Trilogy at Redmond Ridge Market Report – April 2015, Redmond WA Real Estate

Low Supply to Demand
Nine Sold; Nine Available
A Handful Remain Stagnant

Nine Homes Closed Escrow in April

On April first, there were fourteen homes available; a few others came on and off the market quickly. At month’s end, there are nine to choose from dropping availability for buyers by 35% month over month.  This is good news for Sellers because even some not so desirable and/or slightly over-priced homes are receiving offers.  People have lives to get on with and for those who have missed out on one or more opportunities before are learning, if you don’t pull the trigger quick, you’re not going to get the house.

A healthy real estate market typically holds about a five month supply of homes in inventory. With nine sold in April and nine available on May first, Trilogy is sitting with about a one month supply.  For those of you sitting on the fence as to whether it’s a good time to sell or not, I recommend you quit thinking about it and get on it. A well prepared, presented, promoted and properly priced home will sell faster than you can say Rumpelstiltskin.

Take a look at what’s $old:

Model Original Asking Price Asking Price when Sold Sale Price Days on Market
Angeles $419,000 $409,990 $408,000 46
Union  –  ARCH HOME $420,250 $420,250 $420,250 11
Orchard Stand Alone Home $469,950 $459,000 $457,000 26
Washington $519,000 $519,000 $505,000 65
Washington $539,000 $539,000 $541,500 42
Whidbey $579,000 $579,000 $575,000 4
Hemlock $705,000 $699,000 $694,000 63
Hemlock $729,950 $729,950 $705,000 44
Hemlock $785,000 $774,900 $755,000 118

Homes in bold & Green; the Elephant’s Work representing one third of the Sellers.

It’s been quite a while since Trilogy had one of its smallest floor plan on the market. The Angeles at fewer than 1,200 square feet reached mutual agreement between buyer and seller in about six weeks and still brought over $400K. Unless, we’re talking about an ARCH home (A regional coalition for affordable housing), it’s fair to say the days of anything under $400K in this fine community are gone; at least until the bubble bursts once more. Many think that won’t be long. Interest rates are predicted to reach 5% by year end and that could be the beginning. Again, fence sitting?  I recommend you sell high, wait and buy low. Renting after a sale and shopping carefully may be a good idea.

What’s currently under contract?

Up two over March, there are 15 homes pending the close of escrow.  Here’s what’s currently “Pending” or “Pending Inspection”. These are homes which have reached mutual terms between a buyer and a seller but have not yet recorded with the county.

Model Original Price Current Asking Price Days on Market Comments
Discovery $449,950 $417,950 63
Discovery $449,950 $419,950 88
Orchard $489,000 $489,000 2 Stand Alone Home
Vashon $519,000 $519,000 2
Madison $529,000 $529,000 0 The Elephant
Whidbey $559,000 $559,000 10 Near Cascade Club
Vancouver $559,000 $559,000 6 The Elephant
Bainbridge $569,900 $569,900 234
Vancouver $599,000 $579,000 58 Greenbelt
Bainbridge $579,000 $579,000 3 Close to Club
Bainbridge $589,000 $589,000 17
Hemlock $735,000 $735,000 0 Was off market for months prior
Alder $749,000 $749,000 3
Cedar $795,000 $795,000 3 Golf Course Home
Monticello $1,075,000 $1,075,000 10 Golf Course & View

Homes in bold & green indicate the Elephant is working for our Sellers.

Please, keep in mind all the following data is as of April 30th, 2015 at midnight for month over month accuracy. Statuses of some of these homes have changed by the time you receive this report. Add the appropriate days per the month of March for time on market of available homes.

Available homes at the single digit of NINE!

Here’s what your friends looking to join you have to choose from:

Model Original Price Current Asking Price Days on Market Comments
Washington $469,950 $469,950 161  
Vashon $514,900 $500,000 79  
Washington $519,500 $509,500 66 Greenbelt Home
Vancouver $569,000 $559,000 91  
Bainbridge $619,000 $599,900 41
Nice $685,000 $685,000 37 1st “Nice”  Resale Ever
Hemlock $729,000 $729,000 14
Hemlock $744,900 $744,900 31 Corner Greenbelt
Maryhill $1,180,000 $1,180,000 100 Golf Course, Mtn. View

Homes in bold & green; the Elephant at work.

Again, regardless of what you have to sell, now is the time. If two years from now were the proper time, that’s what I’d be saying. It is what it is. If you happen to be out of town and won’t be back until it’s possibly too late, you don’t have to lose out. “Too late” can mean the market has suddenly flooded with Sellers who get it, interest rates have risen, stocks have fallen or a numerous other amount of uncontrollable things.

The Elephant has served many people while they’re away who have literally given us access to the house and received a check when we’re done. Call if you have any questions because we all know what happened to Humpty Dumpty and, in most cases, we can help with your Washington State home whether you’re here or not.  We measure our success by how well we serve others; period.

The Match Tic
Low – YTD High – YTD Prior Month March
26 41 41 36

The total amount of all Northwest Multiple Listing statuses measured 36 at month end. This is down five points from March and the first time this measurement has dropped during the peak season in this Broker’s memory. I’m sure that’s because it hasn’t happened before and it’s a sure sign of the lack of inventory. This is GREAT for Sellers and could get worse for Buyers before it gets better.

Status may include Active (Homes currently available for sale), Pending Inspection (Homes under contract but still in the home inspection process), Pending (Homes that have worked through the inspection process successfully), Sold (Homes that have closed escrow), Contingent (Sold homes that are contingent upon the buyer selling their own home) and TOMK or BOMK (Homes that are either Temporarily Off Market or Back on Market after being temporarily unavailable.)

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 Devin, Bridgette & Team