Typical June Calm Before the Storm – Here are the Trilogy at Redmond Ridge Sales Results For June
7 homes $old during June in Trilogy at Redmond Ridge (4 fewer than May)
Seven homes closed escrow in June. Typically most of June is a slump time because of graduations, holidays, weddings and the return of snow birds. But, despite slow sales (a true sale means money, keys and tax bills change hands) there’s some good news. The average price for a Trilogy house was $532,771. Three sales in May were much higher, $710,000, $650,000 and $607,000. The high dollars are a strong indicator that mortgage money is more available
The sold floor plans, in Trilogy at Redmond Ridge, included a Sammamish, a Vashon, a Bainbridge, three Cedars and a Monticello. The not so good news is that the June sales were on the market an average of 255 days. But, there’s good news again. A year and a half ago King County’s inventory was nine months. Today, it’s less than six weeks. In other words, about Christmas 2010, the statistics folks figured it would take nine months for every house listed to be sold. Now they figure only about six weeks.
Let’s go back to those sales. Six were by owners. One was new construction. There were no foreclosures and only one short sale. Still more good news:
SIXTEEN homes went “pending” during the month of June, two short sales, two foreclosures and one ARCH (affordable housing). The total is the same as May. All are resells. As June ended, four were pending inspection. Pending means buyer and seller agree on price and terms. It is not a“final” sale.
And even more good news. The average price was more than half a million- $501,000. Seven were priced at $625,000 or more.
It’s changing out there. I’ve toured many houses and now have to tell my buyers that if they want something in the upper price range, grab it. The upper end is coming back. Two of those pending homes in June were priced at $798,000 and $825,000. They sold quickly, one in THREE days.
What is Currently Available, What’s Active in Trilogy at Redmond Ridge?
As July began, there were 30 “active” homes for sale, 26 of them resells and 4 new construction which the builder calls “Designer Homes.”
Of the resells, three are ARCH homes (A Regional Coalition for Housing). There aren’t any short sales. There are four new construction homes, three Bainbridge plans and a Whidbey which have been on the market, respectively, for 615, 238, 299 and 299 days. That’s an average of 363 days for these new construction buildings – the builder calls them “designer residences.” If asked, my speculation would be that location has contributed to the long time on the market.
Since our May newsletter, more than one source reports that Shea Homes pricing is going up, that incentives are disappearing and that Shea’s decision makers just aren’t negotiating prices for a house or a lot.
It’s truly a time to compare buying new with buying a resale. It’s your money. The decision about how you will invest it in the asset that will be your home should be totally yours and negotiations should include price, terms and perhaps some issues and circumstances available only with a resale. Check out our blog article on “Buying A Resale Home vs. New Construction.” What are your “new construction” options?
Figures and statistics attributed to Shea tell us that the buildings four “designer homes” still showing active on the NWMLS have been sold. “We just can’t build them fast enough, “a Shea sales person reports.” If that’s true, that means Shea is fresh out of “Designer homes,” their finished product.
Again, referring to numbers attributed to Shea, the developer had six “new build” sales in the last few weeks.” That would leave them with 33 lots on which to build the 14 floor plans Shea still offers. Again, attribution to a Shea sales agent, “There is only one greenbelt home site left if you are looking for a Maple, Hemlock or Cedar…only one greenbelt home site left which will fit two of the three “Estate Collection” floor plans, the Monticello or the Maryhill.”
In other words, Shea is telling us that pickings are slim. Its two new Island Collection plans brought up from California, the Nice and Monaco have large footprints. They can fit on only a few lots. Clearly, the negotiating levers belong to the developer.
Here’s the truth. If you are looking for to build from the ground up in Trilogy at Redmond Ridge, it looks like you won’t be looking at a greenbelt unless you’re the one person within each collection to invest first. The few remaining golf course sites are for the high end homes. If you’re not thinking of spending three quarters of a million dollars at the very least, you’ll be looking at rooftops, a wall or the back of another home.
June SUMMARY – Trilogy at Redmond Ridge:
Sales are strong for this time of year, in Trilogy at Redmond Ridge, especially when we consider the low inventory. 16 sales are reporting “pending” and I believe Shea has a few more up its sleeve which suggests a lot of closings in July
New construction is steam-rolling. Shea is approaching “selling out” and seems to have just about exhausted its supply of really good lots with their premium price tags.
I’m anticipating many homes to come on the market after the July 4 holiday, and with them, many new buyers. All of our measurements show that shoppers have been visiting our websites, searching through listings and saving their favorites. I have several sellers outside of Trilogy getting their homes ready for sale so they can come to Trilogy at Redmond Ridge and join in on the fun. I hear many of my broker counter-parts saying the same thing. July looks to be very promising.
No matter what kind of home you believe will be best for you, new or a resale, one thing stands true: you will need to be very aware of what is available and what is brand new on the market. If I may help you to keep one step ahead of the game, just let me know. All it takes is for you to pick up the phone or send me an email.
Don’t forget to read our article titled: “Buying New Construction vs. A Resale Home” We’re sure you’ll be glad you did.
That’s a wrap for June, thanks for reading, and we’ll see you next month!
~ Devin Sanford & Team
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The Angeles floor plan, Townsend floor plan, Discovery floor plan, Orchard floor plan, and Madison floor plan are all in the Trilogy at Redmond Ride Port Collection. The Chelan floor plan, Union floor plan, Sammamish floor plan and Washington floor plan are all in the Trilogy at Redmond Ride Lakes Collection. The Vashon floor plan, Whidbey floor plan, Bainbridge floor plan, Monaco floor plan, Nice floor plan, and Vancouver floor plan are all in the Trilogy at Redmond Ridge Island Collection. The Hemlock floor plan, Cedar floor plan, Maple floor plan and Alder floor plan are all in the Trilogy at Redmond Ridge Forest Collection. The Monticello floor plan, Oakwood floor plan, Redford floor plan, and Maryhill floor plan are all in the Trilogy at Redmond Ridge Estate Collection.