At the end of 2010, I took a look at home sales in Scottsdale AZ Zip Code 85255 to see how they broke out over the three categories of home sales I have been tracking.
I have broken the home sales activity into three categories. The definitions are as follows:
– Non-Distressed Sales – These are “regular” or “traditional” sales of homes. Here, the buyer and seller work together directly throughout the transaction.
– Short Sales – These are where homeowners are trying to sell the home for less than is owed. Short sale transactions require the approval of the lienholders which are quite frequently the lenders on the first mortgage.
– Foreclosures – Foreclosures are homes that have gone through the foreclosure process and now the lienholders owns the home. You may also see them called “Lender-Owned” or “REO‘” homes or “Bank-Owned” homes.
Overall Findings for the Scottsdale Zip Code 85255 Home Sales Market for 2010 – Data As of January 1, 2011
- Active Scottsdale 85255 Homes For Sale: At the end of 2010, almost 80% of the homes on the market were “regular” sales. Short sales came in a distant second with 16% and only 5% of the homes on the market in 85255 were foreclosures.
- 85255 Pending Homes for Sale: Of the pending sales at the end of the year, however, only 40% of the pendings were regular sales. Another almost 40% were short sales – at 38% and 22% were foreclosures. This shows the demand for distressed properties as many buyers are looking for bargain pricing.
- 2010 Scottsdale 85255 Home Sales: Even though things were more evenly weighted in the pending sales category, actual homes sales were dominated by regular sales at 59%. Sales of short sales and foreclosures were almost equal at 22% and 19% respectively. What is interesting to note is that even though foreclosures represented only 5% of the homes on the market at the end of the year, they accounted for 19% of home sales in 2010.
- 85255 Home Prices: Prices of non-distressed homes were significantly higher than short sales and foreclosures coming in at over an average of $800,000. Typically, short sales have the next highest prices, but for Scottsdale zip code 85255, average foreclosure home prices were higher at $567,299 versus the average short sale price of $542,475.
- Days on Market: Lender-owned homes had the shortest days on market figure at about 4.7 months. Coming in just behind that was regular sales. Short sales saw the longest time on the market at about 6.3 months.
- Discounts Off of List Price: The largest discounts were seen on regular sales where buyers got an average of 9% off of asking price. Short sales and foreclosures came in around a 5% discount off of asking price. This is pretty much what we have seen throughout the year.
Below is a chart showing a quarterly break out of home sales by type. Although there was a little movement throughout the year, regular home sales came out on top with the balance almost equally split between short sales and foreclosures.
To see this information for all of Scottsdale AZ, please visit these previous reports:
View Scottsdale Home Sales by Type for Q4 2010
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 4/1/2010, 7/1/2010, 10/1/2010 and 1/1/2011 and can change at any time. The analysis looks at single-family resale homes for sale and sales in Scottsdale AZ zip code 82255 for the year of 2010. 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
