It’s been a while since we did a market update. So how is Mercer Island holding up amidst foreclosed homes, financial uncertainty, and general malaise?
Across all home types, sale to the original list price is in the 88-90% range, meaning sellers are taking a lot less than they wanted. That’s not surprising: selling in the last two years really needed to sell or wouldn’t have.
Also not surprising is the most common home sales is a 4-bedroom house.
A little surprising: 5-bedroom houses were more expensive that 6-bedroom houses. Let’s look at all the sales by location and price:
Notice the two very large sales: one was the Mediterranean Mansion and another is an undisclosed address whose neighborhood is listed as East Seattle.
- Smaller homes are trending up
- Mid-sized homes are in the middle
- Larger homes are going down
It’s like the three bears out there. Smaller homes are just right for many buyers, given tight credit and an uncertain labor market. Big homes are suffering from lack of financing and the aforementioned general malaise.
On Mercer Island, it’s still a buyers market. Home owners thinking of selling might want to act like the bears in hibernate through the real estate winter.
Data from Redfin.com.