In last week’s post, Homeaggedon Part 1, we looked a the declining prices of the Mercer Island real estate market over the last three and a half years. It was grim! This week we take a look at what is selling, and for how much.
Interesting takeaways from looking at sales by # of bedrooms:
- 4-bedroom home sales are the most common, but they are subject to the most price reductions and negotiation (sale to list price of 85.5%, meaning sellers got only about 86% of what they originally listed for).
- 6-bedroom homes actually sell for a little less than 5-bedroom homes, on average in this sample.
- Larger condos (3-bedrooms) also don’t do well from a sale-to-list perspective, perhaps because those buyers are looking for deals in either houses or condos and so have more flexibility than others.
- For houses, the most and least expensive homes have the lowest sale-to-list prices, meaning the sellers get less of what they originally ask for.
- Not too much to learn from condos. There’s only one high-tier condo sale, so no useful sample there. Other condos sell at about 90% of list.
There’s a lot of stories in this data, and we’ll do at least one more Homeageddon update in the coming weeks, so check back. And leave a comment if you have a perspective on what this data says.