Check out the latest Mercer Island Market Recap as of July 1st 2008....as always, I am more than happy to chat real estate statistics and trends with you anytime 24/7!   

 

2008 MERCER ISLAND RECAP

 

·         LISTING INVENTORY in the second quarter increased from 148 properties on the market at the end of March to 195 by the end of June, a change of nearly 32%. This reflects a slowing in the growth of inventory as first quarter numbers of homes on the market over 2007 rose over 60%.  The average price for listed properties so far this year is $2,398,199 compared to $3,106,092 for 2007, a change of -22%. The median price for an active listed home is $1,460,000 which is up nearly 5% from the first quarter of this year but down -8.75% compared to second quarter 2007 which came in at $1,600,000.

 

·         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 for the first half of 2008 were down 33% from last year with 180 homes going pending in the first half of 2007 and 119 going pending through June of this year.  The good news for Mercer Island residents is that the average listed price for pending sales through June is a healthy $1,767,968 ($1,378,185,342 in 2007), a change of 32.8%. The median list price for pending sales is $1,270,000 ($1,100,000 in 2007) a change of 15.5%.

 

·         SOLD AND CLOSED properties continue the trend on Mercer Island of fewer sales but with higher prices.  Through the second quarter of 2008, 103 properties closed on Mercer Island compared to 150 for the first half of last year a change of -31%.  However, the average price for a sold property during 2008 is $1,524,839 ($1,334,041 in 2007), a change of over 14%. The median sales price for sold properties in June of 2008 is $1,090,000 ($1,025,775 in 2007) a change of 6.25%. The average time on the market for sold properties has risen to an average of 80 days, up from 59 in the second quarter of 2007 but virtually unchanged from the first quarter of this year.

 

·         THE MARKET in the first half of this year is showing amazing strength in prices on Mercer Island.  While inventory is up and the average listing price is lower than last year the impressive gains in both average and median pending and sales prices underscores the inherent strength in the market on the Island. While the higher number of listings might indicate lower prices the opposite is true.  Buyers continue to pay top dollar for Mercer Island properties.  Our market prediction is for the third quarter to look much like the last three months with inventory growing more slowly and prices increasing at a modest rate.

 

 

·          Statistics compiled by E. J. Bowlds from the NWMLS statistical report 07/01/2008.