-2012 Scottsdale Zip Code 85255 Home Sales By Type-
Here is the year-end information for Scottsdale Arizona zip code 85255. This report looks at home sales activity for 2012 and breaks it into sales type.
85255 is one of Scottsdale’s most vibrant zip codes. It is located in the northern part of the city and is home to many of the top golf communities as well as many great restaurants and shopping areas. Some of the luxury golf communities include Troon Country Club, Desert Highlands, Grayhawk, DC Ranch and Silverleaf. There are ample outdoor activities as well. One of the most well-known ones is hiking Pinnacle Peak.
Real Estate Sales Types
The sales data for 85255 has been broken into three sales type categories. They are defined as:
- Non-Distressed Sales: These are “traditional” or “regular” home sales that you are familiar with.
- Short Sales: A short sale occurs when a seller will be selling the home for less than is what owed on it. A third party, who holds the lien on the home, will need to grant approval for the sale to take place. A short sale is considered a distress sale.
- Foreclosures: You may hear these called “Lender-Owned” homes, “REO'” homes or “Bank-Owned” homes. These homes have been through the foreclosure process and they no longer belong to the homeowner.
Overall Findings for the Scottsdale Zip Code 85255 Home Sales Market for Q4 2012 – Data as of January 1, 2013
- Active Scottsdale 85255 Homes For Sale: The majority of homes for sale at the end of Q4 were regular sales. They accounted for 95% of the market. The small remainder was split by short sales (3%) and foreclosures (2%.)
- 85255 Pending Homes for Sale: Although they were only 3% of the active market, short sales jumped to 26% of the pending sales at the end of Q4. Due to this, regular pending sales dropped to 72%. Foreclosures were low at 3%.
- Q4 2012 Scottsdale 85255 Home Sales: In Q4, 78% of sales were regular sales and short sales came out at 20%.
- 85255 Home Prices: Normally, we see regular sales as having the highest average sales price and foreclosures having the lowest sales price. But in Q4, 85255 had the highest average sales price with foreclosures.
- Cumulative Days on Market: The average days on market came out as we would expect, with regular sales having the shortest time on market, then foreclosures, then short sales.
- Discounts Off of List Price: Regular and short sales’ average discount off of asking are where they have been trending. For foreclosures, we usually see around a 2-4% discount. But in Q4, we saw an average discount off of list price of 13%. This was due to the fact that there was a large price discount on one of the foreclosures and only 6 foreclosures sold in Q4.
Scottsdale Zip Code 85255 – 2012 Data on Homes Sold
Here is the same information for the entire 2012 for 85255. Regular sales and lender owned sales had similar average sales prices, but you can really see the difference when you look at average price per square foot.
Buyers saw the largest average discount off of list price (7%) with regular sales and saw less of an average discount (4%) with short sales and foreclosures.
Scottsdale Zip Code 85255 – Sales Data By Quarter for 2012
This last chart is a snapshot of sales activity by quarter and by sales type in 2012.
Over the course of the year, regular sales went from 67% of the market in Q1 to 78% in Q4. Short sales had more of an impact in Q1 and Q4 with 20% of sales and foreclosures really dropped off over the course of the year. They started with 13% of sales in Q1 and finished at 2% of sales in Q4.
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 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 85255 for Q4 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 © 2013 Heather Tawes Nelson