous year. In both years, two Lake Washington waterfront home sold on Mercer Island for the month of June. Although in June 2020 there was an additional waterfront home sale in The Lakes community. The home sits on a small man-made lake in the South End neighborhood of Mercer Island. Ultimately, the number of sales between June 2021 and June 2020 were very similar.
Nevertheless, the Lake Washington waterfront homes sold for much more in 2021. This past month the Mercer Island waterfront homes sold for $6.350 million and a unlisted sale for $5.9 million. In fact, the home that sold for $6.350 million was listed for only $5 million. Thus, it sold in 7 days and got bid up $1.350 million!!!! In 2020, the most expensive waterfront home was $4.185 after being listed for $5.180 million. What a difference a year makes!
Is Real Estate Slowing Down?
The simple answer is: no. Looking at June 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 agents. 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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