Mercer Island Stats for May 2009 Show Pending Sales Up 59%

Pending Sales are up 59% over the same time last year with the inventory of homes for sale holding steady just below 200. While pending activity is up markedly, sales price are down, indicating that more sellers are having to negotiate the prices downward to entice a sale. The Price Per Sq Ft is continuing to trend upward from a low of $269/Sq Ft in February to a current $339/Sq Ft today. Average Days on Market are up to 179 in May with some homes languishing on the market while others aggressively priced to sell are seeing sales activity. The List to Sales Price ratio dropped to 90% due to significant movement off of list price on a handful of May sales. The Average Sales Price in May was $1,003,000, a full third lower than the Average Sales Price in May 2008 of $1,504,000. Months of Inventory for Sale stands at 19.5 in May which is twice that of the prior year. The Median Sales Price of $790,000 is based on 10 sales in May and is 34% less than it was in May 2008 when it ended the month at $1,202,000. Mercer Island still has a ways to go to mark a recovery of its real estate market. Pending activity is very encouraging as is the recovery in lower priced markets surrounding the Island which will drive market activity and sales here as move-up buyers are finally able to sell their homes and buy on Mercer Island.