Here is a snapshot of home sales activity in Scottsdale Arizona’s Zip Code 85255 for the first quarter 2011. I wanted to track how the different categories I have been tracking performed as we moved into 2011.
Scottsdale’s 85255 zip code is located in North Scottsdale and features many luxury homes with spectacular mountain and city light views. 85255 is home to Pinnacle Peak and several prominent golfing communities like Troon Country Club, Desert Highlands, Grayhawk, DC Ranch and Silverleaf.
I have broken 85255’s home sales activity into three categories. They are defined as follows:
– Non-Distressed Sales – These are “regular” or “traditional” home sales. In this case, the buyer and seller work with each other throughout the transaction.
– Short Sales – Short sales are where the home will be sold for less than is owed. Because of this, short sales require the approval of the lienholders (or you may hear “lenders”).
– Foreclosures – Foreclosures are homes that have been foreclosed upon. 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 Q1 2011 – Data As of April 1, 2011
• Active Scottsdale 85255 Homes For Sale: Non-distressed homes made up the majority (82% ) of homes on the market at the end of Q1 2011. Short sales only accounted for 12% and lender-owned homes came in at half of at at 6%.
• 85255 Pending Homes for Sale: Pending sales at the end of the quarter were more evenly distributed. Regular sales made up 56% of pending inventory. Short sales, only 12% of the for sale inventory, accounted for 29% of pending sales. Similarly, foreclosures, with 6% of the active listings, accounted for 15% of pending sales at the end of March.
• 2010 Scottsdale 85255 Home Sales: Actual homes sales mirrored pending sales percentages pretty closely. Almost 60% of sales were regular sales. Foreclosures increased their percentage to 17% of sales and short sales slipped a little to 24%.
• 85255 Home Prices: As we have seen historically, the highest average sales prices have been on regular sales. For Q1 2011, the average sales price for regular homes was just over $727K. What is interesting is that usually short sales come in second highest with regard to average sales price, but in this case, foreclosures had a higher average sales price. However, if you look at average price per square foot and average square footage of the homes that sold, you see that short sales did indeed come in higher.
• Days on Market: These figures are pretty close int timing. As would be expected from the demand, lender-owned homes had the shortest average days on market at about 4.7 months, followed by regular sales at about 5.2 months. As to be expected, the longest average days on market were short sales with 5.6 months.
• Discounts Off of List Price: As we have seen previously, the largest discounts off of asking price were seen with regular sales where buyers got an average of 8% off the list price. Short sales saw the next largest discount at 6% off asking and lender-owned sales came in at 4% off of list price.
To see this information for all of Scottsdale AZ, please visit these previous reports:
View Scottsdale Home Sales by Type for 2010
View Scottsdale Home Sales by Type for 2009
Disclaimer: Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 4/1/2011 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 2011. 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
