On the tails of a massive increase in values in Q1, Mercer Island saw a more moderate Q2.
The Island’s median sale price rose a mere .4% over Q2 of 2015.
An increase in the number of homes for sale was heavily weighted toward those priced above $2 million.
Tapered buyer demand, coupled with a surge of inventory in the high end, caused the two-million and above market to stagnate somewhat—resulting in one of the strongest buyer-favored market segments in the region.
This transition in the higher end of the market overshadowed solid price gains at more modest price points.
A shortage of turnkey homes priced below $1.5 million has driven prices on the hottest properties up to record levels.
Cash offers, pre-inspections, and release of buyer funds on offer acceptance became the norm in the sub $1.5M market segment.
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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.