I have no idea why this happened… I placed the snipe and the item sold with only 1 bid and for less than what I bid…

Hello Lindsey,
Thank you for your question about your snipe. You did not meet the minimum bid increment.
For a bid to register on eBay, when there are already at least one (1) or more existing bids, the "bid increment" must be added to the current price to win.
More information is available here:
For a bid to register on eBay, when there are already at least one (1) or more existing bids, the MBI must be added to the current price to win.
I hope this has been explained to your satisfaction. If not, I'm happy to answer any other questions you have.