Carrington Durr Group | Real Estate Market Report
Mercer Island, WA 98040
Single-Family Homes
John L Scott Real Estate | 206-948-3852 | wlc@johnlscott.com
Mercer Island, WA 98040
Sun Apr 28 2024
This week the median list price for Mercer Island, WA 98040 is $2,195,000 with the market action index hovering around 68. This is an increase over last month's market action index of 58. Inventory has held steady at or around 15.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
Home sales have been exceeding new inventory for several weeks. However prices have not yet stopped falling. Since the market is already in the Seller's zone, expect prices to level off very soon. Should the sales trend continue expect that prices could climb from there.
Real-Time Market Profile
| Median List Price | $2,195,000 | |
| Median Price of New Listings | $1,790,000 | |
| Per Square Foot | $857 | |
| Average Days on Market | 67 | |
| Median Days on Market | 21 | |
| Price Decreased | 33% | |
| Price Increased | 0% | |
| Relisted | 13% | |
| Inventory | 15 | |
| Median Rent | ||
| Market Action | 68 | |
| Strong Seller's Market | ||
Again this week in this zip code we see a downward notch for prices. Pricing has been weak in recent weeks and versus their absolute-high level. At this point, we will be looking for a persistent upward shift in the Market Action Index as a leading indicator for a trough in prices.
Market Segments
Each segment below represents approximately 25% of the market ordered by price.
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $15,500,000 | 7,410 | 0.5 - 1 acre | 5 | 6.3 | 20 | 0 | 0 | 161 |
| $2,937,500 | 3,534 | 0.25 - 0.5 acre | 4 | 4.1 | 26 | 0 | 1 | 42 |
| $2,084,475 | 3,170 | 0.25 - 0.5 acre | 4 | 2.6 | 67 | 1 | 1 | 17 |
| $1,794,000 | 2,380 | 0.25 - 0.5 acre | 3 | 2.5 | 53 | 2 | 1 | 3 |