Whether you are buying or selling, understanding the market in a particular area is crucial to either getting the right price or not paying too much. This article could go for both buyers and sellers or just anyone that wants to know what their current valuation is. It’s important to know what your home is for refinancing purposes, appraisal or inspection purposes, or even just to buy or sell in that area.Mercer Island is growing but it is not the cheapest place in Seattle. Mercer Island has a stigma of being one of the most affluent communities in the Puget Sound so it’s not going to surprise anyone that the median home value is over $1 million. Here is some basic information to know about the real estate market on Mercer Island.
- Currently, as of the publishing of this post, the home value is about $1.5 million. There’s been a 7.3% change over the last year.
It’s relatively a neutral market, neither a buyer’s market or a seller’s market. This is actually good news for both, since you probably won’t overpay for house and sellers will usually get about what they asked for. Most economists predict that Mercer Island home values will rise by about 4% within the next year. The median list price per square foot is $635, which is higher than the entire Seattle, Tacoma, and Bellevue Metro area of just $275.
However, even though we are in a neutral market, many homeowners are seeing at least 1 to 3 offers on properties. Homes sell for about 2% below list price and go pending in about 30 days. Hot homes or those priced under market value sell in about a week.
The median sales price is $1.6 million or and the median rent is about $3900. Home prices took a dive in December but January quickly regained that drop above last year’s high, which hit in August at 1.6 million. The median rent spiked in November and took a drop in January but is slowly creeping back up.
The number of sales was slightly down in 2018, from 330 and 2017 to 285 and 2018. Mercer Island has been appealing to many people throughout the Puget Sound area as its halfway between Seattle and the Eastside. It’s an ideal spot for anyone the commutes either direction because Interstate 90 can handle quite a bit of traffic.
The north end of sod the most homes sold in 2018 and over the last five years, home prices have tended to increase, however, the median sales price has dropped about 7% for the north end. Just about everywhere else it has increased and East Seattle has risen nearly 38% over the last year.
Again, it’s imperative to know what standard home prices are in an area in order to price your home correctly for a fast sale. For buyers, it’s important to understand the current market value so that you know how quickly you need to make an offer, how strong that offer needs to be and to prevent overpaying.