Mercer Island Estate Report, March 2021 Review
Mercer Island Real Estate Market
Is the real estate market slowing down or is it picking up?
Nothing seems to slow down the Mercer Island real estate market as well as the rest of the state. For example, the Washington State housing market continues to have bidding wars and escalating prices as commonplace. Across the NWMLS, the number of mutually accepted offers in March have increased 22.3% over last March. Buyers’ high demand has decreased inventory 55.9% with only 4,153 active listings at the end of March compared to 9,418 last year. Thus median prices are up 19.5% across the NWMLS. Every county has reported increased prices with seven counties exceeding 25% increase in year-over-year sale’s price. In King County, median prices for single family homes is over $1 million in the Queen Anne/Magnolia area as well as every Eastside NWMLS area including Mercer Island.
Mercer Island Homes For Sale
There were 39 Mercer Island home sales in March. Thirty five sold on market for an average price of $2.23 million and four homes that sold off-market for $1.68 million. Mercer Island homes are selling extremely fast. The average days on market in March is only 13 days compared to 75 days the previous year. The vast majority sold within the first week. Thirty of the thirty-five sold in 8 days or less and two more sold in less than 15 days.
The previous March, there were 28 home sales for an average of $1.985 million. There were no off-market sales.
Mercer Island Condos for Sale
There were 13 Mercer Island condo sales in March. The average price was nearly $657,000. There was only two sale for over $1 million dollars. Most of the sales (7) were between $460,000 and $650,000. The previous March, there were 9 Mercer Island condo sales for an average of nearly $586,000. There was only one luxury condo sale over $1 million. Three sold in the $300,000 range, two in the $400,000, and one each in the $500,000, $600,000, and $800,000 range. There were no off-market sales in either period.
Mercer Island Luxury Real Estate
The number of luxury real estate sales across the NWMLS have over doubled! In the first quarter of 2021, there are over 400 sales of $2 million or more compared to just 178 in the first quarter of 2020. In March, there were 17 Mercer Island luxury home sales over $2 million while last year there were only 11 luxury properties sold. The most expensive sale this past month was a waterfront home on the eastside of Mercer Island. The waterfront home closed after only 3 days on the market for $8,398,000.
Mercer Island Waterfront Homes
This past month, there was only one Mercer Island waterfront property sale. As described above, it was the most expensive sale on Mercer Island in March. It closed for list price after being on the market for only 3 days. Although the lack of sales is likely not due to demand. There are no active Mercer Island waterfront homes for sale at the end of March.
Is Real Estate Slowing Down?
The simple answer is: no. Looking at March 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 Mercer Island waterfront home, a Mercer Island condo, or your first Mercer Island property, we can assist you in your search.