Here is a look at first quarter 2012 performance for the Scottsdale Arizona single-family home market. I have broken this information into three categories based on sales type so that you can see how each of the segments is performing.
Below are the three categories of home sales and their definitions:
- Non-Distressed Sales - I often refer to these as "regular" sales. These are what we think of when we think of a "traditional" home sale. In this case, the buyer and seller come to terms and the home is sold without any third party approvals necessary.
- Short Sales - Short sales are now quite common as a home sale type. In this scenario, the owner of the home needs to sell the home for less than what is owed on it. Therefore, the lender or lenders need to approve the terms of the home sale before it can be completed. This can be considered a "distressed" category.
- Foreclosures - These are homes where the lender has foreclosed and the home ownership has now reverted back to the lender. You will also hear these called "Lender-Owned" homes, "REO" homes and/or "Bank-Owned" homes. This also can be considered a "distressed" category.
Overall Findings for the Q1 2012 Scottsdale Single-Family Home Market - Data As of March 31, 2012
- Scottsdale Homes for Sale: If you look at the allocation of homes on the market, the vast majority of them (91%) were regular home sales. Only about 10% of the market was distressed inventory.
- Scottsdale Pending Home Sales: As we look at pending home sales, distressed inventory took over a larger percentage with short sales at 22% of pending sales and foreclosures at 12% of pending sales.
- Q1 2012 Scottsdale Home Sales: The distribution of home sales was almost identical to the pending sales. Regular sales made up about 2/3 of the homes sold .
- Home Prices: As to be expected, regular home sales' average sold price as well as average price per square foot sold were quite a bit higher than the distressed average sales prices, even though the sizes of the homes sold were comparable.
- Days on Market: Lender owned homes had the shortest average days on market at 101. This is not surprising as there is high demand for foreclosures. Regular sales came in next with 114 average days on market and short sales trailed with 171.
- Discounts Off of List Price: As we have been seeing over the last several quarters, discounts are getting smaller or holding the same pace. Buyers of regular priced homes saw an average of 6% off of the asking price. This had been closer to 10%. And distressed homes were only being sold at an average of 2-3% off of asking. This had been closer to 5%.
Scottsdale AZ Home Sales 2011
For comparison, here is a snapshot of 2011 home sales by type for Scottsdale.
If you are interested, you can browse through the previous reports for Scottsdale home sales:
View Scottsdale Home Sales by Type for Q4 2012
View Scottsdale Home Sales by Type for Q3 2012
View Scottsdale Home Sales by Type for Q2 2012
View Scottsdale Home Sales by Type for Q1 2012
View Scottsdale Home Sales by Type for 2010
Originally posted on Live Better in Scottsdale
Disclaimer: Due to rounding issues, not all columns will add up to a perfect 100%. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 3/31/2012 and can change at any time. The analysis looks at single-family resale homes for sale and sales in Scottsdale AZ on a quarterly basis. 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
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