Realogics Sotheby’s International Realty has recently released their 2016 Market Report which examines the year-over-year performance of 24 markets that the brokerage serves, factors that have affected the Western Washington housing market this past year, and insight on where the market is heading in 2017.
Mercer Island has recently faced constraints which have further limited the available housing supply, including a moratorium on new subdivisions as well as a more stringent design review process for buildings in the downtown core. These tightening restrictions are ultimately suggestive of a community considering the future under the sphere of significant demand and growth. This tightening ultimately leads to lower supply met with higher demand, creating a seller’s market.
Future Light Rail Plans
The Light Link rail line expansion is planned to connect the City of Bellevue with the City of Seattle, a move that will also connect Bainbridge with both of these major cities as the line will run across the north end of the island. This planned expansion is likely to provide multifamily alternatives close to the metro lines.
Housing Market 2016 Year End Review
Mercer Island has remained a seller’s market since July 2014. While in May, 2016 the housing supply was at its lowest, with 1.6 months of supply, the annual average rested at 2.2 months. At nearly two and a half times the King County Average, the median housing price for the year on Mercer Island was $1,235,000. The price growth rate in price between 2015 and 2016 was also highly indicative of a seller’s market with an increase of 12.3 percent.
To read the full 2016/2017 Realogics Sotheby’s International Realty Market Report, please click here or view it below:
If you have been thinking about selling your property, the current state of the market has create the perfect opportunity to explore your options. To learn more, please contact us:
If you are in the market to purchase a property on Mercer Island, we are here to assist you with all of your real estate needs. Come view this stunning retreat nestled in the peace and quiet of the quintessential vibrant Pacific Northwest scenery on Mercer Island