Here are the results for Q1 2011 for Scottsdale, Arizona home sales. I have divided the sales activity into the following three categories.
Here are the three categories of home sales and how I am defining them in general terms:
– Non-Distressed Sales – These are what you would consider “regular” or “traditional” home sales. In this scenario, the buyer works directly with the seller for negotiations and throughout the transaction.
– Short Sales – Short sales happen when homeowners try to sell their home for less than is owed. These transactions require the approval of the lienholder(s) and typically, the main lienholder is the lender on the first mortgage.
– Foreclosures – These are homes where the lender now owns the home. You will see them referenced as “Lender-Owned”, “REO‘” homes or “Bank-Owned” homes.
Overall Findings for the Q1 2011 Scottsdale Single-Family Home Market – Data As of April 1 , 2011
- Scottsdale Homes for Sale: The vast majority (77%) of active homes for sale at the end of the quarter were regular home sales. Short sales came next with 14% of the inventory and only 9% were foreclosures.
- Scottsdale Pending Home Sales: Pending home sales percentages shifted a bit and we saw regular sales’ share drop to 49% of the activity. Short sales and foreclosures were pretty evenly divided for the rest of the pending sales.
- 2010 Scottsdale Home Sales: Actual home sales in Q1 2011 ticked back up for the regular home sales category to 55%. Foreclosures, which were only 9% of the active listings, made up for 27% of the home sales.
- Home Prices: There was a clear delineation between home prices and category. As we have seen over the last several quarters, non-distressed home sales went for the highest average sales price, followed by short sales and then lender-owned homes. There was a $200K difference in average sales price between regular home sales and foreclosures.
- Days on Market: Due to high demand, foreclosures had the shortest days on market at 129. Short sales were an average of 6 months on the market and regular sales were just under that.
- Discounts Off of List Price: As we have seen over the last several quarters, regular sales had the largest discount. For Q1 2011, the average discount off of asking was 8%. Short sales and foreclosures stayed where they have been for a while, at about 5% off of asking price.
If you are interested, you can browse through the previous reports for Scottsdale home sales:
View Scottsdale Home Sales by Type for 2010
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 2010
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
Disclaimer: Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 4/1/2011 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
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