Like many of our local metro area communities, Mercer Island’s real estate market has continued to thrive—thanks in no small part to strong employment growth in Puget Sound’s tri-county region. Considering that the average sale price on Mercer Island has risen more than 60% over the past five years, few homeowners would find fault with the growth of their Island real estate investments.
Two distinctly separate markets emerged on the Island in the third quarter of 2016. The first, homes priced below $2 million—and especially those below $1.5 million. With an extreme shortage of homes for sale, this segment benefited most from rising sale prices and a multiple-offer environment. On the other end of the spectrum, the number of homes for sale above $2 million nearly doubled resulting in longer market times and rampant price reductions.
Mercer Island single-family homes overall saw a 12.9% increase in the average sale price over the third quarter of last year.
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© Copyright 2016, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.