The following is an overview of Q2 2011 home sales in North Scottsdale's zip code 85255.
Scottsdale Arizona's 85255 zip code is located toward the north of Scottsdale and encompasses many great communities, many of them golf communities. Some of the top golf communities that can be found in 85255 include Troon Country Club, Desert Highlands, Grayhawk, DC Ranch and Silverleaf. For non-golfers, there are plenty of options as well. 85255 is home to Pinnacle Peak and since is it is farther north, many of the homes and homesites have lovely Valley views and mountain views.
The following report covers home sales activity in 85255 for Q2 2011 and shows how the activity was distributed between the three different categories.
The three categories are defined as follows:
- Non-Distressed Sales - This is what you think of when you think of a "normal," "regular" or "traditional" home sale. Here, the buyer and seller negotiate, come to terms and work together until the sale is complete.
- Short Sales – A short sale is when a seller is trying to sell the home for a price that is less than what is owed on the home. In a short sale, the lienholder (quite often a bank) has to give its approval for the sale. In a short sale, there can be more than one lienholder, such as when there is a second loan on the home. In this case, all parties need to approve the sale.
- Foreclosures - These are homes that have been foreclosed on and are now belong to the lienholder. You may also hear these called "Lender-Owned" homes, "REO'" homes or "Bank-Owned" homes.
Overall Findings for the Scottsdale Zip Code 85255 Home Sales Market for Q2 2011 - Data as of July 1, 2011
- Active Scottsdale 85255 Homes For Sale: The largest portion of homes on the market, 83%, belonged to regular home sales. The remaining portion, 17%, was almost equally divided between short sales (10%) and foreclosures (7%). This allocation is more or less what we see each time the report is run.
- 85255 Pending Homes for Sale: For pending sales, we see the demand for distressed properties. At the end of June,. 46% of the homes under contract were short sales and foreclosures, even though they represented only 17% of the active market. Regular home sales came in with the remaining 54%.
- Q2 2011 Scottsdale 85255 Home Sales: Regular home sales went back up percentage-wise as we look at the actual home sales for Q2. 64% of the home sales were for non-distressed homes. Short sales made up 22% of the sales and foreclosures came in at 14%.
- 85255 Home Prices: As we see each time, the highest average sales price and average cost per square foot were highest with regular home sales. Short sales and foreclosure average prices were closer than you usually see. Typically, lender-owned figures come in a bit lower than short sales.
- Discounts Off of List Price: Historically, we have seen about an average 10% discount off of asking price for regular sales and for Q2 in 85255, this held true. We also see abut a 5% average discount on distressed properties. However, in Q2, the average discount for short sales was 4% and lender-owned was 3%. It will be interesting to see if this trend holds up in Q3.
If you would like to review this data for the City of Scottsdale AZ versus a single zip code, please visit these previous reports:
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 7/1/2011 and can change at any time. The analysis looks at single-family resale homes for sale and sales in Scottsdale AZ zip code 85255 for Q2 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 © 2011 Heather Tawes Nelson
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