Scottsdale Zip Code 85266 Home Sales Q3 2013-Foreclosure & Short Sales

Below is an update on home sales in Scottsdale's 85266 zip code for the third quarter of 2013 as well as year-to-date.  

85266 is one of Scottsdale's newer zip codes and is located in the northern part of the city. It is south of 85262 and north and west of 85255. 

Homes in 85266 vary from standalone homes and planned community homes to homes with horse property and larger lots. You will find a lot of natural desert terrain and rolling hills in 85266.  85266 is also home to three of the area's well-known golf courses and communities. They are Terravita, Whisper Rock and The Boulders.

Below are some charts showing 2013 home sale activity for 85266. I have broken the information into three sales types and their definitions are below:
- Non-Distressed Sales – These are your "regular" or "typical" home sales where a buyer and seller agree on a sales price and the home is sold. 
- Short Sales – A short sale is different in that it requires third party approval to close escrow. Here the home is being sold less for than what is owed on, therefore an approval is required. A short sale falls into the "distressed sale" category. 
- Foreclosures – Here, the home is no longer owned by the homeowner, but rather the third party who foreclosed on the home. You will also hear these called "Lender Owned",  "REO" or "Bank Owned." This is a another "distressed sale" type. 

Overall Findings for the Scottsdale Zip Code 85266 Home Sales Market for Q3 2013 - Data as of  October  1, 2013

• Active Scottsdale 85266 Homes For Sale: Almost every home for sale in 85266 (97%) was a regular sale. Only four of the homes listed were distressed sales. 
• 85266 Pending Homes for Sale: The pending sales breakout was quite unusual. As Q3 came to an end, pending sales were split almost 60/40 between regular sales and short sales. This is the highest percentage I have seen short sales have in a long time. 
• Q3 2013 Scottsdale 85266 Home Sales: As we look at Q3 sales, regular sales were the majority of all sales with 91%. Foreclosures accounted for 6% and short sales came in with 3%. 
• 85266 Home Prices: Home prices came in as I would expect with regular homes havng the highest average sales price, then short sales, then foreclosures. However, when you look at average price per square foot, foreclosures came in higher than short sales. 
• Cumulative Days on Market: Usually you see regular sales with the shortest time on market, but for Q3, foreclosures came in with the lowest average days on market, highlighting the popularity of these kinds of homes. Short sales had the longest, with 222 days. 
• Discounts Off of List Price: Regular home sales had a smaller average discount (3% off of asking) than we have been seeing. Short sales had an average discount of 4%. And interestingly enough, there was no average discount foreclosures. Instead, these homes were selling in excess of the asking price on average. 

Scottsdale Zip Code 85266 Home Sales First Three Quarters 2013
Sales were huge in Q2, almost double that of Q1 and more than double of Q3. This is in line with what we saw in Scottsdale as a whole. 

Unlike other zip codes where we are seeing the impact of short sales and foreclosures taper off as the year passes, they had a larger percentage in Q3 (9%) than Q2 (5%).

SUMMARY - 2012 Scottsdale Home Sales in Zip Code 85266
Here is the same quarterly sales by type information for the year 2012. 

Although we did see an uptick in distress sales in Q3 2013, it is still quite and improvement over 2012. In Q1 of 2012, 30% of all sales in the 85266 zip code were distress sales. By the end of Q3 2013, it was down to 9%. 

Click Here to 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 10/1/2013 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 2013. 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 © 2013 Heather Tawes Nelson