Here are the Q3 2011 results for home sales in Scottsdale Arizona's 85266 zip code.
85266 covers a portion of North Scottsdale and was created a few years ago. It is bordered by Phoenix, Carefree and Cave Creek. 85266 enjoys a higher elevation and due to this a number of the homesites have wonderful Phoenix Valley views and mountain views. Several of Scottsdale's most popular golf communities are found in 85266. They include Whisper Rock, The Boulders and Terravita.
The report below looks at Q3 2011 home sales for zip code 85266. The information has been broken into three sales categories, which are defined below:
- Non-Distressed Salaes – These home sales are what you think of when you think of "normal," "regular" or "traditional" home sales. Here, the home seller and home buyer negotiate the offer and work together until the close of escrow.
- Short Sales – Short sales have become an increasingly more common sales type in today’s market. A short sale occurs when a seller needs to sell the home for less money than what is owed to the lender (or "lienholder"). In a short sale, lienholder(s) will need to approve any contracts before the sale can be completed.
- Foreclosures – Foreclosures are also known as "Lender-Owned" homes, "REO'" homes or "Bank-Owned" homes. These homes are those that have been foreclosed upon by the lienholder and no longer belong to the homeowner.
Overall Findings for the Scottsdale Zip Code 85266 Home Sales Market for Q3 2011 - Data as of October 1, 2011
- Active Scottsdale 85266 Homes For Sale: The vast majority, 89%, of homes on the market at the end of the third quarter were "regular" homes. Short sales were next with just under 10% and foreclosures made up the balance.
- 85266 Pending Homes for Sale: Short sales made up a much larger percentage of the pending inventory at the end of Q3 than the active inventory at 29% of pending sales versus 9% of the listings. We see something similar with foreclosures. They were only 3% of the active market, but represented 19% of pending sales. The jumps in these categories resulted in a decrease in regular home pending sales.
- Q3 2011 Scottsdale 85266 Home Sales: Regular sales made up more than half of sales in Q3 at 61%. Short sales were the next most popular at 24% and foreclosures were 15% of the market. If you look at the quarterly summaries below, short sales made up a larger percentage of home sales in Q3 than they had in Q1 and Q2.
- 85266 Home Prices: The average sales price was pretty close for all three categories. The spread is usually a bit larger. Non-distressed sales came in with the highest average, which is to be expected. Short sales were next, followed by lender-owned.
- Discounts Off of List Price: Home buyers for regular homes saw an average discount of 8% and short sale buyers saw a 5% average. This is pretty typical. What was interesting was that foreclosure buyers only saw an average discount of 1%, which is less than the average of 5% or so that we have been seeing.
If you want to see this information for the City of Scottsdale AZ, please see these previous reports:
View Scottsdale Home Sales by Type Q2 2011
View Scottsdale Home Sales by Type Q1 2011
View Scottsdale Home Sales by Type for 2010
View Scottsdale Home Sales by Type for 2009
Originally posted on Live Better in Scottsdale
Disclaimer: Due to rounding issues, not all columns will add up to 100%. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 10/1/2011 and can change at any time. The analysis looks at single-family resale homes for sale and sales in Scottsdale AZ zip code 85266 for Q3 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
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