At the end of each quarter, I take a look at Scottsdale Arizona home sales statistics to see how the various sales types broke out. For instance, how many home sales were "regular" sales? How many were distress sales such as foreclosures or short sales? And, how do these numbers compare to the previous quarter?
Here is how I define the three categories:
- Non-Distressed Sales - These are traditional, "regular" home sales.
- Short Sales - These are where the homeowners are trying to sell the home for less than is owed with their lender's approval.
- Foreclosures - These are homes the lender has foreclosed upon and now owns. You will see them referenced as "Lender-Owned". You may also hear them called "REO'" homes or "Bank-Owned" homes.
Overall Findings for Q2 2010 - Scottsdale Single-Family Home Market
- Active Homes For Sale: The majority of homes on the market are "non-distressed" at 76%. This is down from 78% at the end of the first quarter. Short sales were the next highest at 16%, up 1% from the end of Q1. The lender-owned inventory shrunk to 7%.
- Pending Homes for Sale: The number of pending short sales was up from 32% to 36% of all pendings at the end of the second quarter of 2010. Lender-owned pending sales were also up to 22% from 20%. In return, the number of "regular" homes sales that were pending dropped off from 48% at the end of the first quarter to 42% at the end of the second quarter.
- Q2 2010 Scottsdale Home Sales: Non-distressed homes sales again were the majority of sales in the second quarter with 56% of all sales. Short sales and foreclosures were evenly split with 22% of the sales each. Short sales were up 2% over Q1 and conversely foreclosures were down 2% over Q1.
- Home Prices: Non-distressed homes sale prices as well as average price per square foot continue to be significantly higher than short sales and foreclosures. The average sale price of a non-distressed home was almost $200K higher than short sales and over $225K for foreclosures. As expected, lender-owned homes had the lowest average price per square foot. Average price per square foot for regular sales went down from $200.85 in Q1 to $191.92 in Q2. Short sale average price per square foot actually increased in Q2 to $156.26 from $149.76. Foreclosure average price per square foot was almost identical with $134.15 in Q2 versus $134.76 in Q1.
- Days on Market: The number of days on market were down for all three categories in Q2. Non-distressed homes went from 152 days in Q1 to 144 in Q2. Short sales saw a drop of almost a month going from 207 days to 180 days. Foreclosures also dropped from 133 days to 114.
- Discounts Off of List Price: Once again, the largest discount off of asking price is seen in the non-distressed sale category. On average, homes were sold at an 8% discount off of asking price. The average discount on this group for Q1 was 9% off list price. Short sales and foreclosures both averaged a 5% discount off of asking price. One interesting thing to point out is that the discount for short sales shrunk between Q1 and Q2. The average discount in Q1 was 8% off asking. I am not sure if this is because listing agents are submitting fewer "lowball" offers, if the asking prices of these homes are getting closer to appraised values, if lenders are holding strong with the prices they want to receive, or if something else is at play. It should be interesting to see what happens in Q3.
Here is the same analysis for the first half of 2010.
Previous Reports
View Scottsdale Home Sales by Type for Q1 2010
View Scottsdale Home Sales by Type for 2009
Originally posted on Live Better in Scottsdale
Disclaimer: Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 1/1/2010, 4/1/2010 and 7/1/2010 and can change at any time. The analysis looks at single-family resale homes for sale and sales in Scottsdale AZ over the last 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes. Information deemed reliable but not guaranteed.
Copyright © 2010 Heather Tawes Nelson
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