The recent spread from low-end condo sales to high-end homes makes broad pricing risky.
When you are deciding how to value a home in Mercer Island, WA, the smartest move is to stop treating the market like one category. That is my rule of thumb right now. The recent closing range was wide enough that a segment plan matters more than a generic market average.
In the last three months, recently closed properties in Mercer Island, WA ranged from $200,000 to $9,850,000. Over the previous 30 days, the typical closed price was $2,382,500, and the typical price per square foot was $798. Those numbers tell me the market spans very different property types and price tiers.
A wide spread changes the decision process. I would separate condo and attached product from larger single-family homes immediately, and I would also split smaller homes from larger homes before talking about value. In Mercer Island, WA, that keeps you from building expectations around sales that have very little to do with your actual move.
Start with the recent sales that match your property type. Then narrow again by size so your price expectation is grounded in the right bracket. Use smaller comparison groups. If you are preparing to sell, that helps protect your asking price. If you are preparing to buy, it helps you avoid chasing numbers that belong to another segment.
