At the end of each quarter, I look at Scottsdale homes sales information by zip code to understand what kinds of homes are on the market and what kinds of homes are selling. Here is an in depth look at homes sales in north Scottsdale's zip code 85262.
85262 is a zip code found in far North Scottsdale. It is home to wonderful mountainous terrain and many of Scottsdale's top luxury golf communities. Here are few golf communities that can be found in 85262:
This analysis breaks out home sales activity into three categories - The first is "regular" sales (or non-distressed sales), the second is short sales (or pre-foreclosure sales) and the final category is foreclosures (also known as lender-owned homes, bank-owned homes or REO's.)
Here is how the sales activity for Scottsdale zip code 85262 broke out for Q3 2010:
Overall Findings for Q3 2010 - Scottsdale Single-Family Home Market for Zip Code 85262
- Active Homes For Sale: Active homes on the market in the 85262 zip code were by and large "regular" sales, with 78%. The balance was pretty evenly divided between short sales and foreclosures.
- Pending Homes for Sale: At the end of Q3 2010 pending sales were pretty evenly split between the three categories, with regular sales trailing slightly behind.
- Q3 2010 Scottsdale Home Sales: Although the bulk of homes (over 75%) on the market were non-distressed sales, they only represented about one-third of the closed home sales in 85262. Foreclosures had the highest percentage of the sales at 40%, even though they only comprise 10% of the active homes.
- Home Prices: The average sales price for regular home sales was significantly higher than the average sales price of short sales and foreclosures. What is interesting is that typically the highest prices are seen with regular sales and then the next highest average sales price is for short sales, followed by foreclosures. In Scottsdale zip code 85262 in Q3 of 2010, the average sales price of lender owned homes was higher than short sales. However, if you look at the average price per square foot, foreclosures still come in slightly lower than short sales. Another interesting observation is that you typically see about a 5% discount off of asking price for short sales and foreclosures. In Q3, short sales really did not come off of their asking price much, only 3%, and lender-0wned homes went for a higher discount at an average of 8%. Regular sales saw the highest discount off of asking, which is to be somewhat expected.
- Days on Market: Here is another situation where we are not seeing what we usually see. Usually we see short sales with the longest average time on market, but in 85262, we are seeing that regular sales have the highest days on market. This could be due to a number of homes for sale that are priced over market value and therefore not converting to sales. Foreclosures have the lowest days on market, which is expected due to the demand for these types of homes.
Here is the same analysis for the first three quarters of 2010 for zip code 85262.
Originally posted on Live Better in Scottsdale.
Disclaimer: Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 4/1/2010, 7/1/2010 and 10/1/2010 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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