3rd Quarter 2014 Reports Released for Mercer Island, Seattle and the Eastside

Mercer Island

Mercer Island is challenged by the smallest number of homes on the market for sale in years. Lack of choice has prompted many buyers to sit on the fence and wait for more suitable choices.

As of the date of this report, only 14 homes were listed for sale below one million dollars—the lowest number in the nearly two decades we have been keeping track. The net result was 8% fewer sales in the third quarter than during the same quarter last year. More inventory will be essential to creating a balanced market.

In spite of the low inventory, buyers have been cautious of paying too much. The average sale price was up only a modest 2% year-over-year while the median sale price fell 9%. This reflects more sales in the lower price ranges than during the same time last year.

Condominiums have benefitted tremendously in the past year with a 47% increase in the average sale price and a 37% increase in the average cost per square foot compared to the 3rd quarter of last year.

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

 

© Copyright 2014, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.

 

 

Seattle

In the third quarter, the Seattle-Metro residential market saw the strongest year-over-year price gains in our region.

The average sale price was up 9% and the average median price up nearly 10% as compared to the same quarter last year. A shortage of available homes for sale continues to dominate the most active price points in the Seattle area. The resulting multiple offers continued to drive sale prices up an average of 1% above listed prices.

Market time, at only 27 days from list date to sale date, is by far the lowest in recent history and far lower than market times on the Eastside and in the surrounding regions.

The nicely rebounded Seattle condo market saw the average sale price increase 9% over the 3rd quarter of last year. The average cost per square foot, a decisive measurement in condominium values, was up nearly 10% over that of the 3rd quarter of 2013.

Click here for the full report and to see how prices have changed in your neighborhood!

 

© Copyright 2014, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.

 

Eastside

The third quarter brings a more balanced market to the Eastside with the number of homes listed for sale up significantly from the same quarter last year.

The average residential sale price increased 7% over last year’s numbers while the number of homes sold decreased slightly to 2,434 in the Woodinville-Bellevue region that represents the Eastside.

The average cost per square foot on the Eastside increased year-over-year to $276 from $256 in the third quarter of last year. The average sale price on the Eastside, at $734,342 this quarter, was considerably higher than the Seattle or King County average, making the Eastside the priciest region in the greater Seattle area.

The Eastside condo market saw the average sale price increase 6% over last year and the average cost per square foot increase 5% to $276. The number of condo units sold decreased by 10% to a total of 689 sales in the third quarter.

Click here for the full report and to see how prices fared in your neighborhood!

 

 

© Copyright 2014, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.

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