Scottsdale Zip Code 85255 Home Sales By Type Q3 2012
Here is the home sales information for the Scottsdale Arizona 85255 zip code for Q3 2012 broken down by sales type.
Residents enjoy living in 85255 due to its proximity to a large number of dining, shopping and entertainment options. It is very easy to get to from a transportation standpoint and there are many options for outdoor exercise, including hiking Pinnacle Peak or the McDowell Mountain Preserve.
Q3 2012 homes sales in 85255 -Real Estate Sales Types
In order to give a more complete view of the 85255 market, I have broken the home sales information into three different sales types:
– Non-Distressed Sales – Non-distressed sales are “regular” or “normal” home sales. No third party approval is required for the buyer and seller to close escrow.
– Short Sales – Short sales are considered a “distress” sale. In a short sale, the seller will be selling the home for less than is owed on it and therefore needs the lender(s)’ approval to do so.
- Foreclosures – As the name indicated, foreclosures are homes that have been foreclosed on. Other names for these homes are “Lender-Owned” homes, “REO'” homes or “Bank-Owned” homes.
Overall Findings for the Scottsdale Zip Code 85255 Home Sales Market for Q3 2012 – Data as of October 1, 2012
- Active Scottsdale 85255 Homes For Sale: Almost the entire market (94%) was comprised of non-distressed sales at the end of Q3. Short sales only represented 4% and foreclosures were 2%.
- 85255 Pending Homes for Sale: Although they were only a small portion of the active market, short sales took a much larger share of pending sales, at 34%. This increase came at the expense of regular sales which came in at 63%. Foreclosures were only 2% of pending sales.
- Q3 2012 Scottsdale 85255 Home Sales: 76% of Q3 home sales were non-distressed sales. Again, short sales came in behind that at 16% and foreclosures represented 8%
- 85255 Home Prices: Average sales prices were just the opposite of what we normally see. Usually normal sales go for the highest average price followed by short sales and then foreclosures. However, in Q3 for 85255, foreclosures had the highest average sales price, coming in at over $1 million. Average price per square foot also was very close to that of regular sales and higher than short sales. The average price of short sales also came in higher than that of regular sales. A lot of this anomaly is due to multi-million dollar sales in the short sale and foreclosure categories. Since there were not a lot of home sales to even things out, these high priced sales really had an impact on the figures.
- Cumulative Days on Market: Regular sales had the shortest time on market, at around 3.5 months. This was followed by foreclosures at about 4.5 months. Short sales, as would be expected, took the longest at around 6.4 months.
- Discounts Off of List Price: We are seeing the average discount off of list price for buyers shrink. In Q3, it was 5% or less for all three categories.
Scottsdale Zip Code 85255 – Sales for First Three Quarters of 2012
Here is a quick look of Q1, Q2 and Q3 home sales activity for 85255.
As the year has progressed and inventory has fallen off, foreclosures are having less of an impact. The percentage of short sales has decreased since Q1, but did see an increase in Q3. However, regular sales still account for three quarters of all sales.
If you look at Q3 2011, regular sales were only 58% of the market, versus 76% in Q3 2102. As the distressed inventory keeps working its way out of the market, the market will continue to improve.
If you would like to review this data for the City of Scottsdale AZ versus a single zip code, please visit these previous reports:
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 10/1/2012 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 Q3 2012 and for the year of 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 © 2012 Heather Tawes Nelson