Across the region, quarterly real estate numbers showed continued improvement in both sales activity and home values…
Mercer Island’s second quarter sales hit a new quarterly record with 101 residential home sales in the three month span beginning April 1. This compares to 86 sales for the same period last year and 79 sales in the first quarter of 2013.
The second quarter also saw significant price gains with average sales prices up 13.4% and median prices up 4.2% year over year. Average cost per square foot increased from $315 to $372 during the same period.
Condominium homes saw an increase in the average cost per square foot from $223 in the second quarter of 2012 to $292 this quarter. Average sales prices were up 1.5% and median sales prices were up 21.2% over the same period.
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The Eastside continues to experience strong market gains with the average cost per square foot up 32.4% for the quarter at $249/sq ft compared to $188/sq ft last year.
The median sales price of $572,027 was up 14.4% from $500,000 and the average sales price climbed to $665,924 from $598,453 for the second quarter compared to the same quarter last year.
Condominium sales continue to gain momentum with 703 sales for the quarter–up from 619 the same quarter last year. The median sales price of $270,000–is up 17.6% above the median of $229,500 a year ago. The average sales price increased to $317,968 from $291,969–an 8.9% gain.
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Seattle’s average list-to-sale price ratio for residential homes remains at 100% with multiple offers a typical experience for most sellers.
The cost per square foot increased to $261 from $224 in the same quarter last year. The average sales price of $548,011 is up 19.2% from the average of $459,820 last year, and the median price of $448,000 is up 9.3% from the median of $410,000 a year ago. Seattle had 2332 residential homes close in the second quarter as compared to 1986 in the same period last year.
Condominium sales activity has been mixed with sales up, 723 units compared to 687, but average cost per square foot is down from $352 to $342 for the second quarter of 2013. Average sales prices are down, but median sales prices are up. Units in some buildings are selling as fast as they can be listed while other buildings languish on the market. The tightening of condominium lending guidelines is very likely a factor.
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© Copyright 2013, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.