It’s been an interesting last few years in the Mercer Island real estate market. As it turns out, I’ve tracked it for long enough that I have a nice little database of six years of data, which shows how prices fell through 2011 and 2012 and have only recently began to pick up.
The first chart is average price per square foot, which is basically the price taking into account the size of the house. Clearly prices hit a bottom in 2011-2012 and are slowly climbing out.
Also interesting is the second chart, which is the amount that buyers have to pay relative to what sellers ask. Sale-to-list price hit their low at 86% in 2009 and has now rebounded to the mid-90’s. Lower sale-to-list prices signal a weaker market.
And finally, in the last chart above you can see that the number of home sales has also picked up since a low in 2009.
What’s the punchline? The Great Recession seems to be losing its hold on the market, if slowly. Volume, prices and sale-to-list prices are all picking up at the same time.
Let’s look at the last six years another way, by neighborhood:
On the left we see all home sales plotted on a map with the size showing sale price. Clearly some of the mansions around the edge of the Island are the big whales, selling for $10 million and up.
What’s most interesting here are neighborhood differences. The median sale price is higher as you go south, but the houses tend to be larger too. The boxplot in the lower right shows that North Island has the most diversity in home size, the median price per square foot is quite similar up and down the island.
These charts are made using Tableau, which is also where I work. You can find interactive versions with all the data here.