First quarter numbers look strong across the region, with lower market times and increasing prices reflecting our current shift to a seller’s market…

Mercer Island

Mercer Island started the new year off with a robust number of closed sales–the first quarter of 2013 outperformed the first quarter of 2012 by 61%.

First quarter sales reflect homes that initially went under contract November-February. The average sales price of $1,137,728 reflects a more typical market snapshot following two quarters of unusually plentiful high end home sales. The median sales price increased from $856,250 last quarter to $949,950 this quarter reflecting a 10% overall increase in median prices.

Condominium homes, previously burdened by a number of distressed sales, saw an increase in the average cost per square foot from $226 last quarter to $319 this quarter. Residential and condo market times are down with list to sales price ratios averaging 98%.

Click here for the full report and neighborhood-by-neighborhood statistics!

The Eastside

The Eastside has outpaced Seattle’s sales volume for the past seven quarters as more buyers find the Eastside an ideal location to call home.

The median sales price of $529,400 was up 14% from the 1st quarter of 2012. The shortage of homes for sale has created competition among home buyers for the more desirable homes. The average cost per sq ft is $236 compared with $203 a year ago.

Strong condominium sales have driven the median sales price up to $234,000–30% above the median of $180,000 a year ago. Average condo cost per sq ft is now $240, up from $204 in the first quarter of 2012.

Click here for the full report and to see how prices fared in your neighborhood!

Seattle

The Seattle market has become a very strong seller’s market with an average list-to-sale price ratio of 100% and bidding wars occurring more often than not.

The median price of $420,000 is up 15% from $366,000 a year ago. The average sales price is up about 9% for the same period. The cost per square foot increased to $236 from $215 in the same quarter last year.

Condominium sales have been very brisk with the median sales price up an incredible 31% over the 1st quarter of 2012. The average condo cost per sq ft in Seattle now averages $352–up from $314 last year.

Click here for the full report and to see how prices have changed in your neighborhood!

© Copyright 2013, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.