2014 mercer island real estate year in review
DESCRIPTION
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 above one million dollars than in the year prior. Only 2 homes sold at a price below $500,000 compared to 3 in 2013 and a whopping 24 in 2012. Sadly, the modestly priced homes of the bust era have all but disappeared and builders looking for building sites have been difficult for entry-level home buyers to compete with.TRANSCRIPT
MERCER ISLAND | 2014 Year in Review
MERCER ISLAND206.232.0446 weeklypropertyreport.com
an annual report on single-family
residential real estate activity
Mercer Island-All Neighborhoods 2010 2011 2012 2013 2014Number Sold 220 260 297 353 338
Average Sale Price $1,135,100 $1,060,428 $1,215,391 $1,221,353 $1,401,028Average Sq Ft 3,275 3,125 3,228 3,240 3,368
Average Cost Per Sq Ft $346 $339 $377 $377 $416Average Days on Market 86 103 91 65 69
Northend 2010 2011 2012 2013 2014Number Sold 42 53 57 62 66
Average Sale Price $1,368,392 $1,443,312 $1,430,438 $1,335,391 $1,847,470Average Sq Ft 3,383 3,317 3,666 3,402 3,732
Average Cost Per Sq Ft $405 $435 $390 $392 $495Average Days on Market 209 113 113 73 104
First Hill 2010 2011 2012 2013 2014Number Sold 22 22 28 29 17
Average Sale Price $787,132 $918,268 $868,164 $1,083,960 $973,006Average Sq Ft 2,681 2,995 2,450 2,939 2,520
Average Cost Per Sq Ft $294 $307 $354 $369 $386Average Days on Market 95 57 59 52 75
East Seattle 2010 2011 2012 2013 2014Number Sold 8 5 9 8 11
Average Sale Price $1,014,994 $716,700 $1,623,778 $1,505,333 $1,296,999Average Sq Ft 2,351 2,413 2,926 2,523 3,526
Average Cost Per Sq Ft $432 $297 $555 $597 $368Average Days on Market 94 115 106 110 36
©2011-2014 Windermere Real Estate/Mercer Island. For questions or comments, email [email protected].
WeeklyPropertyReport.com │ Residential and condominium data for Greater Seattle and the Eastside
MERCER ISLAND YEAR IN REVIEW I 2014
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 above one million dollars than in the year prior. Only 2 homes sold at a price below $500,000 compared to 3 in 2013 and a whopping 24 in 2012. Sadly, the modestly priced homes of the bust era have all but disappeared and builders looking for building sites have been difficult for entry-level home buyers to compete with.
The average market time increased slightly to 69 days for single-family homes from 65 in 2013—still down markedly from the several years prior to that. This market time average can be deceptive however, as the most desirable homes are still selling in under a week while more challenged properties may sit on the market for months.
The highest sale of the year was $7.49 million—a 2005 built, 7 bedroom/7.25 bath home with 9,602 square feet located on 100 feet of waterfront on the south end of the Island. The lowest was an as-is cottage for $356,000 on the west side, built in 1914 and sold for land value after more than a year on the market.
The average cost per square foot in 2014 increased 10% to $416 from $377 per square foot in a trend holding steady for the past 4 years.
Conventional 30-year fixed interest rates averaged 4.17% overall in 2014 but ended the year considerably lower—3.86%, after spiking to a high of 4.43% in January.
Westside 2010 2011 2012 2013 2014Number Sold 28 27 48 45 43
Average Sale Price $1,878,811 $1,324,053 $1,923,265 $1,671,912 $1,613,336Average Sq Ft 4,343 3,820 3,937 3,755 3,819
Average Cost Per Sq Ft $433 $347 $488 $445 $422Average Days on Market 188 141 160 108 69
Mercerdale, Lucas Hill 2010 2011 2012 2013 2014Number Sold 14 11 12 15 11
Average Sale Price $616,056 $592,250 $571,000 $829,505 $995,524Average Sq Ft 2,153 2,280 2,026 2,273 2,773
Average Cost Per Sq Ft $286 $260 $282 $365 $359Average Days on Market 106 122 65 15 29
Mercerwood 2010 2011 2012 2013 2014Number Sold 12 14 10 20 19
Average Sale Price $1,111,229 $875,126 $843,072 $951,693 $1,007,715Average Sq Ft 3,211 2,662 3,190 2,822 3,040
Average Cost Per Sq Ft $346 $329 $264 $337 $331Average Days on Market 33 113 100 34 54
Mid-Island 2010 2011 2012 2013 2014Number Sold 43 43 57 76 65
Average Sale Price $815,410 $802,976 $871,877 $967,478 $1,254,581Average Sq Ft 2,786 2,733 2,787 3,093 3,361
Average Cost Per Sq Ft $293 $294 $313 $313 $373Average Days on Market 128 101 50 46 44
Eastside 2010 2011 2012 2013 2014Number Sold 21 29 22 31 27
Average Sale Price $1,254,327 $1,205,834 $1,258,827 $1,646,469 $1,381,169Average Sq Ft 3,759 3,314 3,625 3,845 3,474
Average Cost Per Sq Ft $334 $364 $347 $428 $398Average Days on Market 133 143 115 142 139
MI Estates 2010 2011 2012 2013 2014Number Sold 5 2 3 7 8
Average Sale Price $777,200 $788,900 $762,833 $860,571 $957,564Average Sq Ft 2,668 2,290 2,557 2,458 2,616
Average Cost Per Sq Ft $291 $344 $298 $350 $366Average Days on Market 89 5 6 19 23
The Lakes 2010 2011 2012 2013 2014Number Sold 2 3 3 3 3
Average Sale Price $917,500 $1,167,371 $953,333 $1,267,092 $1,411,000Average Sq Ft 2,715 3,543 2,973 3,265 3,663
Average Cost Per Sq Ft $338 $329 $321 $388 $385Average Days on Market 66 10 47 4 27
Southend 2010 2011 2012 2013 2014Number Sold 28 51 48 57 68
Average Sale Price $1,055,425 $908,576 $1,049,465 $1,118,583 $1,332,393Average Sq Ft 2,620 3,228 3,216 3,272 3,146
Average Cost Per Sq Ft $403 $281 $326 $342 $424Average Days on Market 122 71 63 41 55
Neighborhoods Of Mercer Island
©2011-2014 Windermere Real Estate/Mercer Island. For questions or comments, email [email protected].
206-232-0446 │ Windermere Real Estate/Mercer Island │ windermeremercerisland.com
$4,344
$3,267
$3,232
$4,848
$2,453
$3,372
$3,454
$3,736
$3,362
$4,632
$3,692
$0 $5,000 $10,000
Northend
First Hill
East Seattle
Westside
Mercerdale-Lucas Hill
Mercerwood
Mid-Island
Eastside
Mercer Island Estates
The Lakes
Southend
Average Monthly Cost
$1,250,000
$940,000
$930,000
$1,395,000
$705,800
$970,500
$994,000
$1,075,000
$967,500
$1,333,000
$1,062,500
$0 $1,000,000 $2,000,000
Northend
First Hill
East Seattle
Westside
Mercerdale-Lucas Hill
Mercerwood
Mid-Island
Eastside
Mercer Island Estates
The Lakes
Southend
Median Sale Price
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While having an historical perspective like this annual review is valuable, you may be looking for real-time information on today’s real estate market. If so, your search is over!
We publish weekly reports to WeeklyPropertyReport.com providing a summary analysis of what’s happening in 16 different micro-markets, including Mercer Island. You can find these reports on our website, subscribe to them as an RSS feed…or simply contact one of our helpful agents for additional details.
Interested in what’s happening with waterfront properties? We are too! That’s why we analyze waterfront sales each month. You’ll find that information at TheWaterfrontReport. com.
Supplementing those websites is MercerIslandPulse.com, our blog on all things Mercer Island–and beyond!
You can search for every property listed for sale–by any real estate company–on WindermereMercerIsland.com. While you’re there, check out our new INRIX drive-time feature, which allows you to estimate commute times before you buy!