A few weeks ago we looked at what’s been selling on Mercer Island in the last two years. Prices are indeed down. But what if you’re selling today?
There were 172 homes listed for sale as of Nov. 29, 2009. That’s in line with recent seasonal trends of as many as 225 homes for sale in the summer and as few as 150 for sale in the winter. Let’s see how those listings shake out.
In the first chart, we can see that Mercer Island homes on the market today are listing for on average 150% of their last sale price. So sellers are getting some appreciation, especially in Mid Island and South Island listings.
But a Long Wait
If you’re putting your home on the market, don’t make plans to move anytime soon. Homes are taking a while to sell: average days on market is 155 days, meaning sales take more than 5 months on average. The second chart shows that some sellers have waited well over a year with their homes still for sale.
Methodology & sources: Listing info is from Redfin and the analysis was done with Tableau Software. Areas are somewhat arbitrarily designated as North Island (north of SE 40th St), Mid Island (north of SE 60th St), and South Island (south of SE 60th St).