Like many of our local metro area communities, Mercer Island’s real estate market has continued to thrive—thanks in no small part to strong employment growth in Puget Sound’s tri-county region. Considering that the average sale price on Mercer Island has risen more than 60% over the past five years, few homeowners would find fault with the growth of their Island real estate investments.
Two distinctly separate markets emerged on the Island in the third quarter of 2016. The first, homes priced below $2 million—and especially those below $1.5 million. With an extreme shortage of homes for sale, this segment benefited most from rising sale prices and a multiple-offer environment. On the other end of the spectrum, the number of homes for sale above $2 million nearly doubled resulting in longer market times and rampant price reductions.
Mercer Island single-family homes overall saw a 12.9% increase in the average sale price over the third quarter of last year.
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83,000 new jobs +/- in the tri-county region surrounding Seattle have certainly made their presence felt. Couple that with crazy-low interest rates and it’s no wonder that housing demand is so strong. The neighborhoods of North Seattle and Queen Anne-Magnolia stood apart from the crowd with record year-over-year increases in the average sale price for Q3—but other Seattle communities still fared quite nicely with Seattle posting an overall 12.4% Q3 gain.
North Seattle (22.1%) saw the highest gain in year-over-year average sale price, followed by Queen Anne-Magnolia (17.6%), Mount Baker-Beacon Hill (14.3%), Madison Park-Capitol Hill (12.6%), West Seattle (10.3%), Ballard-Greenlake (9.8%), Lake Forest Park-Kenmore (6.9%), and Richmond Beach-Shoreline (3.9%).
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Clean, green and poised for long-term corporate growth, the Eastside real estate market provides an exceptional investment opportunity. Its typically larger lots and newer construction provide an alternative to the hustle and bustle of most Seattle neighborhoods. Diverse in its proximity to major arterials—and therefore commute times—the Eastside is made up of many very different communities in both rural and urban settings. Overall, the Eastside saw an 11% increase in the average year-over-year sale price in Q3.
East Lake Sammamish (17.2%) showed the strongest year-over-year average sale price gains in Q3, followed by East Bellevue (13.8%), Woodinville (13.5%), Mercer Island (12.9%), South Bellevue (8.9%), West Bellevue (7.9%), Redmond (6.7%), and Kirkland (6.3%).
Click here for the full report and to see how prices fared in your neighborhood!
© Copyright 2016, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.