April 2009 was a good month for Mercer Island with promising signs that market recovery is well underway. Pending sales (22) were at their highest level since June of 2008. Price/sq ft increased sharply over the prior three months of 2009 ending the month at $399/sq ft. April’s list/sale price ratio was up 2% for the month–roughly equivalent to $24,000 based on Mercer Island’s average sales price in April.
Market time of listed properties jumped in April, largely due to slower than average sales in March. Months of inventory, while still one of highest in the region, dropped nicely as a result of April’s sales volume.
The big number to watch, average sales price, has increased the last three consecutive months and stands at $1,257,000 for April. It is down 13.2% from April of 2008 which represents a much smaller decrease than the 23.8% and 19.3% experienced by the Eastside and King County market segments respectively. The median sales price stood at its highest level since 2007.