This article in the Mercer Island Reporter cracked me up, if only because of the headline: Island real estate market still magic.
Fewer homes have been on the market on the Island over the past six months and slightly fewer homes sold as compared to last year. Prices for those that did sell were up 15 percent over last year.Home prices continuing to appreciate at a "good steady" rate while wages continue to stagnate would indeed be magic.
"The market in the first half of this year has remained strong," said John Deely, broker of the Mercer Island Coldwell Banker Bain office. "Again, this year we have seen an increase in both the average and median prices for active, pending and sold properties, however the rate of increase has slowed from previous years."
Island sellers have waited longer this year. The average time on the market for sold properties was 86 days as compared to 59 days in 2005 — nearly four weeks longer.
June, however, has been a good month. Sixty Island homes sold — more than double the number last June. And some properties have had a lot of action.
While interest rates have been rising as of late, [Mercer Island John L. Scott broker D'Ann] Jackson believes home prices will continue to appreciate in King County, although not necessarily at the present pace.
"We live in a vibrant area that continues to attract new residents, thanks to the region's improving economy, Jackson said.
"I think we'll see good steady growth (in home prices) in the months ahead," she said.
(Reporter Staff, Mercer Island Reporter, 07.13.2006)