2008 MERCER ISLAND RECAP

 

·        LISTING INVENTORY for 2008 has increased from 2007, with 87 homes coming to the market (82 in 2007), a change of 6.9%. The current listing inventory at the time of this report is above 2007 levels with 145 properties on the market (90 in 2007), a change of 61%. The average price for listed properties this year is $2,794,843 compared to $3,055,427 for 2007, a change of -8.5%. The median price for an active listed home is $1,499,000 a change of -16% compared to $1,799,000 in 2007.

 

·        PENDING SALES are properties that went from an active listing status to a pending sale status (offers made and accepted, but not yet closed). Pending sales total 22 (51 in 2007) a change of -56%. The average price for pending sales is $1,732,900 ($1,325,257 in 2007), a change of 30.75%. The median sales price for pending sales is $1,175,000 ($1, 000,000 in 2007) a change of 17.5%.

 

·        SOLD AND CLOSED properties for 2008 total 25 (34 in 2007), a change of -26%.  The average price for a sold property during 2008 is $1,306,682 ($1,178,264 in 2007), a change of 10.8%. The median sales price for sold properties is $868,500 ($1,107,000 in 2007) a change of -6.4%. The average time on the market for sold properties is 76 days (93 days in 2007).

 

·        THE MARKET in the first two months of this year has started with the inventory of active homes for sale slightly above the ten year average. Increased listing levels are creating a competitive balance as sellers try to attract the house hunters faced with ample inventory. Median prices are falling slightly in the Active and Sold categories but are showing a rise in pending sale category.  The percentage of active inventory sold-pending has dropped and is below 10%, reflecting the increase in active listings and a decrease in pending sales. Buyers and sellers are entering the market on a cautious note as read real estate industry headlines focus on major downturns in other parts of the country. We remain very optimistic with Pacific NW economic indicators remaining strong. Job growth, population growth and historically low interest rates are inticing factors to the pent-up buyer demand in our market.

 

 

·         Statistics compiled from the NWMLS statistical report 03/01/2008.