3rd Quarter in Reviews are Out for Seattle, Mercer Island and the Eastside

Our third quarter reports are out for Mercer Island, the Eastside and Seattle… the encouraging news regarding local real estate continues! All three markets experienced increased year-over-year sales activity.

Mercer Island

Mercer Island has seen brisk sales activity once again this quarter with sales up over 10% compared to the same quarter last year. A larger percentage of high end homes sales (deceptively) increased the average sales price to $1,405,792. The median sales price increased from $800,000 last year to $900,000 this year.

Brokers in the field note that the most desirable homes have received multiple offers and have seen moderate price appreciation in the past year, whereas more challenged properties have continued to languish. A handful of luxury estates have changed hands in the past quarter indicating continued strength in the upper end of the high-end market.

Click here for the full report and neighborhood-by-neighborhood statistics.

The Eastside

The Eastside has been a hotbed of activity with sales up over 28% compared to the same quarter last year—2086 homes sold in the third quarter of 2012 compared to 1634 homes sold during the same period in 2011. The average sales price, $623,836 was up 6% from third quarter 2011 while the median price remained the same at $510,000. The cost per square foot increased to $231.

Condominium sales were up 22% to 616 units sold this quarter with an increase in average sales price to $296,732 and a median sales price of $230,000.

Click here for the full report and area-by-area statistics.

Seattle

The Seattle market has remained incredibly active with sales up 15% over the same quarter last year—1855 homes sold in the third quarter of 2012 compared to 1609 homes sold during the same period in 2011. The average sales price slipped ever so slightly to $474,633 while the median sales price increased 4% to $407,000.

Condominium sales are up a whopping 33% in the third quarter. Mimicking the single-family trend, the condo average sales price is down while the median sales price is up.

Click here for the full report and neighborhood-by-neighborhood statistics.

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