Review of Q3 2015 Mercer Island Home Sales
The biggest news on Mercer Island has been the near absence of available homes priced under one million dollars—yes, $1,000,000. Those few that come to market are often snatched up by home builders looking for future new home sites. Sadly, Mercer Island is becoming less and less affordable as time goes on. Fewer high-end sales have balanced the small number of lower-priced home sales, leaving the average sale price deceptively, well, average, when what has truly occurred is a run up of sales prices at price points below $1.3 million.
“The average sale price on the Island increased 12.9% in the third quarter compared to the same quarter last year and the average cost per home square foot came in at 9.2% above that of last year.”
The most affordable Mercer Island neighborhood in Q3 was the Mercerdale-Lucas Hill area with an average 2403 sq. ft., 1961-built home selling for a median price of $907,000. The priciest neighborhoods were the Westside with a median sale price of $1,935,000 for a 4202 sq. ft., 1985 built home; and the Eastside with a median price of $1,617,500 for a 3868 sq. ft., 1975 built home.
Click here for the full report and neighborhood-by-neighborhood statistics!
© Copyright 2015, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.
