This post looks at home sales in the Scottsdale zip code of 85262. The information covers Q4 2012 sales as well as a recap of the entire year.
85262 is Scottsdale's most northern zip code and borders national forest land. It has rolling and mountainous terrain and the natural look and feel of the Sonoran Desert has been well preserved. However, even though 85262 feels more residential, there are still many places close by for shopping, entertainment and dining.
SCOTTSDALE ZIP CODE 85262 HOME SALES REPORT AND SALES TYPE DEFINITION
This first report looks at sales data for Q4 2012. Following that is a summary report for 2012 and the final report looks at sales by type for each quarter of 2012.
The sales types for these home sales are defined below:
- Non-Distressed Sales -These are what you would consider "regular" or "normal" home sales.
- Short Sales – A short sale is when a homeowner needs to sell the home for less than what is owed on it. In this case, a third party or parties have to approve the terms of the sale. This is one of the two distressed sale categories.
- Foreclosures - The second distressed sale category is foreclosures. Here, the homeowner has lost to the home to foreclosure. These homes are also called "REO'" homes, "Lender Owned" or "BankOwned" homes.
Scottsdale Zip Code 85262 Home Sales for Q4 2012 - Data as of January 1, 2013
- Active Scottsdale 85262 Homes For Sale: Almost every home for sale in 85262 at the end of the year was a non-distressed home. The scarce 2% leftover was split between short sales and foreclosures.
- 85262 Pending Homes for Sale: Even though there were very few for sale, distressed homes made up 35% of pending sales at the end of the year.
- Q4 2012 Scottsdale 85262 Home Sales: Regular sales made up ground in Q4 and were 82% of all sales, followed by short sales at 14% and foreclosures at 4%.
- 85262 Home Prices: The highest average sales prices and average price per square foot was seen with regular sales, as we would expect. Typically short sales would come next and then foreclosures, but they have swapped places in Q4. Short sales came in significantly lower than foreclosures on both data points.
- Days on Market: This may be the shortest days on market I have seen for short sales at 97 days. Typically, these have the highest number of days on market. Regular sales, usually with the shortest days on market, came in last for Q4 as one of the homes that sold had been on the market for over 1,900 days.
- Discounts Off of List Price: As we have seen all year, regular sales had the highest average discount off of asking price. In Q4, it was 93%. Short sales saw a larger than average discount off of list price at 6%. We usually see this at 3-4%. Foreclosures also saw a larger discount in Q4 with 4%. We had been seeing about a 2% discount.
Scottsdale Zip Code 85262 - Homes Sales in 2012
If we look at the entire year of home sales, you can see that regular sales came in with the highest average sales price as well as average sold price per square foot. Interestingly, the days on market for regular sales exceeded that of lender owned homes. While normal sales usually have the shortest time on the market, these homes higher sales prices meant they took longer to sell. Also, demand for foreclosures is so high, many of these homes were probably picked up very quickly.
Another interesting thing to note is that short sales had the lowest average sales price and average price per foot. Usually, you see foreclosures in that position, but we have been seeing these categories flip flop recently.
Scottsdale Zip Code 85262 - Quarterly Home Sales for 2012
Here are the 2012 sales on a quarterly basis. Sales were pretty level throughout the entire year at just over a 100 sales per quarter. We did see a more robust quarter in Q2 when sales hit 141.
Non-distressed sales started out the year with 75% of sales and edged up to 82% of the sales in Q4. Short sales stayed about the same throughout the year, coming in with 12% of all 2012 home sales. Foreclosures' representation shrank over the course of the year from 12% in Q1 to 4% in Q4.
To see this same information for the entire City of Scottsdale AZ, please visit 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
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 1/1/2013 and can change at any time. The analysis looks at single-family resale homes for sale and sales in Scottsdale AZ zip code 85262 for Q4 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. This post represents the opinion of the author. No warranties express or implied.
Copyright © 2013 Heather Tawes Nelson