February 2009 Mercer Island Real Estate Statistics Posted

Attached are the latest numbers for Mercer Island. The bright spot is that pending sales are up 300% from January and the market is showing signs of life. Active listings have increased significantly as well bringing total inventory up to 174 homes for sale. Average Days on Market (DOM) are up over 40% from January as a result of increased this inventory.

Moderately priced homes finally get their day in the light! They represented 2/3 of the homes sold on Mercer Island in February. You will note that Median and Average Sales Prices are both down sharply—weighted by increased sales activity of those moderately priced properties more so than of a widespread dramatic reduction of prices. Just 4 of the 12 sales had list prices above 1.1 million even though that segment represents nearly 60% of all homes for sale on the Island.

1 Comment

  1. I am hoping that these average price/s.f. and average prices of sold homes will be interpreted by the media and others not as an overall huge reduction in prices, which is inaccurate, but as reflective of the fact that the lower-priced homes are the ones being bought. This is likely due to the low conforming loan rates and because people are seeing an opportunity to purchase a home on Mercer Island in a price range that we haven’t seen in a while.

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