Scottsdale AZ Home Sales By Type – Includes Foreclosures & Short Sales – Q4 2010

– Q4 2010 Scottsdale Home Sales –

At the end of Q4 2010, I researched Scottsdale AZ home sales and looked at how homes on the market and sales activity broke out into the different types of sales we are seeing so frequently these days. I also took a look at this same data for the North Scottsdale zip codes of 85255, 85266 and 85262.

The three categories of home sales and how I am defining them are as follows:
– Non-Distressed Sales – These are the “traditional” or “regular” home sales.
– Short Sales – These sales are where homeowners are trying to sell the home for less than is owed. These transactions require their lender’s approval.
– Foreclosures – These are homes where the lender has conducted a foreclosure and now owns the home. You will see them referenced as “Lender-Owned”. You may also hear them called “REO‘” homes or “Bank-Owned” homes.

Overall Findings for Q4 2010 – Scottsdale Single-Family Home Market – As of January 1, 2011

• Active Scottsdale Homes For Sale: The majority of active homes were regular sales at 73%. Short sales were next followed by lender-owned at only 10% of the inventory.
• Pending Homes for Sale: Pending home sales at the end of Q4 in Scottsdale were more evenly distributed. However, you can see the popularity of the distressed inventory. While only 17% of the active listings were short sales, they accounted for 35% of the pending sales. Similarly, foreclosures were only 10% of the for sale market, but accounted for 25% of home sales.
• Q4 2010 Scottsdale Home Sales: Over half of Q4’s home sales were regular homes sales. Foreclosure homes came in second with 29% of home sales and then there were short sales with 20%.
• Home Prices: If you look at the average square feet of sold homes in Q4, all three categories were very similar with about 2,900 square feet. As is to be expected, the average price of sold homes in Q4 was highest with regular Scottsdale home sales. And, short sales prices and foreclosure prices also came in as we would expect. Short sale’s average sales price was about $100K below the non-distressed home price and the lowest average sales price and about $125K off of the average home price of regular sales as the foreclosure average price.
• Days on Market: As we would expect, short sales had the longest average cumulative days on market at a little over 6 months. Regular sales and lender-owned homes were pretty close at around 4.5 months on the market on average.
• Discounts Off of List Price: As we have seen all year, the largest discounts off of asking price have been with regular sales The average discount was about 8% off of list price.  In these cases, buyers are negotiating directly with the seller versus having to get approval from a third party or corporate entity. For short sales and lender-owned properties, the average discount was smaller at about 6% off of list price.

Here is the same information broken out by three of North Scottsdale’s top zip codes – 85255, 85266 ad 85262.
While general trends for each of these zip codes are similar to what we are seeing in Scottsdale as a whole, it is interesting to see the variations between the three zip codes.

SCOTTSDALE ZIP CODE 85255

SCOTTSDALE ZIP CODE 85266

SCOTTSDALE ZIP CODE 85262

Previous Reports
View Scottsdale Home Sales by Type for Q3 2010
View Scottsdale Home Sales by Type for Q2 2010
View Scottsdale Home Sales by Type for Q1 2010
View Scottsdale Home Sales by Type for 2009

Disclaimer: Data and information was pulled from the Arizona Regional MLS (ARMLS) as of  1/1/2011 and can change at any time. The analysis looks at single-family resale homes for sale and sales in Scottsdale AZ over the last 12 months. 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 © 2011 Heather Tawes Nelson