Here are the results for home sales in Scottsdale, Arizona, for the 2nd quarter of 2013.
I have broken the information into three sales types and their definitions are below:
- Non-Distressed Sales - Non-distress sales are what you think of when you think of “normal” or “regular” home sales.
- Short Sales - A short sale is a result of the home being worth less than what is owed on it. In this scenario, the homeowner has to secure approval from the lienholder(s) on this home before the sale can take place. This is one of the two distress sale categories.
- Foreclosures - These are homes that have been foreclosed upon and have gone back to the primary lienholder. Other names for these are “Lender-Owned” homes, “REO” homes and/or “Bank-Owned” homes. This is the other distress sale category.
Overall Findings for the Q2 2013 Scottsdale Single-Family Home Market - Data As of June 30, 2013
- Scottsdale Homes for Sale: Almost the entire supply of homes for sale in Scottsdale (96%) at the end of the quarter was non-distressed properties. The small remainder was evenly split between short sales and foreclosures.
- Scottsdale Pending Home Sales: As we have historically seen, distress sales made up a larger percentage of pending sales. This is due to the fact that there is still quite a lot of demand for these homes. At the end of Q2, 18% of all pending sales were short sales or foreclosures.
- Q2 2013 Scottsdale Home Sales: 90% of sales in Q2 were regular home sales. This percentage has been growing each quarter for several quarters now.
- Home Prices: Home prices came in as we would expect. Regular sales had the highest average price and highest average price per square foot, followed by short sales and then foreclosures.
- Days on Market: Days on market also came in as we would expect. The shortest average time on market was with non-distress sales, followed by foreclosures and then short sales.
- Discounts Off of List Price: On average, buyers of non-distress homes saw a discount of 4% off of asking price. This discount has been getting smaller over the last several quarters. Short sale buyers saw a small average discount of 1.5% off of list. Foreclosures typically have shown a very small average discount of about 2%, but in Q2 2013, the average discount was 4.7%.
Scottsdale AZ Home Sales Q1 & Q2 2013
Below are the results from Q1 and Q2 as well as year-to-date results. As you can see, as the year has been progressing, there have been fewer and fewer distress sales.
Scottsdale AZ Home Sales for Full-Year 2012
For comparison’s sake, here is the same information for all four quarters of 2012.
In Q1 2012, non-distressed sales made up 66% of total sales. When you refer back to Q2 2013, that number has jumped up to 90%, giving further indications that the market is normalizing somewhat.
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 7/1/2013 and can change at any time. Active listing and pending sale data is where those figures were at the end of Q2. 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.
Copyright © 2013 Heather Tawes Nelson