Mercer Island remains a tale of two markets, with homes below $1.5 million seeing significant price growth while the higher-end market is relatively stagnant.
Caused by a severe shortage of homes priced below $2 million dollars and several significant high-end sales, the Average Sale Price on Mercer Island increased 22.3% (to $2,174,039) over Q1 of 2016 while the Median Sale Price increased a mere 1.6% (to $1,625,000). As buyers competed for the very few homes for sale, especially below $1.5 million, Mercer Island’s more moderate priced homes saw the biggest benefit of that gain while many of the higher price points saw little to no change.
The Average Cost Per Square Foot, another indicator of value, increased 20% during the same period. The highest sale in Q1 was a Westside waterfront home sold for $8,205,000 and the lowest sale was a mid-Island 1958-built rambler for $935,000.
Click here to view the complete report for a neighborhood by neighborhood breakdown of Average Sale Price, size, and number of homes sold.
© Copyright 2017, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.