April Shapes Up to be a Solid Month

April turned out to be a remarkable real estate month for Mercer Island. The Island performed much better than the Eastside, Seattle or King County as a whole. For the month of April, active inventory was at its lowest and pending sales at their highest in any of the last 4 years. Average $ per sq.ft., a stable market indicator, was $392/sq ft–up from a low of $289/sq ft in 2010. The months of inventory for sale (4.6) and the absorption rate (30.2) were are their best levels in the past four years. Only time will tell if this is a lasting trend, but certainly it was a fabulous month for Island sales–even considering that we no longer have a home buyer tax stimulus credit as has existed for the last few years.