– Scottsdale’s 85262 Zip Code Real Estate Update for the First Three Quarters of 2013-
Scottsdale zip code 85262 is one of the most desirable areas to live in Scottsdale. Located in the far northeast section of Scottsdale, 85262 is characterized by rolling hills and mountains. It enjoys a higher elevation which equates to some phenomenal valley views and slightly lower temperatures in the warmer months.
Some of Scottsdale’s top golf communities are located in 85262. Among them are Estancia, Troon North, Legend Trail, Mirabel and Desert Mountain.
Housing options in 85262 run the gamut. Homebuyers looking for smaller condos, townhomes or patio homes have ample choices. Or, there are many lovely and elegant larger homes and estates available for sale.
Here is an overview of home sales information in 85262. It covers Q3 sales activity as well as summary data for the first three quarters of the year. This data has been broken into three sales types and they are defined below:
– Non-Distressed Sales – These are the typical home sales you consider as “normal” or “regular” sales.
– Short Sales – Here, the home is worth less than what is owed on it and has to be sold “short” of the amount borrowed. In this case, third party approval is required for the sale to close. Short sales fall into the distress sale category.
– Foreclosures – Foreclosures are also part of the distress sale category. These homes have now reverted to the lienholder and the former homeowner no longer is involved. These are also referred to as “Lender-Owned,” “REOs,‘” or “Bank-Owned” homes.
Scottsdale Zip Code 85262 Home Sales for Q3 2013 – Data as of October 1, 2013
- Active Scottsdale 85262 Homes For Sale: Almost every home on the market (95%) in 85262 at the end of Q3 was a regular sale. Only 15 homes fell into the distressed category.
- 85262 Pending Homes for Sale: However, you see short sales have a much larger impact when looking at the pending sales. Almost 20% of pending sales were short sales.
- Q3 2013 Scottsdale 85262 Home Sales: Regular sales regained some ground when you look at the closed sales. They came in with 83%. What is interesting to note is that distress sales only accounted for 4% of homes for sale, but were 13% of all Q3 home sales.
- 85262 Home Prices: As would be expected, regular home sales had the highest average sales price and average price per square foot. Then, normally, you would see short sales come in next. However in Q3 in 85262, foreclosures had a much higher average sales price and price per square foot than short sales.
- Days on Market: This was interesting as well. Normally, reular sales have the shortest days on market followed by foreclosures then short sales. In this case, non-distressed sales came in at 183 days, almost as long as short sales’ 187 days. This swing was due to one home closing that had been on the market for 1,994 days.
- Discounts Off of List Price: Buyers of regular homes saw an average of 5% off of asking prices. Short sales were close behind with 4% average of of list and foreclosure buyers only saw an average discount of 1%.
Scottsdale Zip Code 85262 – 2013 Homes Sales Year-to-Date
Looking over the first three quarters of 2013, 85262’s sales patterns were very similar to Scottsdale’s at large. It had a decent Q1, sales spiked in Q2 and then tapered off again in Q3. Additionally, the sales by sales type has stayed pretty stable throughout the year.
Scottsdale Zip Code 85262 – 2012 Home Sales by Quarter
This is the sales by type data for 85262 for 2012. By the end of the year, 80% of all home sales were regular sales.
In comparison, for 2013, this number has climbed to 88%, showing the impact of the lower number of distress sales on the market.
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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 10/1/2013 and can change at any time. The analysis looks at single-family resale homes for sale and sales in Scottsdale AZ zip code 85262 for Q3 2013. 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
