– 2011 to 2014 Comparison of Scottsdale Homes Sales by Type – Includes Short Sales and Foreclosures –
Over the last several years, I was interested in seeing how the distressed property inventory was having an impact on the sales of Scottsdale homes. We were seeing a lot of distressed activity with large numbers of short sales and foreclosures in the local market.
I used to run this analysis quarterly, but stopped at the end of 2013 as the numbers had dwindled quite a bit and there was not much change from quarter to quarter.
At the end of 2014, I pulled an annual summary for Scottsdale as well as three prominent North Scottsdale zip codes – 85255, 85262 and 85266. From there, I pulled the year-end stats for each year from 2011 through 2014 to see how things had changed over that time period, and it is quite evident that things have changed a lot from the market we experienced in 2011.
Scottsdale Home Sales By Type – Includes all of Scottsdale
If you look at the end of 2011, only 58% of all home sales were non-distressed, or “regular” home sales. This has been steadily rising for the past three years and at the end of 2014, “regular” homes sales accounted for 96% percent.
And conversely, at the end of 2011 short sales had 19% of the market and foreclosures had 23% . Fast forward to the end of 2014, and they barely made an impact.
Scottsdale Home Sales by Type – Zip Codes 85255, 85262 and 85266
Here is the same information, but now we are looking at it at the zip code level. As you can see, the same dramatic drop in short sales and foreclosures occurred here as well.
Whereas short sales and foreclosures were about 40% of all sales in these zip codes at the end of 2011, they were a mere 3-5% as we closed out 2014.
As evidenced by the numbers above, the Scottsdale real estate market is continuing to improve and distressed inventory is now only a small fraction of the market.
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 1/1/2012, 1/1/2013, 1/1/2014 and 1/1/2015 and can change at any time. The analysis looks at single-family resale homes for sale. 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. This post represents the opinion of the author. No warranties express or implied.
Copyright © 2015 Heather Tawes Nelson | Joyce Tawes
