The number of homes for sale on Mercer Island continues to be the lowest in a decade. Many would-be homeowners want to call the Island home, but fewer want to move off of the ‘rock’. Its average of 53 homes for sale in Q2 is down from 86 in 2014 and 93 in 2013—and a high of 195 in 2009. Lack of options has significantly deterred Island buyers and forced them to either rent or look elsewhere.
“The average sale price on the Island increased 5.2% in the second quarter compared to the same quarter last year, while the median sale price fell by just over 1%.”
The most affordable Mercer Island neighborhood in Q2 was the Mercerdale-Lucas Hill area with an average 2574 sq. ft., 1961-built home selling for a median price of $875,000. The priciest neighborhoods were the Westside with a median sale price of $2,199,950 for a 4093 sq. ft., 1985 built home; and the Northend with a median price of $1,615,000 for a 4185 sq. ft., 1975 built home.
The average cost per sq. ft. overall on the Island was $457 in the second quarter of 2015. Of Island neighborhoods, the Northend had the highest average cost per sq. ft. at $638 while Mercerwood had the lowest at $337 per sq. ft.
Click here for the full report and neighborhood-by-neighborhood statistics!
With Google’s Kirkland expansion and the announcement of the new Microsoft-backed Global Innovation Exchange (GIX), the Eastside is on track to become ‘Silicon North’ per the Puget Sound Business Journal. Development in the newly planned Spring District will give East Bellevue its biggest boost in years and eventually create a quick ‘link’ commute that is very attractive to Eastside residents.
“The median residential sale price increased 6.4% over Q2 ‘14 across the Woodinville-Bellevue region that represents the Eastside. Price gains were not equal throughout this very diverse region however. Kirkland had the strongest year-over-year gain with an 11.7% increase in median sale price, followed by West Bellevue at 10.4%, and East Bellevue at 8.7%.”
With an average sale price of $2.1 million, the priciest neighborhood on the Eastside continues to be West Bellevue (which is comprised of Hunts Point, Medina and the region of Bellevue lying West of I-405) followed by Mercer Island at $1.6 million. The most affordable homes on the Eastside are found in north King County in the Juanita-Woodinville area with an average sale price of $603,620.
Click here for the full report and to see how prices fared in your neighborhood!
The Seattle-Metro area has added 61,700 more jobs than it had just 12 months ago and you can bet many of those newly employed Seattleites are out there looking for homes to buy. Couple that with the smallest number of homes for sale in a decade and it’s no wonder the house hunt is no longer for the faint of heart.
“The Seattle-Metro median sale price was up 15.8% over Q2 of last year with 2,689 homes transacting in the second quarter. The average list price to sale price ratio, driven up by multiple offers, was an average of 103% (or 3% above the listed price) throughout the metro area.”
The Madison Park-Capitol Hill area had the highest average cost per home sq. ft. ($409), while the Lake Forest Park-Kenmore area was most affordable at $226 per sq. ft. See the full report for the average size, monthly cost, days on market, and median and average sale prices for each area.
Click here for the full report and to see how prices have changed in your neighborhood!
© Copyright 2015, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.