Scottsdale AZ 2012 Home Sales By Type – Includes Foreclosures & Short Sales

-Scottsdale AZ 2012 Home Sales By Type – Includes Foreclosure & Short Sale Data-

Here is a wrap up of Scottsdale AZ home sales activity for Q4 2012 as well as summary data for the entire year.

This report breaks the data into three categories based on the type of sale. They are defined below:

– Non-Distressed Sales – These are what you think of when you think of “regular” or “normal” home sales. The buyer and seller agree to price and terms and the home changes ownership at closing.
– Short Sales – Short sales are when a seller needs to sell a home for less than what is owed on it. In order for the sale to complete, third party approval from the lienholder(s) needs to be obtained. This is one of the two “distressed” sales categories.
– Foreclosures – Homes noted as foreclosures have reverted back to the lender and the buyer is now out of the picture. Other names for these are “Lender-Owned” homes, “REO”  homes and/or “Bank-Owned” homes. This is the second “distressed” sale category.

Overall Findings for the Q4 2012 Scottsdale Single-Family Home Market – Data As of January 1, 2013

• Scottsdale Homes for Sale: At the end of the year, almost the entire inventory of homes for sale in Scottsdale (94%) was regular home sales. The last 7% was split almost evenly by short sales and foreclosures.
• Scottsdale Pending Home Sales: Distressed sales took up a larger percentage of the pending sales inventory at the end of the year. Short sales accounted for 28%.
• Q4 2012 Scottsdale Home Sales: Three quarters of sales in Q4 were normal sales. However, short sales still held strong with 20% of sales. Foreclosures had a small impact at 6%.
• Home Prices: Regular home sale had the highest average sales price and price per square foot, as we would anticipate. What is interesting is that short sales had the lowest average sales price and price per square foot. Typically, that would be foreclosures, but in 2012, we saw this ‘flip’ happen a several times.
• Days on Market: Days on market reduced over the course of 2012. Regular sales had the shortest time on the market, then foreclosures. As we would expect, short sales had the longest time.
• Discounts Off of List Price: On average, buyers of normal home sales saw a discount of about 5% off of asking, whereas short sales only saw about 2% off of asking.  What is surprising is the 6% off for foreclosures, as it tends to run at about 2%. I believe this figure was impacted by a luxury foreclosure that sold for a significant amount off of asking.

Scottsdale AZ Home Sales Q1 through Q4 2012
Here is a snapshot of quarterly activity for Scottsdale home sales. In 2012, 73% of all home sales were regular sales. Short sales made up 18% of the sales and foreclosures came in with the lowest number at 9%.

Over the course of the year, regular sales increased to stay at about 75% of the sales. Short sales stayed in the 20% range. Foreclosures dropped over the course of the year, from 14% in Q1 to 6% in Q4.

 

Scottsdale AZ Home Sales 2012
Here is another look at 2012 home sales. Here, you can see things like average sales price by category and average cost per square foot.

Historically, we have seen the highest average sales prices and price per square foot with regular sales, which is then followed next by short sales and then foreclosures. However, in 2012, the short sale and foreclosure categories flipped and short sales came in with the lowest average sales price and price per square foot.

 

If you are interested, you can review previous reports for Scottsdale home sales:
View Scottsdale Home Sales by Type for Q3 2012
View Scottsdale Home Sales by Type for Q2 2012
View Scottsdale Home Sales by Type for Q1 2012
View Scottsdale Home Sales by Type for 2011

 

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 1/1/2013 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.  This post represents the opinion of the author. No warranties express or implied.
Copyright © 2013 Heather Tawes Nelson