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

Sales Triple Over August…
Hemlocks Lead the Pack…
3rd Quarter Sales Update & Who’s-Who…

Competition for well-presented listings is high, particularly in the upper price range. It seems buyers are more than willing to pay almost anything they need to secure they’ll have somewhere to live and get on with their lives. Buyers have been getting pushed out of the homes they are coming from by eager to dwell shoppers and the chain reaction is affecting sellers in Trilogy. The good thing is this isn’t the first rodeo for most of our Sellers. They already know where they’re going because they’ve planned well ahead or they’re willing to rent to get top buck and shop strategically. What’s really new for the Trilogy market is the high number of premium home site sellers recognizing that the surf is up and full price or above offers won’t last forever. The average sales price of homes sold in September was $675,000. The average sales price for all Trilogy homes sold in 2014 was over $100,000 less at $573,792.  If you have a golf course and/or mountain-view, a particularly gorgeous greenbelt or you’re close to the Cascade Club, you need not worry. There are buyers who have been saving for this very time to open up their checkbooks and take over the property taxes.

15 Homes $old During September:

Model Original Price Asking Price when Sold Sale Price Days on Market
Discovery $465,000 $455,000 $455,000 55
Union $459,000 $459,000 $455,000 20
Orchard $490,000 $490,000 $490,000 5
Vashon $514,900 $515,000 $496,500 140
Vancouver $569,000 $544,000 $544,000 184
Bainbridge $649,000 $649,000 $625,000 24
Bainbridge $659,000 $659,000 $667,000 2
Hemlock $729,950 $729,950 $725,000 86
Hemlock $739,950 $739,950 $730,000 16
Hemlock $749,000 $749,000 $749,000 4
Hemlock $749,950 $749,950 $752,000 2
Hemlock $749,000 $749,000 $755,000 3
Hemlock $759,000 $759,000 $759,000 2
Maple $830,000 $825,000 $825,000 43
Cedar $875,000 $875,000 $926,500 4

*Homes in bold & Green; the Elephant’s Work representing Sellers.

Take a quick look at this recap of home statuses so far Year to Date:

Jan Feb March April May June July Aug Sept
$old 6 5 6 9 13 8 10 5 14
Pending 4 8 14 15 12 11 13 18 12
Active 15 15 14 9 8 11 5 4 5

Mutual Agreement Contracts Fall by One-Third

Here are the Facts about what’s currently “Pending” the Close of Escrow

The slowing of the number of mutually agreed contracts is simply an indication that autumn has arrived. These Dozen homes have reached mutual terms between a Buyer and a Seller but have not yet recorded with the County. One is still pending the inspection process. We won’t know the sale price until the deed changes hands and excise tax has been collected.  You may have seen a promotional post card showing the two Hemlock and Bainbridge plans as being sold but they are not sold yet. The final escrow documents have not been signed, the money is not in escrow yet and the deeds have not changed hands for these four properties. Rely on the Elephant to tell you when it’s really sold. We promise to deliver the facts. Notwithstanding, we’re optimistic we’ll be reporting them sold next month.

Model Original Price Asking Price when Offer Accepted Days on Market Comments
Discovery $412,000 $412,000 4 Seems like a great deal!
Washington $489,000 $489,000 21 The Elephant at work!
Washington $529,000 $519,000 99 Pending Inspection
Orchard $519,500 $519,500 2 Setting the bar!
Madison $539,950 $539,950 14 Trunk it!
Whidbey $624,950 $624,950 15 Setting the Whidbey Bar
Bainbridge $659,000 $659,000 3 Real Wood Trim Pkg.
Bainbridge $699,000 $699,000 3 Elevated Forest View
Hemlock $745,000 $745,000 9 Greenbelt Home
Hemlock $747,000 $747,000 5 Partial Mtn. View
Alder $749,000 $749,000 17 Greenbelt
Cedar $749,900 $749,900 5 Territorial View

*Homes in bold & Green; the Elephant’s Work representing Sellers.

Here’s What’s Available For Prospective Buyers:

Model Original Price Current Asking Price Days on Market Comments
Chelan $339,557 $339,557 51 ARCH Housing
Discovery $470,000 $470,000 6 Hmmm.
Madison $539,000 $529,000 23 Near Cascade Club
Cedar $799,950 $799,950 13 Corner Greenbelt
Monticello $1,100,000 $1,100,000 17 17th Fairway

Please, keep in mind all the following data is as of September 30st, 2015 at midnight for month over month accuracy. The statuses of some of these homes have changed by the time you receive this report.

The Match Tic

Low – YTD High – YTD Prior Month September
26 41 27 31

It’s been a very tight and even flow year. Inventory has consistently turned over keeping the selection very slim at any one time. The significance of this measurement is that there’s been no significant swing. Consistency is the mantra for 2015; consistently low availability, yet normal sales numbers.

The total amount of all Northwest Multiple Listing statuses measured 31 at month end. This tells us inventory is low and statuses are changing from one to another rapidly. 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.)

Floor Plan Activity Year-to-Date

Floor Plan Number Sold Avg. Days on Market Low High
Port Collection:        
Angeles 2 28 $389,000 $408,000
Townsend 1 4 $439,000 $439,000
Discovery 5 44 $417,950 $480,000
Orchard 6 17 $439,950 $490,000
Madison 1 0 $540,000 $540,000
Lakes Collection:  
Chelan 3 35 $296,966 $412,250
Union 3 10 $420,250 $479,950
Sammamish 0 0
Washington 4 103 $460,000 $541,000
Island Collection:
Vashon 5 64 $495,000 $579,000
Monaco 0 0
Whidbey 6 9 $550,285 $600,000
Bainbridge 6 58 $570,000 $667,000
Nice 2 21 $665,000 $779,950
Vancouver 6 70 $544,000 $636,000
Forest Collection:
Hemlock 12 34 $665,000 $890,000
Cedar 4 42 $665,000 $926,500
Maple 2 34 $800,000 $825,000
Alder 1 3 $749,000 $749,000
Estate Collection:
Monticello 2 28 $829,000 $1,077,000
Oakwood 0 0
Redford 3 131 $820,000 $920,000
Maryhill 2 61 $1,075,000 $1,150,000

*Homes in bold & Green; the Elephant’s Setting the Bar Representing Sellers

The above graph is simply general information as to the price range of individual home sales per specific floor plan. As usual, there is always more to the story. For instance, the Chelan at $296,966 was an ARCH home and thus the maximum price it could be sold for according to King County and ARCH regulations. Yes, the $1,150,000 Maryhill sale was a spectacular golf course and mountain-view home. There is every situation between the high and the low.

Several other bars were set. For example, the Elephant sold a Cedar on a greenbelt for $799K, which is the highest price for that situation but it wasn’t the highest price overall due to that award going to a golf course home which, of course, warrants a premium. We and other brokers have had other comparable bar setting situations not reflected above.

Who’s-Who Among Trilogy Brokers?

The Elephant loves to print the facts. That’s why we send this monthly information to you in the form of a “Market Report” and not a “Newsletter”. You won’t find recipes for oatmeal cookies or reminders to set your clock back in our reports. We trust you have that under control. We work very hard to be an approachable resource you can count on for honesty, accuracy, elbow grease and answers to your real estate questions.

Once or twice a year, we hesitate at the need to put the facts on paper so the Trilogy members we care so much about are not lead down the wrong road by “puffing” or misleading advertising you may receive in your mailbox. We want you to have the best available care possible.

All the Northwest Multiple Listing statistics reported below have been checked, double checked and re-checked for accuracy and have been saved for future verification. I, personally, update my records and spreadsheets almost daily and that data, too, is checked and re-checked. Although, neither the NWMLS statistics nor I are without flaw, we believe our information to be very accurate.

There have been over 80 brokers who have served buyers and/or sellers with the 77 year to date sold homes through the first three quarters of this year. Only double digit producing Brokers who have represented at least 10 Sellers and Buyers combined have received recognition in this report. I think it’s fair to say that there are really just a few “Trilogy Specialists”. There literally are no other producers who can’t count their Trilogy production on one hand. The number of transactions only reflects Trilogy sales. The Elephant is the only broker who has had several sold listings outside of Trilogy. We believe it’s important to be in touch with real estate in our surrounding communities, in addition to caring for our Trilogy neighbors. This allows us to serve you whether you’re coming or going.

Your Top Trilogy Listing Brokers through the First Three Quarters of 2015

Trilogy Rankings for Sold Listings  Listing Broker # Trilogy Listings Closed (Sold) Average Days on Market Sales Price % vs.  Asking Price Listings   under contract in 72 Hours # of Trilogy Buyers Represented Broker’s Office Ranking Among Producing Peers
#1 Devin Sanford 21 25 99.28 11 1 #1 of 226
#2 Pat Wenzel 14 29 99.14 4 2 #30 of 115
#3 Katie Buchan-Classen 11 41 99.63 3 2 #6 of 142
#4 Barbara Armes 6 52 100.37 1 4 #18 of 80

“Statistics not compiled or published by the Northwest Multiple Listing Service.”  Reporting Broker compiled information from separate valid NWMLS reports and keeps records on file.

The above four brokers and their combined 60 sides of transactions represented 39% of the 154 Buyers and Sellers in Trilogy over the first three quarters of 2015. Nearly 80 other Real Estate Brokers served the other 61%. There are 77 sold homes year to date, each with a buyer and a seller making up the 154 total sides of all transactions. Congratulations, fellow brokers. Way to get it done. We are grateful for the transactions we’ve shared with each of you.

That’s a wrap for September.  We hope you found some value in this report and we’ll see you next month.

Devin, Bridgette & Team