Once again, sales activity and home values are both up year-over-year throughout the Seattle Metro and Eastside areas…
Mercer Island maintained its brisk pace in the 3rd quarter with a strong sentiment of consumer confidence driving 101 closed residential sales during the months of July, August and September.
In the residential home arena, the average sales price of $1,272,165 is up 9.4% and the median sales price is up a whopping 14.9% from the prior quarter. The average cost per square foot, a more stable benchmark, has increased 7% from the prior quarter from $372/sq ft to $398/sq ft. The average number of days on market of 52 is the lowest since the year 2000. Of the 101 closed sales, 64 had a market time of less than 30 days and 7 had a market time of greater than 120 days.
Condominium sales numbers decreased across the board with both average sales prices and cost per square foot both down about 11% while the median price stayed relatively unchanged at $296,250. Lest one jump to conclusions that the sky is falling on the condo market, it is important to note the lower average price is due to the lack of any high-end condo sales this quarter. A shortage of available condominium homes drove average market time down to 20 days–the fewest days on market ever recorded to this statistician’s knowledge.
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The Eastside has continued along at a very steady and sustainable pace with the average sales price, now $687,232, up 10.2% over the same quarter last year.
The median sales price of $575,000 was up 12.7% from $510,000 during the same period. The average cost per square foot increased 10.8% from $231 last year to $256 this quarter. Listings spent an average of only 33 days on the market—-a new low on the Eastside!
Condominium sales skyrocketed this quarter with 765 units sold as compared to 616 units during the same quarter last year. The average price is up 12.5% to $333,852 and the median is up 16.3% to $267,500 over the third quarter of 2012.
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Seattle’s average sale price for residential homes actually rose to 101% of the listed price–driven by intense competition and multiple offers throughout much of the market.
The cost per square foot remained relatively unchanged while the average sales price of $533,972 is up 12.5% from $474,633 for the same quarter last year. The median price of $455,000 is up 11.8% from the median of $407,000 last year. Seattle had 2447 residential homes close in the third quarter as compared to 1855 in the same period last year.
One could say the Seattle condo market is certainly recovering well from the economic crisis of days gone by! Condominium sales are up–with an average cost per square foot of $347 for the quarter compared to $312 during the same quarter a year ago. Average sales prices are up 10.7% to $331,666 and median prices up 13.9% to $279,000 compared with the same quarter last year.
Click here for the full report and to see how prices have changed in your neighborhood!
© Copyright 2013, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.