Here are the
home sales results for the first quarter of 2011 for Scottsdale's 85262 zip code. I wanted to take a look at how 85262 specifically performed over the first few months of 2011.
Scottsdale Arizona's 85262 zip code is the zip code that covers homes in the farthest north section of North Scottsdale. 85262 is home to many beautiful, upscale communities and because its elevation is higher than most of the greater Phoenix Valley, there are some amazing views. Another bonus is that temperatures can often be a few degrees cooler than the lower parts of the Valley. In 85262, there are some top golf communities like Desert Mountain, Troon North, Legend Trail and Estancia.
Here are the three categories I broke 85262’s home sales activity into. They are defined as follows:
- Non-Distressed Sales - These are "regular" or "traditional" sales of homes. The buyer and seller work with each other throughout the transaction.
- Short Sales – Short sales are where the seller is trying to sell the home for less than is owed to the lienholder(s). Due to this, short sales require the approval of the lienholders (also referred to frequently as the "lender(s)”).
- Foreclosures - Foreclosures are homes that have gone through the foreclosure process and have gone back to the lender. You may also see them referred to as "Lender-Owned," "REO'" homes or "Bank-Owned" homes.
Overall Findings for the Scottsdale Zip Code 85262 Home Sales Market for Q1 2011 - Data as of April 1, 2011
- Active Scottsdale 85262 Homes For Sale: "Regular" homes on the market made up the vast majority of inventory at the end of Q1 2011 with 87%. The small percentage left over was comprised of short sales (8%) and foreclosures (5%.)
- 85262 Pending Homes for Sale: Regular home sales lost quite a bit of their dominance when you look at pending sales. In this case, they were 58% of pendings. Close to half of the pending inventory (42%) was attributed to short sales (20%) and lender-owned homes (22%.) Here is a great illustration of the demand you see for foreclosure homes. While foreclosures only made up 5% of the for sale inventory, they accounted for 22% of the pending inventory. You can see a similar story for short sales as well.
- 2010 Scottsdale 85262 Home Sales: Regular home sales made up just over half of Q1 2011 home sales in 85262. Foreclosures made up one third of the sales and short sales came in at 16%.
- 85262 Home Prices: We more or less almost always see regular sales with the highest average sales price, but this may be the most pronounced variance I have seen. Average sales price for regular home sales was almost double that of short sales and foreclosures. Generally, short sales have the next highest average sales price, but for Q1 2011, foreclosures actually come in slightly higher. However, when you look at the difference in average square footage of homes sold and average price per square foot, you see that foreclosures did have the lowest relative prices.
- Discounts Off of List Price: We generally see about a 10% discount off of asking price for regular sales. In this case it was 11%. Short sales and foreclosures typically come in at the 5% range. However for Q1 2011 in 85262, short sales closed with a larger than typical discount of 9% off of list price. On the other end of the spectrum, foreclosure purchasers only saw a 2% discount off of asking price. It will be interesting to see where these figures come in for Q2 2011.
To see this information for the City of Scottsdale AZ, please visit these previous reports:
View Scottsdale Home Sales by Type for 2010
View Scottsdale Home Sales by Type for 2009
Originally posted on Live Better in Scottsdale
Disclaimer: Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 4/1/2011 and can change at any time. The analysis looks at single-family resale homes for sale and sales in Scottsdale AZ zip code 85262 for Q1 2011. 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 © 2011 Heather Tawes Nelson
Comments (1)Subscribe to CommentsComment