Scottsdale Zip Code 85255 Home Sales By Type Q3 2011 – Includes Foreclosures & Short Sales

Here are the results for Q3 2011 home sales in Scottsdale Arizona’s zip code 85255.

The  85255 zip code is located in the northern part of of Scottsdale, and starts just above the Loop 101. Many excellent private golf communities and luxury homes can be found there, including Troon Country Club, Desert Highlands, Grayhawk, DC Ranch and Silverleaf. For non-golfers, there are plenty of housing options as well, including gated and non-gated communities. You will also find the well-known landmark of Pinnacle Peak  in 85255.

The Q3 2011 single-family home sales activity in 85255 is below. The data has been broken into three categories based on sales type.

The three categories are defined as follows:
– Non-Distressed Sales -These are what you would consider”regular”, “normal” or “traditional” home sales. In this common scenario, the home seller and home buyer negotiate the sale, come to terms and work together until the sale is complete.
– Short Sales – Short sales occur when a home seller needs to sell the home “short” of what is currently owed on it. Short sales have been gaining a lot of momentum in recent years as home values have fallen. In a short sale, the lienholder (also frequently called the “lender”) has to approve the contract as they will be picking up the shortfall on what is owed.
– Foreclosures – Foreclosure homes are homes that have gone through the foreclosure process and ownership has now reverted back to the lienholder. These are also called “Lender-Owned” homes, “REO'” homes or “Bank-Owned” homes.

Overall Findings for the Scottsdale Zip Code 85255 Home Sales Market for Q3 2011 – Data as of October 1, 2011

• Active Scottsdale 85255 Homes For Sale: Regular homes for sale accounted for the majority of the for sale inventory at the end of the third quarter. Short sales came in at 10% and foreclosures only had a small segment of the active market at 4%.
• 85255 Pending Homes for Sale: Short sales gained a lot of ground when you look at pending sales at the end of Q3. They accounted for 30% of the market, despite being only 10% of the for sale inventory.
• Q3 2011 Scottsdale 85255 Home Sales: Regular sales still accounted for over half, 58%, of the home sales in Q3. Foreclosures came in at 15%, despite only being 4% of the for sale market.
• 85255 Home Prices: The average home sale price distribution is what we would expect. Regular sales had the highest average price, followed by short sales and then lender owned homes. Interestingly enough, short sales had a lower average price per square foot than foreclosures. Typically, foreclosures have the lowest average price per square foot.
• Discounts Off of List Price: This is pretty typical. Regular sales usually sell at about an average 10% discount off of asking and short sales and foreclosures are typically 5% off of list price. 85255 in Q3 was pretty close to that.

 

 

If you would like to review this data for the City of Scottsdale AZ versus a single zip code, please visit these previous reports:

View Scottsdale Home Sales by Type Q2 2011
View Scottsdale Home Sales by Type Q1 2011
View Scottsdale Home Sales by Type for 2010
View Scottsdale Home Sales by Type for 2009

Disclaimer: Due to rounding issues, not all columns will add up to 100%. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 10/1/2011 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 Q3 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