Home sales in Scottsdale's zip code 85266 saw a nice lift in the second quarter of 2012.
85266 is a newer zip code for Scottsdale and it can be found in the northwest part of Scottsdale. It borders the 85255 and 85262 zip codes.
The well-known golf communities of Whisper Rock, The Boulders and Terravita are all located in 85266 and they offer a wide variety of options for homeowners.
Below you will find information on home sales activity in 85266 for the second quarter of Q2 2012. This information has been divided into three categories based upon what kind of home sale it was. Each of the categories is defined below:
- Non-Distressed Sales – This is what I call "regular" or "traditional" home sales. Here, a buyer and seller forge a contract and the home ownership is transferred from the seller to the buyer.
- Short Sales – This is the first of the two "distressed" categories. When a short sale occurs, the homeowner needs to sell the home for less than what is owed on it. Therefore any lienholders need to approve the terms of the sale since the price will be "short" of what is owed.
- Foreclosures – These are the homes that have been through the foreclosure process and are now back with the lienholder. These are also referred to as "lender owned", "bank owned" or "REO's". This is the second "distressed" category of home sales.
Overall Findings for the Scottsdale Zip Code 85266 Home Sales Market for Q2 2012 - Data as of June 30, 2012
- Active Scottsdale 85266 Homes For Sale: Almost all of the homes for sale at the end of Q2 were regular home sales. Short sales and foreclosure inventory was almost evenly split. Historically, we have seen a larger number of short sales on the market than foreclosures.
- 85266 Pending Homes for Sale: Short sales were much more highly represented in the pending sales at the end of the quarter, with 21% off all pending sales. Regular sales still held the majority though.
- Q2 2012 Scottsdale 85266 Home Sales: This is the first time I have seen regular home sales percentage share of sales match the percentage of homes on the market. Typically, the percentage of sales is lower as distressed inventory has more of a representation in sales.
- 85266 Home Prices: Pricing on homes sales in 85266 is aligned with what we have been seeing over the last several quarters. Normal home sales had the highest average sales price as well as average price per square foot. Short sales came in next, followed by foreclosures.
- Cumulative Days on Market: This is an interesting one this quarter. Short sales almost always have the longest cumulative days on market. However in 85266 in Q2, they came in under regular sales. (My guess is that they were pre-approved short sales.) Foreclosures had the shortest average time on market with 59 days.
- Discounts Off of List Price: Short sales on average sold for asking price, which lends credence to the pre-approved status guess. Regular home buyers saw an average of 5% off of asking price and foreclosure home buyers saw an average of 4% off of list price.
Scottsdale Zip Code 85266 Home Sales First Half 2012
Here is a chart showing the first two quarters of sales activity for 85266. As you can see, sales activity of regular home sales had a nice increase in Q2. Short sales stayed about the same and foreclosures really dropped off. The drop in foreclosures can most likely be attributed to a fewer number of foreclosure homes on the market.
SUMMARY - 2011 Scottsdale Home Sales in Zip Code 85266
Looking at these sales figures and comparing them with the charts above, you can see that non-distressed homes are making a comeback in 2012 when compared to 2011. And due to this, you are seeing a smaller percentage of short sales and foreclosures making up the sales figures.
If you would like to see this information for the City of Scottsdale AZ, please see these previous reports:
View Scottsdale Home Sales by Type for 2011
View Scottsdale Home Sales by Type for 2010
View Scottsdale Home Sales by Type for 2009
Search Homes for Sale in 85266
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 and 6/30/2012 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 Q2 2012. 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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