Mercer Island Real Estate Update, Part 2: Listings

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.

Hopeful Sellers

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).

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4 responses to “Mercer Island Real Estate Update, Part 2: Listings

  1. Interesting analysis, but your metric of % gain since last sale doesn’t take into account time spent living in the house. For someone who has lived in the house 10 years, 150% wouldn’t be a “hopeful” seller at all.

    Granted, with 170 datapoints, the outliers fall aside to some extent. Maybe it would be more interesting if you compensate for inflation, or if you remove folks who have lived in their homes >5 years.

    Further, I wonder if folks are living in their houses longer than average these days. In tougher economic situations, many might choose to simply stay put.

  2. mercerislandblogger

    Tom, good point. This isn’t a calculation of return, which as you note would need to take in a time element.

  3. Question: I like to go out to redfin and see what is for sale, what has sold, etc. I am looking to sell my home, but suspect I will be left with little to no $ to walk away with…so, I was considering listing with a Redfin agent for a flat fee. What is the impact of doing that here on Mercer Island? Is there a downside to using a broker outside of the traditional companies like Windermere and John L. Scott?

  4. mercerislandblogger

    Hi Jill,

    I do know that Redfin has a pretty good business on Mercer Island, so you wouldn’t be the first by far. As a practical matter most buyers are searching the MLS themselves and will ask their agent to show your house if they want to see it. I’m no real estate adviser but that’s my take. Make sure you weigh the whole service offering though.

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