Here are the final numbers for 2011 home sales in the Scottsdale Arizona zip code of 85255.
85255 is a larger zip code and can be found in North Scottsdale, just north of the top of Loop 101. It is home to many luxury communities including some of the top golf communities in the area, namely Troon Country Club, Desert Highlands, Grayhawk, DC Ranch and Silverleaf. There is a very broad range of homes and home types to choose from including “lock and leave” condos and townhomes, gated and non-gated subdivisions as well as custom homes and large estates. One of the other things unique to Scottsdale’s 85255 is Pinnacle Peak, which is beautiful to look at and fun to hike.
You will find 85255’s home sale activity for Q4 2011 below. The information was broken down into the three types of sales most frequently seen right now:
The three categories are defined as follows:
– Non-Distressed Sales – These are the “regular”, “normal” or “traditional” home sales. Here, the seller and home buyer are the two principals in the transaction and agree on terms and price to result in a successful sale.
– Short Sales – You will see a short sale when an “underwater” homeowner plans to sell the home for less than the loan amount(s) owed on it. In many cases, there is more than one loan involved. In this case, the company or companies who loaned the money to purchase the home have to give the approval on the terms of the contract since they will be getting less than what is owed.
– Foreclosures – Foreclosures are just like what they sound like. They are homes that have been foreclosed upon and are now back with the lender. 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 Q4 2011 – Data as of January 1, 2012
- Active Scottsdale 85255 Homes For Sale: Almost the entire inventory of homes for sale at the end of Q4 in 85255 were regular sales. Short sales (6%) and foreclosures (3%) made up the small remainder.
- 85255 Pending Homes for Sale: Regular homes dropped down a bit proportionally when looking at pending sales at the end of December. They came in at 60%. Conversely, we saw an increase in distressed homes in pending status. Short sales comprised 29% of the market and foreclosures came in at 11%.
- Q4 2011 Scottsdale 85255 Home Sales: The majority of homes sold in Q4 were regular sales (65%.) Short sale representation stayed strong with 20% of closed sales and foreclosures also picked up 15% of the market.
- 85255 Home Prices: For the first time since I have been tracking this information, lender-owned homes had the highest average sales price in comparison to the other two categories. And, for the first time average price per square foot for foreclosures was higher than short sales. As would be expected, regular sales had the highest average price per square foot.
- Cumulative Days on Market: We typically see the shortest average days on market with foreclosures as they tend to go under contract quickly. However, in Q4, regular sales had the shortest time on the market. As to be expected, short sales had the longest time on market at 241 days.
- Discounts Off of List Price: The average 5% discount off of distressed property prices is what we have been historically seeing. Buyers who purchased regular homes saw an average discount of 7%. This was closer to 10% previously, but has been creeping up.
Scottsdale Zip Code 85255 – Sales Data By Quarter for 2011
Here is a quarter by quarter 2011 snapshot for home sales by type in the 85255 zip code. If you compare Q4 to the entire year, you will see that the ratios have remained more or less static throughout with regular sales capturing about 60% of the market, short sales capturing about 25% of the market and foreclosures capturing about 15%.
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 Q3 2011
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 4/1/2011, 7/1/2011, 10/1/2011 and 1/1/2012 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 Q4 2011 and for the year of 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 © 2012 Heather Tawes Nelson
