After 2010 came to a close, I pulled the home sales results for the North Scottsdale AZ zip code of 85262. I wanted to see how homes on the market and home sales fell into the three categories of sales activity I have been tracking - 'regular' sales, short sales and foreclosures.
Here is how I am defining the three categories:
- Non-Distressed Sales - These are "regular" or "traditional" home sales. The buyer is negotiating directly with the seller regarding the terms of the contract.
- Short Sales - These are where homeowners are trying to sell the home for less than is owed. Once a contract has been approved between the seller and buyer, it then must be approved by the lienholders which are quite frequently the lender or lenders on the mortgage or mortgages.
- Foreclosures - Foreclosures, also called "Lender-Owned" homes or "REO'" homes or "Bank-Owned" homes, are homes that have gone through the foreclosure process and the lienholders now own the home.
Overall Findings for the Scottsdale Zip Code 85262 Home Sales Market for 2010 - Data As of January 1, 2011
- Active Scottsdale 85262 Homes For Sale: Over 80% of the homes on the market at the end of 2010 were "regular" homes for sale. The remaining 18% was split between short sales (10%) and foreclosures (8%.)
- 85262 Pending Homes for Sale: Pending sales at the end of the year were more evenly distributed. A very illustrative example of the demand for foreclosures can be seen here. Although 8% of listings were foreclosures, foreclosures accounted for 37% of pending sales. Similarly, but not as dramatically, short sales accounted for 24% of pending sales, even though they were only 10% of the listed homes.
- 2010 Scottsdale 85262 Home Sales: We see the same kind of distribution in 2010 home sales. Regular sales came in a little over 40% followed by lender-owned homes at 33%. Short sales made up about a quarter of the sales.
- 85262 Home Prices: Average home prices for regular sales were much higher (in excess of $1 million) than the distressed sales prices. The distressed sale average prices only came in in the $600K's.
- Days on Market: Cumulative days on market were in excess of 6.8 months for all sales types. Although this seems like a very long time, 85262 is home to many luxury homes and they have a much longer sales horizon than lesser-priced homes. Lender-owned sales were the quickest, although you typically see regular sales have the shortest days on market figure, .
- Discounts Off of List Price: As we have seen historically, non-distressed sales have the most flexibility on average with respect to price. Buyers of these homes averaged a 14% discount off of asking. Short sales went for an average of 10% off of asking and foreclosures went for an average of 7% off of list price.
Here is the quarterly sales information for North Scottsdale zip code 85262 broken out by sales type.
To see this same information for all of Scottsdale AZ, not just zip code 85262, please visit these previous reports:
View Scottsdale Home Sales by Type for Q4 2010
View Scottsdale Home Sales by Type for Q3 2010
View Scottsdale Home Sales by Type for Q2 2010
View Scottsdale Home Sales by Type for Q1 2010
View Scottsdale Home Sales by Type for 2009
Originally posted on Live Better in Scottsdale
Disclaimer: Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 4/1/2010, 7/1/2010, 10/1/2010 and 1/1/2011 and can change at any time. The analysis looks at single-family resale homes for sale and sales in Scottsdale AZ zip code 82262 for the year of 2010. 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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