Summer Bodes Well for Residential Real Estate

Mercer Island, Seattle, the Eastside and King County all posted strong gains in number of units sold over those of the prior year. In fact, residential sales met, or in most cases, far exceeded the volume of any July over the last four years.

While unit sales have risen dramatically, sales prices continue to be badgered by local short sales, foreclosures and bank-owned properties, many of which are coming to market in reasonably good condition. We continue to see signs that our market is in the early stages of recovery and are reminded that we are faring much better than most markets across the country. We expect to enjoy a robust Fall market across the Northwest this year.