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!

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