Below are the sales numbers for the first quarter of 2013 in Scottsdale Arizona zip code 85255. The sales have been broken into sales type categories so that you can see the impact of distressed home sales on the numbers.
The 85255 zip code can be found in North Scottsdale and it is home to many top golf and luxury communities. It is at a higher elevation than central and south Scottsdale and many homes and lots enjoy beautiful mountain and city light views. Some of the top communities in 85255 include Troon Country Club, Desert Highlands, Grayhawk, DC Ranch, Silverleaf and Mc Dowell Mountain Ranch.
Definitions for the Real Estate Sales Types:
- Non-Distressed Sales: These are “regular” or “typical” home sales. A homeowner sells to the homebuyer and no third party approval is required for the sale to complete.
- Short Sales: This is one of the two “distressed” sale categories. In this case, the home will not sell for the amount the owner has out on it. In order to complete the sale, the third party or parties who hold liens against the property will need to approve the contract terms before the sale can go through.
- Foreclosures: This is the other “distressed” category. As the names imply, these homes have been foreclosed upon and the homeowner no longer has possession. Other name for these homes are “lender owned” or “REO.”
Overall Findings for the Scottsdale Zip Code 85255 Home Sales Market for Q1 2013 – Data as of April 1, 2013
- Active Scottsdale 85255 Homes For Sale: Almost all of the homes for sale (98%) at the end of Q1 2013 were regular sales. There were only two foreclosure homes on the market.
- 85255 Pending Homes for Sale: When we look at pending sales, we see an increase in the representation of distressed properties, even though they are such a small part of the inventory now. This highlights the demand for distressed homes as buyers seek out “deals” on homes.
- Q1 2013 Scottsdale 85255 Home Sales: 90% of all Q1 sales were on regular homes. Short sales and foreclosures made up the remaining 10%.
- 85255 Home Prices: Looking at average price per square foot on sales, the numbers come in as we would expect with regular sales having the highest number, followed by short sales and foreclosures. The larger average square footage of the foreclosures accounts for the higher average sold price over short sales.
- Cumulative Days on Market: Again, the numbers are coming in where we would expect. Regular sales with the shortest days on market, followed by foreclosures then short sales.
- Discounts Off of List Price: Buyers of non-distressed homes saw an average of 4.5% off of asking prices. What is interesting is that short sales on average came in above asking price. This is the first time I have seen this. Foreclosure buyers got a larger average discount than what we have been noting. Usually it comes in around a 2-3% discount.
Scottsdale Zip Code 85255 –2012 Sales Data
This last chart is a snapshot of sales activity by quarter and by sales type for the year of 2012.
You can see that over the year, the percentage of non-distressed home sales increased. It went from 67% in Q1 2012 to 78% in Q4. A lot of this gain came from the declining number of foreclosure homes that sold due to limited inventory.
If you would like to review this same information for all of Scottsdale in 2012, please visit the report below:
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 4/1/2013 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 Q1 2013. 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