On the heels of solid price growth in 2013, Mercer Island average residential home sale prices climbed 7%, and condos 35%, over the first quarter of last year. A shortage of homes for sale at affordable price points continues drive the market, increasing prices.
Our market got off to a sleepy start this year, with the number of closed residential home sales lower than those in the first quarter of last year: 66 compared to 79. First quarter closed sales typically include homes that went under contract in November, December and January–a much slower time of year than in any other quarter. For this reason, it is important to compare the first quarter of this year to the first quarter of last year, rather than any other quarter.
Condominiums are relishing in this market with demand so strong the average market time was only 24 days compared to 87 days on the market last year. The average sale price of $404,936 is up from $298,869 this time last year. The Mercer Island condo market continues to experience a severe shortage of desirable condominiums and townhomes for sale.
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The number of homes closed in Seattle and average sale prices are both up a whopping 11%. The shortage of homes for sale and pent up buyer demand are key factors driving the market upward.
The average days on market for closed sales in the first quarter–homes that typically went under contract November-January–was 49. This is 1 day fewer than last year’s sizzling pace and down from 89 days in 2012.
Average sale prices were up 11% to $532,813 from $480,626 during the first quarter of last year. Average cost per square foot increased 12% to $264 from $236 a year ago. Multiple offers are more typical than not in many neighborhoods.
Seattle condo prices have benefitted nicely as well with the average sale price up 8% to $386,151 compared to last year. The cost per square foot climbed 9% to $384 per square foot of all condos closed in the first quarter.
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Sale prices climb, even as the number of homes sold falls. Shortage of desirable inventory drives values up.
The number of homes closed in the first quarter of 2014 was down 11% to 1288 homes sold. Buyers continue the grapple with fewer desirable homes for sale–especially in the new construction arena which has long been a strength of the Eastside market. Many new construction homes are oddly sited in less than ideal settings as prime developable land evades builders’ reach.
Home sale prices climbed 13% and condominium prices 6% over the past year. Market times in both realms are down as buyers scramble to purchase the best homes available in the marketplace. Driven by demand, the cost per square foot climbed 14% to $270 for homes and 8% to $258 for condominiums from last year. Multiple offers at the most active price points are becoming the norm.
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© Copyright 2014, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.