Closings Down 40% from July
15 New Mutual Agreements to Escrow
Inventory Remains Consistent
Time on Market is Longer
Hello Everyone. This will be just the facts this month, for the most part. Personally, we’ve had a very busy month in real estate and an even busier month with our own home move. We are delighted to have started to live the dream, as many of you know, in Trilogy and we’re getting a reminder of what our clients go through when they do the same. Thank you to those of you who have given us such a warm welcome.
You do deserve to know what’s happening so here are the numbers, with minimal commentary, for this month. We’ll share more details when we give September’s results early in October.
Please, keep in mind all the following data is as of August 31st, 2014 at midnight for month over month accuracy. Statuses of some of these homes have changed by the time you receive this report. We’ll serve no wine before its time. Add the appropriate days per the month of September for time on market of available homes.
August Results for Sold homes:
Four fewer homes closed escrow in August than in July which was the same drop as we moved from June into July. Sales tax was collected and deeds were conveyed from Seller to Buyer on six homes during August, down 40% from the ten in July.
The Match Tic
Low |
High |
Prior Month |
August |
| 8 (January) | 68 (June) | 55 | 51 |
The total amount of all Northwest Multiple Listing statuses measured 51 at month end. 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.)
Here’s what Sold:
Model |
Original Asking Price |
List Price at Time of Sale |
Days on Market |
Sold Price |
| Union | $419,000 | 62 | $409,750 | |
| Madison | $489,000 | $489,000 | 9 | $489,000 |
| Washington | $514,950 | $514,950 | 34 | $504,975 |
| Bainbridge | $559,000 | $559,000 | 14 | $554,000 |
| Bainbridge | $619,900 | $599,900 | 93 | $592,500 |
| Cedar | $759,950 | $759,950 | 15 | $752,500 |
*Homes in bold; the Elephant’s work. The average days on market were 38 and the average sales price was right at $550K. Homes in the upper price ranges did drop a bit, as predicted and are taking longer to sell than they were for those who listed for sale three months ago. Buyers continue to be more selective than we’ve seen in the past. World affairs can cause uncertainty however interest rates are still attractive floating around $4.25% for a conventional 30 year mortgage, 3.25% for a 15 year and you may get around 3% for a 5/1 adjustable rate mortgage. The lower price range homes continue to sell much more quickly if priced correctly.
New Homes under Contract!
Pending sales did rise to two contracts more than July. This is a sign that there is still plenty of activity with buyers although only one of the sales surpassed the $700K mark. Two of the Pending sales still need to pass the inspection process. One of the remaining 13 is the lingering Washington built where Shea’s office trailer used to be. It’s been pending 13 months. Shea will have, officially, closed out 100% their inventory when that house closes escrow.
Here’s what’s currently Pending or Pending Inspection:
Model |
Original Asking Price |
Asking Price |
Days on Market |
| Townsend | $398,000 | $388,000 | 90 |
| Chelan | $398,000 | $398,000 | 25 |
| Discover | $430,000 | $430,000 | 7 |
| Union | $464,900 | $454,900 | 69 |
| Union | $489,000 | $489,000 | 11 |
| Union | $489,900 | $$489,900 | 21 |
| Washington | $539,500 | $539,500 | 42 |
| Washington (Shea Spec House) | $549,900 | $549,900 | 25 |
| Bainbridge | $599,000 | $599,000 | 3 |
| Bainbridge | $599,500 | $599,500 | 19 |
| Bainbridge | $599,900 | $599,900 | 19 |
| Maple | $739,900 | $699,800 | 21 |
| Hemlock | $740,000 | $740,000 | 27 |
| Chelan (Pending Inspection) | $385,000 | $344,000 | 119 |
| Vashon | $529,000 | $509,000 | 106 |
*Home in bold; the Elephant’s work. Note how a well prepared, promoted and priced home moves quicker than average and at a higher price.
What’s Available?
Exactly like July, August ends with 22 homes in inventory.
Model |
Original Price |
Asking Price |
Days on Market |
Elephant thoughts: |
| Chelan | $318,691 | $318,691 | 152 | ARCH Home |
| Orchard | $433,888 | $433,888 | 34 | |
| Union | $439,000 | $439,000 | 45 | ARCH Home |
| Whidbey | $529,000 | $515,000 | 58 | |
| Vancouver | $565,000 | $540,000 | 125 | |
| Whidbey | $559,000 | $552,900 | 65 | |
| Vancouver | $554,900 | $554,900 | 3 | |
| Washington | $559,950 | $559,950 | 66 | $112K in Upgrades |
| Vancouver | $619,950 | $569,000 | 116 | |
| Whidbey | $569,900 | $569,900 | 31 | |
| Bainbridge | $599,950 | $599,950 | 67 | |
| Cedar | $709,000 | $709,000 | 51 | Back on Market |
| Cedar | $769,950 | $730,000 | 87 | |
| Hemlock | $759,950 | $740,000 | 31 | Corner Greenbelt |
| Maple | $750,000 | $750,000 | 10 | Corner Greenbelt |
| Oakwood | $797,950 | $789,950 | 111 | |
| Cedar | $850,000 | $795,000 | 123 | Golf Course Home |
| Redford | $849,800 | $849,800 | 87 | |
| Maryhill | $940,000 | $899,000 | 184 | Corner Greenbelt |
| Monticello | $920,000 | $850,000 | 34 | Golf Course Home |
| Redford | $1,025,000 | $999,000 | 53 | Golf course Home |
*Homes in bold; the Elephant’s listings.
The average home had been on the market 72 days at the beginning of the month. That’s up about three weeks over the prior month.
Note: All listings after the first and all currently available are posted at www.DevinSanfordHomes.com on the home page. We report what is available at the first of the month for consistent and measurable month over month reporting.
Seeking Homes
If you have a Madison with at least a reasonably sized back yard where grandchildren could play, a Hemlock with a 3rd bay garage or a Cedar, or home under $439K, we may very well have a buyer for you. Please, let us know. We’d love to list that for you with our “Elephant Way” full service or perhaps, we could just bring you a buyer with an agency agreement signed up front just for our one customer. If you have questions, give me a call. We’d be delighted to talk with you.
We Love Feedback!
Your emails are very welcome. If you have anything you’d like us to address, by all means, drop us a line!
Thank you, in advance.
That’s a wrap for August. Enjoy the remainder of your summer and God bless!
Devin & Team