Mercer Island Real Estate Market Heats Up!

Mercer Island saw more than a 25% increase in Pending Sales in June over the prior month. Mercer Island is now experiencing the highest Sales Volume in the past 21 months. The Months of Inventory for sale has dropped substantially, led by the increase in pending activity, to only 9.4 months as compared to its high of 48.3 months in March of 2009. A few significant sales skewed the numbers for Mercer Island in June, most notably an Average Sales Price of $1,962,000 and an Average List to Sales Price Ratio of only 79%. The Median Sales Price is typically a more stable indicator of the market and now stands at $903,000. Average $/Sq Ft increased to $361/Sq Ft for June. Signs that the Mercer Island market is beginning to heat up are all around us!

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