This analysis looks at the Scottsdale Arizona single-family home market’s performance over the second quarter of 2012. The information has been broken out into sales type categories, allowing you to track the results for the segment you are interested in.
The three categories of home sales and how I am defining them are below:
- Non-Distressed Sales – These home sales are “traditional” or “typical” home sales where there are a buyer and seller involved and no outside approval is necessary.
- Short Sales – Short sales fall under the “distressed” category. In this case, the homeowner will be selling the home for less than what is owed on it. Many people call homeowners in this predicament as “underwater.” In order for a short sale to take place, the terms need to be approved by the third-party lienholder(s) of the property.
- Foreclosures – This is the second “distressed” category. As the name implies, these are homes that have been foreclosed upon. You may also see these referenced as “Lender-Owned” homes, ”REO“ homes and/or “Bank-Owned” homes.
Overall Findings for the Q2 2012 Scottsdale Single-Family Home Market – Data As of June 30, 2012
- Scottsdale Homes for Sale: As of the end of Q2 2012, distressed homes for sale make up less than 10% of the active inventory. We have been seeing these numbers decline over the last several quarters.
- Scottsdale Pending Home Sales: When you look at pending sales at the end of June however, short sales make up almost one-third of the total inventory.
- Q2 2012 Scottsdale Home Sales: Here you see “regular” sales gain back some ground from short sales, but distressed sales still accounted for 24% of all sales in Q2 2012.
- Home Prices: Non-distressed homes had the highest average sales price and average price per square foot, which is to be expected. What is very interesting is that the lowest average sales price and average price per square foot was seen with short sales. Typically they always come in higher on an average cost per square foot basis.
- Days on Market: The cumulative days on market continues to decrease as the market continues to improve. The shortest time on market belongs to foreclosure homes. This makes sense as there are very few of them on the market and there is still quite a bit of demand for them.
- Discounts Off of List Price: Average discounts off of list price have been shrinking as well as the market continues to improve. Buyers of “regular” homes saw an average discount of 6% off of asking. Buyers of distressed properties only saw a 1-4% average discount off of list price.
Scottsdale AZ Home Sales Q1 & Q2 2012
Here is a snapshot of the first two quarters of 2012 and year-to-date figures for Scottsdale home sales by type.
Scottsdale AZ Home Sales 2011
If you are curious as to how these figures looked last year, the chart below shows 2011 home sales by type for Scottsdale.
If you are interested, you can browse through the previous reports for Scottsdale home sales:
View Scottsdale Home Sales by Type for Q1 2012
View Scottsdale Home Sales by Type for Q4 2011
View Scottsdale Home Sales by Type for Q3 2011
View Scottsdale Home Sales by Type for Q2 2011
View Scottsdale Home Sales by Type for 2010
Disclaimer: Due to rounding issues, not all columns will add up to a perfect 100%. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 6/30/2012 and can change at any time. The analysis looks at single-family resale homes for sale and sales in Scottsdale AZ on a quarterly basis. 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