2105 Big Leaf Way NE, Redmond WA 98053″
Sales slightly down. Contracts even more slightly. Inventory remains consistent.
June Results for Sold homes:
Down Three from May, 14 homes closed escrow during June.
Model |
Original Asking Price |
Sold Price |
Days on Market |
Elephant Thoughts |
| Townsend | $429,000 | $415,000 | 30 | |
| Discovery | $428,000 | $429,000 | 2 | |
| Vashon | $514,900 | $505,000 | 22 | Under-Priced |
| Bainbridge | $514,900 | $535,000 | 5 | |
| Whidbey | $574,900 | $564,000 | 22 | |
| Hemlock | $729,000 | $675,000 | 55 | |
| Hemlock | $750,000 | $728,050 | 83 | |
| Hemlock | $747,000 | $738,500 | 15 | Lovely Greenbelt |
| Alder | $754,800 | $754,800 | 7 | |
| Hemlock | $807,000 | $802,000 | 18 | Golf Course Home |
| Cedar | $875,000 | $835,000 | 52 | Golf Course Home |
| Monticello | $959,900 | $930,000 | 393 | Last Shea New House |
| Oakwood | $959,900 | $930,000 | 9 | Golf Course Home |
*Homes in bold; the Elephant’s work. Home sales were encouraging for June with some surprising activity. Of the 14 homes closing escrow, 50% of them sold for over $700K which is more than had sold in all previous months since January 1st. There were even more higher end agreements filtering into escrow which have not yet finalized.
The homes averaged 51 days on market; throw out the new construction house and the remainder were tied up in just 25 days. As typical, the longer homes on market experienced price drops while an underpriced home sold for more than asking; I’m guessing one bidder outbidding another. There are many different reasons for price drops. Sometimes a seller is simply too deep into their mortgage to ask anything less until they realize, they’re going to have to pocket less proceeds and get real with what they’re asking. Other times, the seller just wants to be done and get to their second home or, its poor marketing and/or the home was simply priced too high to begin with.
New Homes under Contract!
Pending sales are down one from May and six from April with 15. It will be interesting to see what kind of activity we have in July. As of the eighth, there was one closing. Sales have been harder to predict, from month to month, than in previous years. As mentioned prior, there’s something in the air that I’m still trying to put a complete finger on. Year over year, my January prediction to the RCA financial committee members seems to be right in there. I thought we’d drop into the low to mid 80s for sales in 2014 vs. the 103 total for 2013. Currently, one short sale, one foreclosure, two new construction spec houses and another 42 resales brings us to 46 closings year to date. We still have half the year but that includes the slower, holiday months of November and December.
Here’s what’s currently Pending or Pending Inspection:
Model |
Asking Price |
Days on Market |
Notes |
| Union | $318,691 | 121 | ARCH Home |
| Discovery | $414,950 | 8 | Twinberry Way |
| Union | $429,000 | 10 | |
| Washington | $549,900 | 25 | Spec House-Pending since 8/13/2013 |
| Whidbey | $559,000 | 31 | Lovely Grounds and Pond View |
| Vashon | $599,850 | 90 | Greenbelt Home |
| Hemlock | $739,000 | 6 | |
| Monticello | $824,900 | 66 | Dropped from $949,950 |
| Townsend – P.I. | $389,000 | 2 | Twinberry Way |
| Union – P.I. | $409,750 | 62 | ARCH Home |
| Discovery – P.I. | $430,000 | 8 | |
| Discovery – P.I. | $498,800 | 8 | Magnificent Mountain View! |
| Hemlock – P.I. | $740,000 | 4 | Greenbelt Lot w/rockery |
| Alder – P.I. | $750,000 | 59 | Dropped from $825K |
| Maryhill – P.I. | $879,000 | 143 | Dropped from $1,095,000! |
*Home in bold; the Elephant’s work. Notable are five homes under contract, in excess of $700,000, making up one-third of those reaching mutual agreement between buyer and seller. They averaged one month on the market. The Discovery and Union continue to be cross-over selections and popular but, if you want the big bucks, you’ll need to have either a great view or spectacular upgrades to make up for the lacking size in square footage. Both are a good use of space. The Maryhill is on the Golf Course near the fifth green and it’s been through the gambit ranging in status from actively available for sale, to contingent, back to active and now under contract pending inspection in its nearly five months on the market. Let’s wish them luck in getting it closed. The Alder is now pending at the price I recommended to the listing broker many weeks ago. We wish them good fortune, as well. Shea’s spec house is a mystery having been under contract nearly 11 months.
What’s Available?
As of May 1st there were 22 homes available; up two from June 1st.
Here’s what’s for sale!
Model |
Original Price |
Asking Price |
Days on Market |
Elephant thoughts: |
| Chelan | $385,000 | $364,950 | 63 | |
| Townsend | $398,000 | $388,000 | 76 | |
| Union | $464,900 | $459,900 | 27 | |
| Washington | $519,950 | $514,950 | 5 | Offer in Hand |
| Vashon | $529,000 | $519,900 | 50 | |
| Washington | $539,500 | $539,500 | 5 | Across from Novelty |
| Vancouver | $565,000 | $549,500 | 64 | On Trilogy Pkwy. |
| Bainbridge | $559,000 | $559,000 | 2 | |
| Vashon | $559,000 | $559,000 | 4 | |
| Washington | $559,950 | $559,950 | 5 | Opulent Upgrades |
| Vancouver | $619,950 | $579,950 | 55 | |
| Bainbridge | $619,900 | $559,900 | 96 | |
| Bainbridge | $599,950 | $599,950 | 6 | |
| Maple | $739,900 | $699,800 | 35 | Greenbelt |
| Cedar | $759,950 | $759,950 | 11 | Offer in Hand |
| Oakwood | $797,950 | $789,950 | 58 | |
| Cedar | $850,000 | $818,900 | 62 | Golf Course Home |
| Redford | $898,000 | $898,000 | 26 | |
| Maryhill | $940,000 | $899,000 | 123 | Corner Greenbelt |
| Monticello | $920,000 | $920,000 | 4 | Golf Course Home |
*Homes in bold; the Elephant’s listings. The average home had been on the market 39 days at the beginning of the month. That’s really pretty good when we consider the majority of homes available are over half a million dollars. Obvious deals or exceptional home sites go fast. Why some nice listings stick around is simply a matter of timing or taste; they’ll all sell eventually. Tough home site locations or lower level upgrade homes must be priced right to begin with.
Note: All listings that are currently available are posted HERE. We report what is available at the first of the month for consistent and measurable month over month reporting.
Final Thoughts
It was a solid month reflecting strength in pricing and reasonable time on market for most. Every home can be sold if you know how to market it. This holds true even if your house is on a busy street or a steep hill. Last month we sold a Madison in two days for full price and it backed to Novelty Hill Road. A good broker will understand who your buyer is and will target the appropriate features of your home toward that buyer. A seller or seller’s broker must know how to reach out to those looking for the unique features of your home. Remember the idiom, “One man’s trash is another man’s treasure.” This does not mean you should be stubborn as in the case of a few who say, “I’m not staging my house. This is how I live and if they don’t like it, someone else will.” That’s just throwing money away. It’s a proven fact that a staged house sells faster and for more money than one that is not staged.
A well prepared, promoted and priced home will bring a buyer. There’s a reason I have never had a listing that did not sell. The Elephant Way is to roll up our sleeves and grab a broom or a rag and a bottle of cleaner, as well as our check book, to make sure your house is really ready to bring top dollar.