I’ve argued before that despite the grim outlook nationally in real estate, Mercer Island has seen some price drops but overall is holding up well. Still true- but it’s worth watching the ever-increasing inventory on the Island.
There are 171 homes for sale on Mercer Island, according to Redfin. We’re definitely seeing the summer inventory build: this is a 7.5% increase from about two weeks ago, when there were 159 homes for sale. And Altos Research shows inventory building towards to the peak of last September.
The Seattle P-I reported that King County home prices in March were down about 2.2% from last year, but the real story is sales- 29% fewer single-family homes sold in March than a year ago. The market is sluggiush, and if you’re a buyer you’ve got a lot to chose from. Sellers have a lot of competition, but look on the bright side: we don’t live in Sacramento.