The Elephants June 2022 Trilogy Market Report

Presented By Devin Sanford Homes

Signs of a More Balanced Market Approaching…
Growing Days on Market and Big Price Drops…
Contingencies and Home Inspections Back in Play…

There were seven closings during June, down two from May. The Chelan at $553,584 had a maximum allowable asking price set by A.R.C.H., a Regional Coalition for Housing in King County. Learn more at www.ArchHousing.Org. Below are telltale signs that pricing is simmering down considerably. Only one home sold above 100% of the asking price at just 101.37%. Three homes sold for 100% and one awfully close giving up just $5K. Two homes were standouts and not in a good way. Both were listed by the 1% Listing Fee duo and closed at an astonishing 77.22% and 92.66% of the asking and spent the longest times on market at 19 and 39 days, respectively. In a leveling market where volume sales are the admitted business plan, you don’t want to be a number. If it sounds too good to be true, it usually is. Proper pricing and expectation setting require focus and a concentrated effort to not let your clients down. Chasing pennies thinking you’ll save dollars is a bold gamble. Most Sellers didn’t skimp. They hired conventional fee Brokers and came out unscathed.

Seven Closings for June

“When will we ever learn? When will we ever learn?”
Pete Seeger

Model NWMLS Number Square Footage Original Asking Price Asking Price When Sold Final Sale Price Dollars/ Square Foot Days on Market Percentage of Asking Price
Chelan 1910522 1,300 $553,584 $553,584 $553,584 $425.83 5 100%
Townsend 1926911 1,340 $850,000 $850,000 $845,000 $630.60 6 99.41%
Madison 1931922 1,810 $949,999 $949,999 $963,000 $101.37 6 101.37%
Union 1919803 1,810 $949,999 $949,999 $963,000 $101.37 6 101.37%
Vancouver 1910724 1,920 $1,295,000 $1,200,000 $1,200,000 $625.00 39 92.66%
Alder 1935140 2,615 $1,498,888 $1,498,888 $1,498,888 $573.19 8 100%
Hemlock 1923103 2,290 $1,588,000 $1,588,000 $1,588,000 $693.45 5 100%

Contingent sales are when a Seller agrees in writing to give the Buyer a pre-determined amount of time to sell their current home before committing to close escrow on the new purchase. Showings to other potential buyers are allowed to continue in hopes of procuring a more qualified candidate. In such case, the Seller must give, typically a three-day notice to the first Buyer to either remove their contingency and commit to closing or lose the property to the second Buyer. We call such a loss getting bumped. Many Buyers and/or Brokers will shy away from showing contingent properties because they don’t want to rain on someone else’s parade. However, they sometimes make sense. For instance, when a home has been on the market for a while, the Seller may agree if the Buyer can show there’s a good likelihood that their home will sell fast, and they usually agree to pay the asking price. Due diligence is paramount when taking a contingency. The Elephant can count on one hand the times I’ve done it in my 22 Years as a licensee, but they’ve always closed Escrow. Contingent or not, I’ve never had any kind of real estate contract that didn’t close. I’m all about due diligence and few can say that. Currently, there are two contingent contracts in escrow after spending 50 and 22 days on the market, respectively.

Not only Trilogy has begun to see Buyer General Home Inspections become more acceptable to Sellers. There is about six weeks of Inventory County Wide, as well as in your neighborhood after many months hovering around one to three weeks. An increased number of listings for Buyers to choose from has made many Sellers more willing to accept inspections or financing and Sellers are becoming more understanding. Candidly, it feels good when people are settling down and becoming nice again. Now more than ever, Buyers and Sellers need a strong and attentive Broker. Elephants are thoughtful and nurturing in nature and provide rock solid representation.

Nine Lives Pending in Escrow & Two Contingent

Model NWMLS Number Square Footage Original Asking Price Asking Price When Sold Dollars/ Square Foot Days on Market Percentage of Asking Price
Chelan 1956818 1,300 $556,690 $556,690 $428.22 5 A.R.C.H. – Pending Inspection
Chelan 1941448 1,300 $850,000 $850,000 $653.85 9 Traditional Chelan Home
Orchard 1934217 1,440 $875,000 $875,000 $607.64 10
Washington 1946167 1,990 $950,000 $950,000 $477.39 3 1 ½ Story Home
Whidbey 1946167 1,660 $1,250,000 $1,250,000 $707.83 26 1%ers’ $75K Price Drop!
Bainbridge 1942090 1,850 $1,225,000 $1,225,000 $662.16 7
Monticello 1942175 2,695 $1,425,000 $1,425,000 $528.76 2
Hemlock 1923213 2,155 $1,499,000 $1,499,000 $695.59 50 CONTINGENT SALE
Hemlock 1948737 2,293 $1,658,000 $1,658,000 $723.07 22 CONTINGENT SALE
Monticello 1943517 2,700 $1,795,000 $1,745,000 $646.30 20 $50K Price Drop!
Hemlock 1939674 2,160 $1,775,000 $1,775,000 $821.76 7

June marks the first two-digit inventory appearance of 2022 and it wasn’t just for a day but fluttered over most of the month. The average days on market jumped a week over May, which had nearly doubled April. Times they are a changing.

Some of this is seasonal and can be attributed to people beginning to travel during the nice weather. Notwithstanding, there are more new listings than sales for the first time in a long time and less contracts in escrow. That means inventory is growing and slowing down price increases. Homes will continue to appreciate but, insanity with asking prices will not be as fortunate as for some in the past. Strong knowledge of your neighborhood and a good grip on realistic home values, along with a good strategy discussion would be good things to seek in a Listing Broker. Why take a chance with such an asset as your real estate property.

“Change is the only constant in life.”
Greek philosopher, Heraclitus

10 Homes Makeup the Largest Inventory of 2022

Model NWMLS Number Square Footage Original Asking Price Current Asking Price Dollars/ Square Foot Days on Market Mentionable
Madison 1958365 1,810 $1,050,000 $1,050,000 $580.11 3 Original Model Gallery Home
Whidbey 1915901 1,670 $1,299,000 $1,050,000 $628.74 78 1%ers’ $149,000 Price Drop!
Whidbey 1957911 1,680 $1,070,000 $1,075,000 $639.88 7
Bainbridge 1955833 1,870 $1,098,000 $1,098,000 $587.17 44 Pending Inspection
Bainbridge 1960271 1,870 $1,175,000 $1,175,000 $628.34 2
Vancouver 1953431 1,930 $1,179,000 $1,179,000 $610.88 14
Vancouver 1929780 1,910 $1,250,000 $1,190,000 $623.04 51 1%ers’ $60K Price Drop!
Hemlock 1949559 1,870 $1,300,000 $1,300,000 $695.19 22
Maple 1949684 2,575 $1,695,000 $1,645,000 $638.83 8
Maryhill 1944158 3,399 $1,825,000 $1,825,000 $536.92 6

NOTE: Figures and statuses are as of June 30th, 2022, for month over month comparisons. The number of
homes for sale will change by the time this market report has processed to you.

Cheryl R. _Seller, Trilogy at Redmond Ridge

Devin is fabulous. He over exceeded our expectations and made the sale of the home very turnkey. We are very grateful to Devin and his team. Best, Cheryl R. & Family

One of my favorite clients living in Trilogy shared a recent experience with me saying, “We just went to a very high-end interiors company in Seattle looking for a new kitchen faucet and they had a discreet well-worded sign in several places about using their services then shopping elsewhere. I thought Amen! to cheaters. …and yes, we purchased the faucet there.” When I didn’t quite understand she continued, “They were referring to people who come in and “use” them for information then buy through Amazon or someplace else. It was a sign in their showroom and was discretely placed among sinks, faucets, hardware, etc. I can’t remember exactly what it said, but the gist was how much they value serving their customers and pride themselves in their service and it’s unfair to use their services and then shop elsewhere.” She said, “If people only knew they get what they pay for.”

This is so true. All you must do is read the tables; the numbers don’t lie. It was very thoughtful of her to share that story as she’s aware that has happened to me many times.

I draft these articles for you and, of course to show my expertise in the hopes that I’ll be able to develop your trust, become your Realtor and make sure you’re taken care of 100%. I’ve been doing that in Trilogy since 2003.
My professional fee has been the same all those years and is in line with most Brokers in the industry across the country. It’s fair. You’ll be relying on me to negotiate for and with you throughout the entire transaction, and that begins with my ability to negotiate my professional fee. My goal is to demonstrate to you that my experience and service will result in the best outcome for you. That means you ending up with more money in your pocket and my fee becomes nebulous.

I’m a Certified Luxury Home Marketing Specialist and Guild Member of the Institute for Luxury Home Marketing, serving small or large homes. I don’t skimp when paying for Magazine Quality Photography, Aerial Photos, minimum four-page, full-color foldout brochures, 3D-Walkthroughs or Social Marketing. I don’t skimp with my time when creating your marketing materials either. I may spend an entire day building your flyer from scratch, I put it in a flipbook online using key words and search engine optimization to bring the right matches of visitors to your home, helping it to sell faster and for more money.

This short plea is not for most of you so please, forgive me as it doesn’t apply to you. This message, which I’ve written before, and I guess it’s time for a reminder, is for the users. Like the high-end interiors company, please don’t waste my time taking hours to prepare for a visit, travel time, an hour or two in your home answering your questions about what you need to do to prepare then say, thank you and hire the discount brokers. Nobody else charges a 1% Listing Fee. If you’re going to do that, don’t call me and you’ll get what you pay for. Sincerely, thank you.

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That’s a wrap for the first half of 2022! Enjoy the Sunshine, Everyone!

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The Pachyderm is going paperless until we weather this storm. It’s economics. Printing these reports and mailing them to 1,523 mailboxes is expensive and not currently viable. The hours at the keyboard are free. If you’d like to keep up until the tide turns, and it will, all you need to do is click the Trilogy tab at the home page of my website and enter your email address, or use the Google, or Facebook Tabs. That’s it and each time we send out a report, you’ll receive it in your email.

Did You Know the Elephant Serves Central Snohomish County?
hometown and stomping grounds I’m born and raised in this area and love it!

It was mostly woods when I grew up in Lynnwood where we rode our sleds down 196th Street and my childhood home is now a Wells Fargo Bank, and our motorcycle riding grounds are the Alderwood Mall and an array of businesses. I grew up in the Edmonds School District and went swimming at Mukilteo and Edmonds beaches, lived in Woodinville and ran Track for Monroe then graduated from Inglemoor High School in Bothell. As an adult I’ve lived in Everett, Mill Creek, Monroe and on Lake Stevens. If you or someone you know need a Snohomish County Expert, I’d be delighted to hear from you.

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Meet my Sweetheart, Sophie. You’ll never guess what we’re doing this weekend. We love the Pacific Northwest!

Here’s a Recap of Year-to-Date Stats: *New Days on Market (D.O.M.) Watch!

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
$old 2 2 9 5 9 7 34
Pending 2 3 2 7 7 11
Active 0 1 2 6 6 10
$old D.O.M. 4 5 6 4 4 13
Active D.O.M. n/a 5 1 9 17 23