Mercer Island is challenged by the smallest number of homes on the market for sale in years. Lack of choice has prompted many buyers to sit on the fence and wait for more suitable choices.
As of the date of this report, only 14 homes were listed for sale below one million dollars—the lowest number in the nearly two decades we have been keeping track. The net result was 8% fewer sales in the third quarter than during the same quarter last year. More inventory will be essential to creating a balanced market.
In spite of the low inventory, buyers have been cautious of paying too much. The average sale price was up only a modest 2% year-over-year while the median sale price fell 9%. This reflects more sales in the lower price ranges than during the same time last year.
Condominiums have benefitted tremendously in the past…
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