The Original Trilogy at Redmond Ridge Market Report
Plenty of Purchases as Pachyderm Predicted…
Seeing Mutual Agreements Slightly Slowing….
Buyers Settling Down Yet Still Interested…
15 August Closings
Here’s what closed Escrow during August!
| Model | Northwest Multiple Listing Number | Original Asking Price | Asking Price when Sold | Final Sale Price | Days on Market | |
| 1 | Union (ARCH) | 1275071 | $533,614 | $533,614 | $533,600 | 89 |
| 2 | Townsend | 1318287 | $600,000 | $600,000 | $600,000 | 5 |
| 3 | Townsend | 1333116 | $610,000 | $610,000 | $612,000 | 6 |
| 4 | Discovery | 1327953 | $625,000 | $625,000 | $635,000 | 2 |
| 5 | Madison | 1307863 | $689,000 | $689,000 | $689,000 | 8 |
| 6 | Madison | 1327522 | $669,950 | $669,950 | $692,500 | 4 |
| 7 | Vashon | 1313829 | $759,950 | $729,000 | $724,000 | 26 |
| 8 | Bainbridge | 1279583 | $775,000 | $745,000 | $740,000 | 91 |
| 9 | Bainbridge | 1311128 | $750,000 | $750,000 | $776,000 | 10 |
| 10 | Hemlock | 1309579 | $899,999 | $875,000 | $867,500 | 29 |
| 11 | Hemlock | 1328933 | $998,000 | $998,000 | $981,000 | 14 |
| 12 | Cedar | 1310596 | $995,000 | $995,000 | $997,000 | 32 |
| 13 | Alder | 1290604 | $1,150,000 | $999,900 | $999,900 | 52 |
| 14 | Hemlock | 1327623 | $997,990 | $997,990 | $1,075,000 | 2 |
| 15 | Hemlock | 1327054 | $1,139,000 | $1,139,000 | $1,145,000 | 4 |
Homes in Bold & Green; the Elephant Representing SELLERS!
Hot August Nights for the Hemlock, Our Feature Floor Plan
It wasn’t hard to predict, in my June/July Report that we’d have plenty of closings in August due to the 15 Pending at the time. It’s a bit of a coincidence that we had exactly 15 closings; not all the same as were held up in Escrow. Our featured floor plan for August is the ever-popular Hemlock. With four closing, two in Escrow and another on the market, why not. First known to me as the 6220 Plan (Builder Blue Prints), the Hemlock has been Trilogy at Redmond Ridge’s most coveted plan. Easily recognized by the front Courtyard Entrance, the model was recognized by Builder Magazine as the #1 Floor Plan for a Production Builder under 2,500 square feet in the Country. The open concept design with vaulted Great Room, Formal Entry & Dining ceilings provides a grandiose feeling, even though it’s the baby of the two larger groups of homes. These are the Forest and Estate Collections and they adorn standard 3-car garages and 10-foot interiors. August sales prices ranged from$867,500 to $1,145,000. Top and bottom were both close to the club. The other was an interior lot with an over-sized patio and a relatively private lot. The low-end was the most conservatively upgraded Hemlock I’ve seen in my 15 years. The high end was just that, high-end and a lovely golf course home with warm tones, a remodeled Kitchen and all the bells and whistles. A veteran Trilogy Listing Broker listed both top and bottom and I doubt a non-veteran would have recognized the vast differences.
Six Access Escrow Sliding into September
Here’s what Uncle Sam is waiting to collect on…
| Model | Northwest Multiple Listing Number | Original Asking Price | Asking Price when Offer Accepted | Days on Market | |
| 1 | Orchard | 1346285 | $749,000 | $749,000 | 8 |
| 2 | Whidbey* | 1348383 | $775,000 | $775,000 | 3 |
| 3 | Maple | 1346285 | $925,000 | $879,950 | 62 |
| 4 | Hemlock | 1331320 | $880,000 | $880,000 | 27 |
| 5 | Cedar | 1340261 | $999,500 | $999,500 | 6 |
| 6 | Hemlock | 1330349 | $1,125,000 | $1,125,000 | 4 |
(*Pending Inspection)
A recent article in the Seattle Times stated, “Sellers have gone from giddy to Less giddy” and “For Buyers things have gone from depressing to less depressing.” I’d say that’s accurate. There’s common chatter among my counter-parts. “The market is changing” we’re all saying. That’s everywhere in our area. Although half a dozen to a dozen at any one time in this community is not a lot. We have nearly 75% more inventory in King County than we had this same time last year and that’s allowing Buyers to be a bit more selective. I’m certainly, seeing this in Trilogy. I used to put a home on the market and it was sold before the ink dried on the listing agreement. Now, my Sellers are having to show the homes many times in most cases before getting an offer. It’s different. I’m, also, seeing more shoppers comparing Trilogy to other Eastside, non-resort neighborhoods. This tells me, we might be pushing the envelope here with pricing and Buyer’s Agents are seeing it. Having been said, the homes are still selling and, when presented and negotiated strongly, at or near full-price. If they’re not, it’s likely the name of a Broker new to Trilogy on the sign. Six-figure price drops say a lot.
Eight Active at End of August Doubling July
| Model | Northwest Multiple Listing Number | Original Asking Price | Current Asking Price | Days on Market | |
| 1 | Discovery | 1354449 | $620,000 | $620,000 | 4 |
| 2 | Union | 1350028 | $679,950 | $679,950 | 12 |
| 3 | Vashon | 1347412 | $735,000 | $735,000 | 12 |
| 4 | Monaco | 1296052 | $795,000 | $765,000 | 103 |
| 5 | Bainbridge | 1350166 | $775,000 | $775,000 | 12 |
| 6 | Whidbey | 1345359 | $799,500 | $799,500 | 18 |
| 7 | Whidbey | 1346315 | $810,000 | $810,000 | 18 |
| 8 | Hemlock | 1343836 | $1,195,000 | $1,075,000 | 26 |
Remember, this inventory is as of the last day of the month. It’s an accurate way to review sales month over month.
Homes in Bold & Green; the Elephant Representing SELLERS!
The Island Collection Is dominating availability so, by the time you’ve received this report, seven of the eight homes above will be under $800,000, with exception of the Hemlock that experienced a rapid $120,000 price drop! Clearly, it was priced too high to begin with, especially for a home so far from the Hub. The rest of us seem to be holding out for price, realizing buyers are shopping more slowly. I don’t see any of the remaining homes priced out of whack. Those that move into the “Pending” and eventually, “Sold” categories, will require diligent follow-up, justification of asking price and elbow grease by the Listing brokers. Some will have the right rear end for the seat, plain and simple. Again, our market is still terrific, in fact, the best in the nation so there’s lots to be happy about. Remember that Trilogy is unique and ahead of the market curve. When we peak in pricing first, we also, are the first to settle down . You’re fine. Values aren’t falling. They’re just leveling. If you have an exceptionally opulent home, and there aren’t many, you have the exception to the rule and you can still expect to sell quickly and bring a pretty penny, with a strong presentation.
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3 Bed/3 Bath | 1,806 Sq. Ft. | $498,000
Talea Model at La Quinta
3 Bed/3 Bath | 2,624 Sq. Ft. | $619,000
Here’s a Recap of Year-to-Date Stats:
*New Days on Market (D.O.M.) Watch!
| Jan. | Feb. | Mar. | April | May | June | July | Aug. | Sept. | Oct. | Nov. | Dec. | YTD | |
| $old | 4 | 5 | 6 | 8 | 17 | 12 | 7 | 15 | 74 | ||||
| Pending | 7 | 7 | 7 | 15 | 9 | 6 | 15 | 7 | |||||
| Active | 3 | 1 | 9 | 9 | 7 | 9 | 4 | 8 | |||||
| $old D.O.M. | 38 | 19 | 10 | 17 | 17 | 21 | 15 | 25 |
Final Thoughts:
The market is still strong and, candidly, I’m glad to see things beginning to return to normal. The key word is beginning. Sellers are still positioned well but inventory will continue to grow for a few weeks yet and we’re beginning to see small price drops to tip fence sitters into making offers. Now, more than ever, Sellers are going to need a professional presentation with a Listing Broker who is not spread too thin. Brokers collecting listings and trying to take over the world will find themselves with not enough fingers to plug the holes in the dam. Sellers wishing to get top price should hire someone who can take a few hours on the phone to work it hard and think it through first.
We’re at 74 sales year to date and that’s not too shabby. By December 31st, I suspect we’ll slip under the 102 or more sales we’ve had for the last few consecutive years and end with double digits. The first week of January usually finds the early bird getting the worm and I’m optimistic for Spring. No doubt, if things tighten up a bit more, there will be a thinning of the Realtor heard and the more experienced Brokers, along with tired shoppers, will work closer toward a normal market place.
That’s a wrap for August. Thank you for reading. We hope this has been useful. We measure our success by how well we serve others. If you have a real estate need, please, drop Devin a line.
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