Here is Scottsdale zip code’s 85266 home sales report for Q1 2011. This analysis looks at how home sales activity in 85266 was distributed between the three categories of home sales – “regular” sales, short sales and foreclosures.
85266 is a newer zip code end encompasses the western portion of North Scottsdale. 85266 enjoys lovely terrain highlighted by mountain views, hilly portions and wonderful valley views. 85266 is also home to several leading golf communities like Whisper Rock, The Boulders and Terravita.
Here is how the three categories of home sales can be defined:
– Non-Distressed Sales – These are “regular” or “traditional” sales of homes. The buyer and seller negotiate with each other throughout the transaction. There is no third-party approval required.
– Short Sales – Short sales occur when a homeowner is trying to sell the home for less than what is owed to the lienholder(s). Since the seller will be coming up “short” the approval of the lienholders (also referred to frequently as the “lender(s)”) is required.
– Foreclosures – Foreclosures are properties that have been auctioned off via a foreclosure sale. You may also see them called “Lender-Owned,” “REO'” homes or “Bank-Owned” homes.
Overall Findings for the Scottsdale Zip Code 85266 Home Sales Market for Q1 2011 – Data as of April 1, 2011
• Active Scottsdale 85266 Homes For Sale: Almost all of the homes on the market (89%) at the end of Q1 2011 were “regular” home sales. The small remainder was made up of short sales (8%) and lender-owned homes (3%).
• 85266 Pending Homes for Sale: Pending sales saw regular home sales take a much smaller share. The percentage of pending home sales in 85266 at the end of Q1 was 54%. Short sales, which were only 8% of the inventory comprised 31% of the pending sales and foreclosures, with only 3% of the inventory, comprised 15% of pending sales. These two examples illustrate the popularity of distressed home sales like short sales and foreclosures.
• 2010 Scottsdale 85266 Home Sales: Regular homes sold in Q1 were 69% of all sales. Short sales came in next with 18% and foreclosures had 13% of the market.
• 85266 Home Prices: Average prices for home sales in Q1 in the three categories were pretty even. We usually see the regular sales have a quite a bit average sales price. In this case it came in just ahead of short sales. Short sales came in next highest followed by foreclosures at around $100K on average lower than the other two categories. However, if you look at average price per square foot for the sales, you see the typical pattern we have been seeing – regular sales have the highest average price per square foot followed by short sales and then foreclosures.
•Discounts Off of List Price: Discounts off of asking in Q1 were pretty typical to what we have seen historically. Buyers of regular homes got an average of 9% off of asking. Short sale buyers got an average of 5% off of list price and lender-owned buyers got an average of 4% off of asking.
To see this information for the City 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 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 zip code 85266 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
