The median price for Mercer Island single family homes sold in October was up 18 percent from the same month a year ago.
Last month, the median price for closed sales of 24 Mercer Island single family homes was $1,325,000. A year ago, the median final sales price for Island single family homes was $1,125,000.
Yet the inventory for homes offered for sale slumped last month with just 14 added to the inventory. Last year 42 single family were added to the market for the month. Total single family inventory on the Island now stands at 54, half of what it was a year ago. Pending home sales were even for October from a year ago at 24 The number of final sale was down six from 31 sales a year earlier.
The number of condos offered for sale on the Island remains in the single digits. Just five new condos were added to the market last month, up from just two added a year ago. There were four sales pending, down from three in October 2103.
The median sale price for the seven condos sales that were finalized last month was $303,000, down nine percent from the four that were finalized by Halloween 2013.
The number of homes offered in the Northwest Multiple Listing areas that cover the Eastside remained flat last month at 1,438. The number of condos offered for sale last month were 455, up nearly 10 percent from over a year ago.
At the present time, there are eight pieces of vacant land offered for sale on the Island. They range from a sliver of seeming unbuildable land for $49,000 along West Mercer Way to land at about 3,500 square feet to $4.2 million for 1.2 acres of undeveloped land on the South-end with waterfront.
As of Nov. 1, there were 52 single family homes on the market. Six are priced at $1 million or more.
The home with the highest offer price is a 15,000-square-foot mansion on nearly two acres on Butterworth Road with waterfront. It was listed on Oct. 29 for $26.8 million. It and eight other single family homes were added to the Island market in the last 30 days.
Two of the eight condos presently offered for sale were added in the last 30 days. They range in price between $1.08 million for a Town Center condo and $215,000 for a 1 bed, 1 bath condo at the Carlton.
