Benefiting from the economic strength of the Greater Seattle region, Mercer Island saw the median sale price of single-family homes increase by 10.6% to $1,199,500 continuing a three-year trend of double-digit appreciation on the island. The average sale price increased 8.4% to $1,518,164.
There were 329 homes sold in 2015. A continued shortage of homes for sale limited buyers' choices significantly. Of those 329 homes, 66% (219 homes) had a sale price above $1,000,000. There were no Island homes sold below $500,000 as modestly priced homes have all but disappeared from the Mercer Island market. The average cost per square foot in 2015 increased 8% to $451 from $416 per square foot.
The average market time fell to 47 days—though this is deceptive as the majority of homes listed for sale at any given time were priced above $2 million dollars with longer market times being the norm. The most desirable, and more moderately-priced, homes typically sold in under a week last year.
The highest sale of the year was $13.8 million—a 2007 built, 8 bedroom/8.5 bath home with 13,721 square feet located on 120 feet of waterfront on the north end of the Island. The lowest was a 1949 built, 1280 square foot 3 bedroom, 1 bath rambler for $551,500 on the south end.
Interest rates remain low with conventional 30-year fixed rates averaging 3.85% in 2015 while 5/1 adjustable-rate mortgages came in at 2.94%.
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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.