The Mercer Island real estate market saw the median sale price of single-family homes increase by 12% to $1,084,750. This follows a significant 13% increase in 2013 to equal a compounded 27% increase in the past two years. The average sale price increased nearly 15% to just above $1.4 million.
There were 338 homes sold in 2014, down from 353 homes sold in 2013. This is in large part due to a shortage of homes for sale that limited buyer’s choices. Lacking options, some buyers opted to rent or purchase elsewhere. Mercer Island’s real estate market needs additional inventory of homes for sale to both help it stabilize and also to attract potential purchasers.
Of the single-family home sales, 55% (185 homes) had a contract price above $1,000,000 as compared to 165 in 2013 and 106 in 2012. There were twelve percent more homes sold in 2014…
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