Mercer Island Real Estate: So Cold

Ken Glass tipped me off to this report by ZipRealty that cites Mercer Island one of the coldest real estate marekts in the Seattle area. By that they mean that buyers receive the greatest discount to list price. Well, Mercer Island does have a higher median sale price and high-end homes hurt the most in a downturn so that’s not too surprising. In this downtown, difficulty getting jumbo loans compounds the problem.

Here’s the data, this time from Redfin:
mercer-island-real-estate-price-to-list

There are over 200 houses on the market here and 234 houses and condos in total, so we’re near our seasonal high. Redfin’s graph shows that was consistent with (slightly higher than) last year’s peak:
Mercer-Island-real-estate-inventory

Mercer Island might be a “cold” market, but there are still plenty of high-end houses on the market. Some have been on the market over 400 days, but this one came on only about 40 days ago. At 0.6 acres of waterfront with over 7,600 square feet, it’s a bargain if you’ve got a little over $5 million to spend.
more-than-5-mil (both homes & condos)

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