Below are the first quarter 2013 sales figures for the single-family home market in Scottsdale Arizona.
The information is divided into three home sale categories and how these categories are defined is below:
– Non-Distressed Sales – These are “normal” or “traditional” home sales. In this case, the seller and buyer agree to the terms and the sale proceeds.
– Short Sales – A short sale is when a homeowner can only sell the home for less than what is owed on it. A third party approval from the lienholder or lienholders is required in order for this sale to move forward. A short sale is considered a “distress” sale.
– Foreclosures – Foreclosure is the other”distressed” category. As the name implies, these homes have been through the foreclosure process and the homeowner no longer owns the home. You may also hear these called “Lender-Owned”,“REO“, and/or “Bank-Owned” homes.
Overall Findings for the Q1 2013 Scottsdale Single-Family Home Market – Data As of April 1, 2013
- Scottsdale Homes for Sale: Almost all of the for sale inventory is “regular” sales at 96%. The distressed category only comprises the small 4% remaining and it is evenly split between short sales and foreclosures.
- Scottsdale Pending Home Sales: When you look at pending sales, distressed inventory has a larger impact. Short sales make up 18% of the pending sales and foreclosures come in at 3%. Regular sales are still the majority though.
- Q1 2013 Scottsdale Home Sales: In the first quarter of 2013, distressed sales were 15% of the market. Again, regular sales were the most dominant sales type.
- Home Prices: As we would expect to see, non-distressed homes had the highest average sales price. Normally, you would see short sales come in as the next highest, but in Q1, foreclosures had the second highest average sales price. This same pattern holds when you look at average sales price per foot as well. Traditionally, foreclosures were the “most discounted” when compared to market price, but we have been seeing a shift lately in some areas where short sales are coming in with the lowest average prices.
- Days on Market: Days on market for each of the sales types is what we generally see. Regular sales sell the quickest, followed by foreclosures and then short sales.
- Discounts Off of List Price: Over the last several quarters, we have seen the average discount off of the asking price shrink as the market has improved. As of Q1 2013, buyers of non-distressed homes only saw an average of 4.6% off of asking price and short sale buyers only saw 0.6% on average.
Scottsdale AZ Home Sales 2012
To see how this first quarter stacks up to 2012’s figures, you can refer to the chart below which shows 2012 home sales by type for Scottsdale broken out by quarters.
Already you can see that in 2013, regular sales have seen a large leap in percentage of total sales and short sales have seen a large drop. Foreclosures are still a small part of the sales figures, but they also continue to taper off.
If you are interested, you can browse through this previous report for Scottsdale home sales:
View Scottsdale Home Sales by Type for 2012
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 4/1/2013 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