Homeaggedon: Mercer Island Real Estate Update, Part 2

In last week’s post, Homeaggedon Part 1, we looked a the declining prices of the Mercer Island real estate market over the last three and a half years. It was grim! This week we take a look at what is selling, and for how much.

Interesting takeaways from looking at sales by # of bedrooms:

  • 4-bedroom home sales are the most common, but they are subject to the most price reductions and negotiation (sale to list price of 85.5%, meaning sellers got only about 86% of what they originally listed for).
  • 6-bedroom homes actually sell for a little less than 5-bedroom homes, on average in this sample.
  • Larger condos (3-bedrooms) also don’t do well from a sale-to-list perspective, perhaps because those buyers are looking for deals in either houses or condos and so have more flexibility than others.

Now let’s take a look by price tiers:

What do price tiers tell us?

  • For houses, the most and least expensive homes have the lowest sale-to-list prices, meaning the sellers get less of what they originally ask for.
  • Not too much to learn from condos. There’s only one high-tier condo sale, so no useful sample there. Other condos sell at about 90% of list.

There’s a lot of stories in this data, and we’ll do at least one more Homeageddon update in the coming weeks, so check back. And leave a comment if you have a perspective on what this data says.

The entire workbook is published and interactive on Tableau Public. You can even get the raw data if you like that kind of thing. As always, data from Redfin.com.

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

  1. Thanks for this informative post. The data above gives a good picture of the status of the real estate market in the area.

  2. Good posting guys. Indeed, through this graphic analysis we can actually see the negative effects of the recession on the housing market. But hopefully this year, we will be able to see some improvements on the market.

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