– Scottsdale Third Quarter 2013 Home Sales By Type – Foreclosure & Short Sale Data Included –
Below is an analysis of home sales activity in Scottsdale, Arizona, for Q3 2013 as well as the first three quarters of the year.
This information has been classified into three sales types. The definitions for these categories are below:
– Non-Distressed Sales – These are “typical” or “regular” home sales.
– Short Sales – These occur when the homeowner owes more on the home than it is worth. In order for it to sell the lender (or lienholder) needs to approve the terms of the sale in order for it to go through. Short sales are considered a distress sale type.
– Foreclosures – Also known as “Lender-Owned,” “REO” and/or “Bank-Owned,” these are the homes that have been through the foreclosure process. This is also a distress sale type.
Overall Findings for the Q3 2013 Scottsdale Single-Family Home Market – Data As of October 1, 2013
- Scottsdale Homes for Sale: Virtually all of the homes on the market in Scottsdale are now regular sales. Only 3% fall into the short sale or foreclosure sales types.
- Scottsdale Pending Home Sales: As we typically see, the impact of the distress sales is evident in the pending figures. Now, they represent 18% of the inventory. This shows that there is still quite a lot of demand for short sales and foreclosures, even though they are only a small part of the market.
- Q3 2013 Scottsdale Home Sales: Again, regular sales comprised the majority (92%) of home sales in Q3. Short sales were next with 5% and foreclosures were 3%.
- Home Prices: Non-distressed homes had the highest average sales prices and price per square foot, as we would expect to see. Normally short sales come next, but in Q3, foreclosures actually had the higher average sales prices.
- Days on Market: Foreclosures sold the most quickly in Q3, where we usually see regular sales with the lowest figure here.
- Discounts Off of List Price: Discounts off of asking price were harder to come by in the third quarter. On average, there was only a 4% discount off of asking price for regular home sales. And, there was none or very little with short sales and foreclosures.
Scottsdale AZ Home Sales Through Q3 2013
Here is a quarterly snapshot of sales for 2013.
As you can see, the impact of distress sales has been shrinking as the year has progressed. In Q1, distress sales made up 15% of all sales. By the end of Q3, they were only 8%.
Scottsdale AZ Home Sales for Full-Year 2012
To see how 2013 is tracking compared to 2012, I have included 2012 sales by quarter.
As I was just referencing above, you can really see how distress sale activity has been tapering off over time. In Q1 2012, 35% of all sales were either short sales or foreclosure sales, compared to 8% in Q3 2013. It is quite remarkable to see how much has changed in 18 months.
If you would like more detail, see the links below for previous reports on Scottsdale home sales:
View Scottsdale Home Sales by Type for Q2 2013
View Scottsdale Home Sales by Type for 2012
Disclaimer: Due to rounding issues, not all columns will add up to a perfect 100%. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 10/1/2013 and can change at any time. Active listing and pending sale data is where those figures were at the end of Q3. The analysis looks at single-family resale homes for sale and sales in Scottsdale AZ on a quarterly basis. 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 © 2013 Heather Tawes Nelson
