Here are the 2011 year-end results for home sales in the 85262 zip code in North Scottsdale.
You can find the 85262 zip code in the most northern part of Scottsdale. Many of the most well-known, luxury golf communities can be found there, including Desert Mountain, Mirabel, Troon North, Legend Trail and Estancia.
Because 85262 is located so far north, it is at a higher elevation and can be a few degrees cooler in the warm summer months. This also means that a large number of homes and lots enjoy some amazing city light and mountain views.
This market report goes over the fourth quarter activity for home sales in 85262. The information has been divided into three categories and their definitions are below.
- Non-Distressed Sales - I call these "regular" home sales. These are traditional home sales where the seller and the homebuyer work together to determine the price and terms of the sale. They are the two stakeholders in the scenario. At the end, the ownership of the home is transferred to the buyer.
- Short Sales – Short sales occur when a seller is trying to sell the home for less than what is owed on it. In this scenario and all leinholders (or "lenders") will need to approve the terms of the sale. Frequently, there is more than one lienholder involved.
- Foreclosures - Foreclosures are homes that have been foreclosed upon and are now back with the lienholder who initiated the foreclosure process. You may also hear these called "Lender-Owned" homes, "REO'" homes or "Bank-Owned" homes.
Overall Findings for the Scottsdale Zip Code 85262 Home Sales Market for Q4 2011 - Data as of January 1, 2012
- Active Scottsdale 85262 Homes For Sale: At the end of December 2011, almost all of the for sale homes were regular sales (95%.) The distressed inventory only made up a small portion of the homes on the market.
- 85262 Pending Homes for Sale: By contrast, when you look at the pending home sales at the end of 2011, short sales (19%) and foreclosures (19%) made up 38% of the inventory. Regular sales still had 61% of the market though.
- Q4 2011 Scottsdale 85262 Home Sales: The breakout of actual home sales stayed pretty similar to the pending sales distribution. 64% of all Q4 sales were regular sales. Short sales made up a quarter of the sales and foreclosures came in last with 11% of the home sales.
- 85262 Home Prices: As we would expect, regular home sales had the highest average sales price and average price per square foot. Short sales were next, followed by foreclosures. Usually the spread between foreclosures and short sales is a little more pronounced, but we have been seeing these figures converge.
- Discounts Off of List Price: As we saw throughout 2011, buyers of regular homes enjoyed about a 10% off of asking price. Short sale buyers saw about a 6% discount and foreclosures saw a 7% discount off of list price. These are larger discounts that we saw in Scottsdale overall which came in in the 2-3% range.
Scottsdale Zip Code 85262 - 2011 Home Sales
Here is the home sales information for Scottsdale zip code 85262 on a quarterly basis for 2011. A majority of the sales (57%) were regular sales and short sales and foreclosures more or less split the difference for the remaining home sales.
To see this same information for the entire City of Scottsdale AZ, please visit these previous reports:
View Scottsdale Home Sales by Type Q3 2011
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 1/1/2012 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 Q4 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 © 2012 Heather Tawes Nelson
Comments(0)