Market Report: October 2020

Presented By Devin Sanford Homes

100 Yearly Sales on the Horizon. How to Have Success When Selling. Buyers Eager for New Listings, Take Heed…

A Baker’s Dozen Cometh October

  Model Square Footage NWMLS
Original Asking Price Asking Price when Sold Final Sale Price Days on Market Remarks
1 Orchard 1,440 1631867 $649,000 $629,900 $620,000 43 Modest w/Deck Mtn. View
2 Orchard 1,440 1646935 $642,000 $642,000 $625,000 25 Nice Upgrades, Twinberry
3 Discovery 1,365 1667501 $640,000 $640,000 $630,000 5  Mid-Level, Close to Club
4 Townsend 1,335 1530439 $695,000 $655,000 $638,500 351 Pricing Started Too High
5 Whidbey 1,680 1602197 $725,000 $669,000 $664,000 109 Corner Lot, Not Staged
6 Washington 1,900 1646988 $665,000 $665,000 $665,000 10 Upgraded/Backed to Pkwy.
7 Whidbey 1,680 1648792 $750,000 $750,000 $745,000 13 Modest but Close to Club
8 Bainbridge 1,870 1586666 $819,000 $790,000 $775,000 162 Nice Home, No Back Yard
9 Bainbridge 1,870 161556 $780,000 $780,000 $780,000 3 Near Club, Large Back Yard
10 Nice 1,960 1638760 $875,000 $860,000 $830,000 49 Lovely, Rare, Not Staged
11 Hemlock 2,170 1652981 $905,000 $905,000 $927,000 5 Greenbelt, Warm, Modest
12 Cedar 2,397 1649696 $1,098,000 $1,098,000 $1,098,000 1 Very Upgraded, Greenbelt
13 Monticello 2,695 1651246 $1,250,000 $1,250,000 $1,200,000 7 Lovely Upgrades, Greenbelt

100 Sales Approaching; Are We Getting Enough for them?

13 closings for October brought Trilogy sales to 84 year-to-date, leaving us projecting 100 homes for the year. With 10 going through the Escrow process, all we need is half a dozen quick turnover, new listings and we’ll hit three digits. However, are Sellers doing all they can to present the home properly?
Compare original asking prices to final sales prices in the graph. You’ll find, highlighted,  nine of the 13 homes sold for less than the beginning asking price, some significantly below. With only a handful of homes in inventory for the last couple of months, why are so many not able to hold out on price? The answer is there are various reasons, and I don’t claim to know the situation or mind of every Seller or why they do what they do. Notwithstanding, I’m certain everyone prefers not to leave money on the table yet 70% of the listings experiencing discounts is much more than just an uninspired estate sale or a lack of features. Such a percentage speaks to what I’ve attempted to share over the years; Sellers must do it all. What “all” is, should come under the guidance of an attentive and thorough listing Broker. I believe, the onus falls under the lack of one or both. Although, I’ve experienced it a few times over my career, lack of cooperation by a Seller is usually not the case. Most will do what guided to do or not do. Why else would they need a Real Estate Agent?
I write what I do, not to discredit my counterparts. Many do a good job. My comments are with the intention of educating future Sellers of how to be successful and not make the same mistakes. It’s good for them and it’s good for the stability and growth of every Trilogy Member’s important asset…their home. Again, I’ll espouse, as many times before, “Proper Preparation, Pleasing Presentation, Powerful Promotion and Proper Pricing” are all vital elements to a successful result. No recipe will be as enjoyable to swallow if missing a key ingredient. One beautifully presented home spent nearly an entire year on the market, simply because the price was too  high. Sellers must be realistic and be sure their Broker is not quoting a higher price just to win the Listing. Be sure you have seen photos and data of good, recently sold comparable properties. Then, make sure your Broker is not spread too thin and has the time to, not only get all the “P”s right but to turn over every stone when you hit the market. The only volume the Elephant concentrates on is the dollar volume in my Sellers’ pockets. A happy customer is the greatest reward of all.

10 Pending Contracts down from 15 Month’s Prior

  Model Square Footage NWMLS
Original Asking Price Asking Price when Sold Days on Market Remarks
1 Chelan 1,300 1642144 $569,000 $550,000 84 ARCH Housing
2 Discovery 1,352 1661534 $649,500 $649,500 5 Nice Upgrades & Landscaping
3 Townsend 1,340 1655802 $649,950 $649,950 8 Seeking  Backups
4 Sammamish 1,640 1677537 $680,000 $680,000 4 Adair Creek, Highly Upgraded
5 Sammamish 1,640 1654491 $680,000 $680,000 31 Adair Creek  Way, Territorial View
6 Vashon 1,570 1660194 $759,000 $759,000 31 Private Patio, Corner Lot
7 Hemlock 2,305 1672365 $949,950 $949,950 3 Interior lot, Very Lovely Home
8 Maple 2,380 1651831 $1,060,000 $995,000 23 Beautiful, Greenbelt Home
9 Monticello 2,510 1682202 $1,250,000 $1,250,000 3 Fabulous Lot & Near Club
10 Redford 2,800 1675404 $1,379,500 $1,379,500 7 Lovely, Rare & Corner Greenbelt

The Pachyderm Practicing Those “P”s for a Cooperative Seller.

The Hemlock Plan

Pending in Three Days!

Presented “The Elephant Way”

Offered at $949,950

Sold for Much More!

Next Month…!

A Raised Bar Opening Opportunities

Recently pending homes ranged in asking price from $550,000 to $1,379,950… quite a spread. On the low end is Trilogy’s second smallest plan, the Chelan. This one is an ARCH home, A Regional Coalition for Affordable Housing for low to moderate income buyers. A rare Redford plan represented the high end. There was no model for this home, thus less in existence but certainly not lacking in appeal. The Redford is the largest one-story home in Trilogy and 2nd overall in size, next to the Maryhill. The Elephant had this very home built for the original Owners and has represented Buyers and Sellers four times with prior transactions. Our success with the record price setting Maryhill, reported last month, has no doubt paved the way for a few higher asking prices. Not only that, but October also revealed a few bidding wars on the high end. That’s how it’s supposed to work. We wish the Sellers well and will report pricing for done deals next month.
The fastest sales included an interior Hemlock plan of which I was extremely honored to represent the Elephant Way. We’ll reveal the over-asking sale price next month. The second home to move, also in three days, was a well-presented Monticello near the club and on, perhaps, one of the best lots in the community. I’m aware it went over asking, as well. The ARCH  home spent 84 days on market, although the price restriction lifts after 60 days for units in this program. All in all, the average home entered escrow in three weeks…not too shabby.

Four for Sale

  Model Square Footage NWMLS
Original Asking Price Asking Price when Sold Days on Market Remarks
1 Cedar 2,300 1621992 $990,000 $880,000 130 $110,000 Price Drop!
2 Cedar 2,300 1683045 $986,000 $986,000 6 Elegant in & out, Div. 6
3 Cedar 2,300 1678921 $1,100,000 $1,100,000 12 Loads of Upgrades!
4 Maryhill 3,560 1673843 $1,390,000 $1,325,000 19 Greenbelt in Enclaves

Buyers Eager for More Inventory

Buyers were able to select any floor plan they desired at month end, as long as it was a Cedar, of which there were three, or the lone Maryhill, listed with our local discount brokers adorning a $65,000 reduced asking price after two weeks on market. The offering must live up to the price.
Offered from $880,000 to $1,325,000, there is no doubt, pent up demand for choices in the more modest price ranges. Island Collection homes, ranging from 1,570 square feet to 1,960 square feet should do well now. However, as three of them closing during October, averaged 106 days on market and the other two averaged eight days, evidence those “P”s ,once again, still come into play.
I have a California Buyer anxious to purchase in this category to get near family. Let’s bounce it around if you’re curious as to how this might work for you.

The Elephant has a qualified Buyer that is ready to go! If you have  a Hemlock, Maple, or Estate Collection Home, you may be interested in selling, please, contact me. She’s been waiting patiently.

Final Thoughts…                 

Dynamics have certainly changed in Trilogy. We’ve never experienced such consistently low inventory as we’ve seen over the last few months, yet we’re approaching another back on track year of 100 sales, give or take. Well-presented properties have been turning over so rapidly, Buyers are having a tough time adjusting to how quickly they’re going to have to move, when something does come available. It seems Trilogy has melded into the same antics that have been going on outside our imaginary gates for years. An influx of Agents who have never sold a home in Trilogy are now expanding their searches into our realm. Brokers need to be on their toes to get clients right out to the properties and, if the right home presents itself, they need to get a hold of the Listing Broker immediately. Many listings on the NWMLS are posted as having a specific offer review date; usually four to six days away. This doesn’t mean the Seller wouldn’t consider taking an attractive offer, one with minimal contingencies and a quick closing, earlier. Strong relationships and the trust of an experienced Trilogy Broker can go a long way in accomplishing tying something up before the review date.
For Sellers, it’s a good idea to write down what the perfect scenario for you would be regarding a smooth transition to your new destination. A methodical Listing Broker can add an attachment to their listing on the NWMLS sharing how to write an offer that would likely be acceptable to the Seller. When the offers come in,
They should be more attractive. Make known what the perfect closing date would be, what proof of funds the Buyer may have and if you need a rent-back to give you time to move without pressure, after you’ve received your proceeds. If you don’t ask, you don’t get.
For Sellers, I suggest not falling into the “Oh, my home will sell itself” train of thought. This may very well be true, but will you have taken the proper steps toward a top dollar presentation or will you end up with less proceeds than you may have? Everyone seems to think their home is better than anyone else’s. If this were true, why are we seeing so many price drops? It’s because those are the homes that don’t pair up to their asking price or have not totally prepared the property before showing; plain and simple.  The others are selling quickly and for full-price or better. There just aren’t enough Brokers helping their Sellers  prepare beyond “good enough”. Those that have, are revealed in the charts. It’s unambiguous.

A Recap of 2020 Month over Month Statistics:

Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. YTD
$old 2 8 10 6 5 5 9 11 15 13 84
Pending 7 8 7 4 5 9 9 18 15 10
Active 9 6 7 10 14 14 9 7 3 4
$old D.O.M. 38 19 7 67 85 28 26 22 31 60
Active D.O.M. 63 46 73 48 43 55 76 86 44 42

It has been a pleasure to share this information and a few thoughts with you. Me and my Team sincerely hope we have offered you some insight that will help you be more successful in your purchase or your sale. If you have any questions, the Elephant has big ears and a trunk full of tools. Feel free to reach out and leave a message so I know who called.  I’d love to hear from you.
Thank you for reading and have a wonderful holiday.
That’s a wrap for October.

Trilogy Market Report
If you’d like to join the hundreds of Trilogy Members who get these monthly reports DAYS SOONER via E-Newsletter, Signup For The Trilogy Market Report and we’d be happy to add you to our list of in the know recipients.