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Scottsdale Real Estate Market

Scottsdale AZ Single-Family Homes for Sale – August 2011

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Here is a monthly real estate report for Scottsdale, Arizona home sales for August 2011. The report looks at single-family home sales on a monthly basis over the last twelve months.

This information is divided into three separate groupings – Scottsdale homes currently on the market, pending Scottsdale home sales and actual Scottsdale homes sold last month.  

Scottsdale Homes for Sale Report August 2011

Scottsdale AZ Homes for Sale August 2011

August 2011 Highlights for Scottsdale AZ Homes for Sale:

  • Active Scottsdale Homes for Sale: The number of active homes on the market fell again in August to 1,597. The figure has been consistently decreasing since January. About this time last year, there were 2,725 homes on the market. The 12 month average for this statistic is 2,265, so we are well under that.
  • Pending Homes Sales in Scottsdale: Pending sales were down a little bit over July to 504. This is below the 12 month average of 528 pending sales. Some of this can be attributed to seasonality.
  • Scottsdale Homes Sold: Sales were up slightly (3.1%) in August to 427. This figure is slightly higher than the 12 month average of 403 sales.
  • Sales Price to List Price: 93.3% – This is more or less what we have been seeing for this ratio. It has been in the low 90%’s for the last year.

August 2011 was a decent month for home sales in Scottsdale Arizona. We continue to see inventory drop, which is shrinking the supply-side of things. However, demand was off a little in August with smaller pending figures. Sales ticked up slightly, which is a positive. Looking forward to September, we may see sales numbers decline again as there is a smaller number of pending sales.

Search Scottsdale AZ Homes for Sale

Disclaimer: Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 9/1/2011 and can change at any time. The analysis looks at single-family resale homes for sale and home sales in Scottsdale AZ over the last 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes.
Copyright © 2011 Heather Tawes Nelson

Scottsdale Zip Code 85266 Home Sales By Type Q2 2011 – Includes Foreclosures & Short Sales

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Here is a review of the Q2 2011 home sales figures in the North Scottsdale zip code 85266.

85266 is a relatively new zip code. It covers the northwest portion of Scottsdale and is bordered by Phoenix, Carefree and Cave Creek. Because it is located higher up in the Valley, homes in 85266 can enjoy some great Valley and mountain views. A few of Scottsdale’s top golf communities can be found in 85266 including Whisper Rock, The Boulders and Terravita.

The real estate report below looks at home sales in 85266 for the second quarter of 2011. I broke home sales the activity out into three categories and they are defined as follows:
– Non-Distressed Sales – Non-distressed sales are the “normal,” “regular” or “traditional” home sales. In this type of home sale, the buyer and seller negotiate, come to an agreement on price and terms and work together until the close of escrow.
– Short Sales – Short sales are a reality of today’s market. Essentially, a short sale occurs when a home seller is trying to sell their home for less than what is owed on the home. In this scenario the lender (or lienholder) will need to approve any offers before the sale can be completed. So, even though the contract is between the buyer and seller, the lienholder has to grant approval.
– Foreclosures – Foreclosures are homes that have gone through the foreclosure process and are now the property of the lienholder. These are also referred to as “Lender-Owned” homes, “REO'” homes or “Bank-Owned” homes.

Overall Findings for the Scottsdale Zip Code 85266 Home Sales Market for Q2 2011 – Data as of July 1, 2011

  • Active Scottsdale 85266 Homes For Sale: Most of the homes for sale at the end of Q2 in 85266 were regular home sales at 84%. The remaining 16% was divided between short sales (11%) and foreclosure listings (5%.)
  • 85266 Pending Homes for Sale: We saw the numbers shift when it came to pending home sales. Pending sales of distressed homes were 34% of the inventory at the end of the quarter.
  • Q2 2011 Scottsdale 85266 Home Sales: About two thirds of home sales in Q2 were for regular home sales, about the same ratio as pending home sales. We did see foreclosures represent a higher portion of sales at 17%.
  • 85266 Home Prices: The variance between average home sale prices is closer than we have seen in other zip codes. However, if you look at the average price per square foot, you see the difference more clearly.
  • Discounts Off of List Price: Typically, we have been seeing an average discount off of asking of 10% for regular sales and 5% for distressed sales. For Q2 in 85266, we saw only an average 6% off of list price on regular sales and only 2% on foreclosures. Short sales saw a larger than average discount in Q2 with and average of 8% off of asking.

.Scottsdale Homes for Sale Q2 2011 Zip Code 85266 Short Sales Foreclosures

 

If you want to see this information for the City of Scottsdale AZ, please see these previous reports:

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 7/1/2011 and can change at any time. The analysis looks at single-family resale homes for  sale and sales in Scottsdale AZ zip code 85266 for Q2 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

Scottsdale Zip Code 85255 Home Sales By Type Q2 2011 – Includes Foreclosures & Short Sales

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The following  is an overview of Q2 2011 home sales in North Scottsdale’s zip code 85255.

Scottsdale Arizona’s 85255 zip code is located toward the north of Scottsdale and encompasses many great communities, many of them golf communities.  Some of the top golf communities that can be found in 85255 include Troon Country Club, Desert Highlands, Grayhawk, DC Ranch and Silverleaf. For non-golfers, there are plenty of options as well.  85255 is home to Pinnacle Peak and since is it is farther north, many of the homes and homesites have lovely Valley views and mountain views.

The following report covers home sales activity in 85255 for Q2 2011 and shows how the activity was distributed between the three different categories.

The three categories are defined as follows:
– Non-Distressed Sales – This is what you think of when you think of a “normal,” “regular” or “traditional” home sale. Here, the buyer and seller negotiate, come to terms and work together until the sale is complete.
– Short Sales – A short sale is when a seller is trying to sell the home for a price that is less than what is owed on the home. In a short sale, the lienholder (quite often a bank) has to give its approval for the sale. In a short sale, there can be more than one lienholder, such as when there is a second loan on the home. In this case, all parties need to approve the sale.
– Foreclosures – These are homes that have been foreclosed on and are now belong to the lienholder. You may also hear these called “Lender-Owned” homes, “REO'” homes or “Bank-Owned” homes.


Overall Findings for the Scottsdale Zip Code 85255 Home Sales Market for Q2 2011 – Data as of July 1, 2011

  • Active Scottsdale 85255 Homes For Sale: The largest portion of homes on the market, 83%, belonged to regular home sales. The remaining portion, 17%, was almost equally divided between short sales (10%) and foreclosures (7%). This allocation is more or less what we see each time the report is run.
  • 85255 Pending Homes for Sale: For pending sales, we see the demand for distressed properties. At the end of June,. 46% of the homes under contract were short sales and foreclosures, even though they represented only 17% of the active market. Regular home sales came in with the remaining 54%.
  • Q2 2011 Scottsdale 85255 Home Sales: Regular home sales went back up percentage-wise as we look at the actual home sales for Q2. 64% of the home sales were for non-distressed homes. Short sales made up 22% of the sales and foreclosures came in at 14%.
  • 85255 Home Prices: As we see each time, the highest average sales price and average cost per square foot were highest with regular home sales. Short sales and foreclosure average prices were closer than you usually see. Typically, lender-owned figures come in a bit lower than short sales.
  • Discounts Off of List Price: Historically, we have seen about an average 10% discount off of asking price for regular sales and for Q2 in 85255, this held true. We also see abut a 5% average discount on distressed properties. However, in Q2, the average discount for short sales was 4% and lender-owned was 3%. It will be interesting to see if this trend holds up in Q3.

 

85255 Zip Code Home Sales Scottsdale AZ Short Sale Foreclosure

 

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 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 7/1/2011 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 Q2 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

Scottsdale Zip Code 85262 Home Sales By Type Q2 2011 – Includes Foreclosures & Short Sales

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Here are the Q2 2011 results for home sales in North Scottsdale’s 85262 zip code.

If you are not familiar with Scottsdale Arizona’s 85262 zip code, 85262 is Scottsdale’s farthest north zip code and it is home to some of Scottsdale’s top luxury homes and golf communities including  Desert Mountain, Troon North, Legend Trail and Estancia. The elevation in 85262 is higher than Downtown Scottsdale and can be a little cooler in the summer months. 85262 homes can also have some incredible Phoenix Valley and mountain views.

This report looks at home sales activity in 85262 and how the various homes on the market and home sales were distributed between the three categories I have tracking.

The categories are defined as follows:
– Non-Distressed Sales – These home sales are the “regular” or “traditional” home sales. In this common scenario, the buyer and seller negotiate with each other throughout the transaction until the close of escrow.
– Short Sales – Short sales are sales where the homeowner is attempting to sell the home for less than what is owed  on it. Therefore, the lienholder has to grant approval for the sale to go through as they will be taking a loss on the shortfall. There can be one or more lienholders involved in a transaction and all parties need to approve the sale. You may also hear the lienholders referred to as the “lender(s).”
– Foreclosures – Foreclosures are homes that have been foreclosed upon and now are back in the possession of the lienholder or lender.  “Lender-Owned” homes, “REO'” homes or “Bank-Owned” homes are all other names for these foreclosed upon homes.


Overall Findings for the Scottsdale Zip Code 85262 Home Sales Market for Q2 2011 – Data as of July 1, 2011

  • Active Scottsdale 85262 Homes For Sale: Almost all of the homes for sale at the end of June, or 87%, in 85262 were regular home sales. Short sales (7%) and foreclosures (5%) made up the rest of the market.
  • 85262 Pending Homes for Sale: Although regular sales were dominant on the listing side, short sales and foreclosures made up a large number of the pending sales at the end of Q2. Regular sales only represented 46% of pending sales, while short sales came in at 26% and foreclosures at 28%. This really shows the demand for distressed properties in that short sales and foreclosures were only 12% of the for sale market, yet accounted for 54% of the pending home sales.
  • Q2 2011 Scottsdale 85262 Home Sales: Here we see another slight shift. Regular sales made up up the majority of Q2 sales with 60% and short sales and foreclosures made up the remaining 40% with 20% each.
  • 85262 Home Prices: As was to be expected,. the highest average sales prices and average price per square foot was seen in the regular sale category. The next highest average prices came in with short sales, followed by lender-owned homes. This is a very  typical pricing structure are foreclosures will be sold at the largest discount off of market price of the three.
  • Discounts Off of List Price: We have been seeing regular home sales coming in at about a 10% average discount off of asking price, and in Q2, the discount was pretty typical at an average of 9% off. Short sales and lender-owned are usually about 5% off on average. We saw this with short sales and an average 6% off, but foreclosures ended up selling pretty close to asking price with only a 2% average discount.

Scottsdale AZ Zip Code 85262 Homes for Sale short sales foreclosures Q2 2011
To see this same information for the entire City of Scottsdale AZ, please visit these previous reports:

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 7/1/2011 and can change at any time. The analysis looks at single-family resale homes for  sale and sales in Scottsdale AZ zip code 85262 for Q2 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

Scottsdale AZ Q2 2011 Home Sales By Type – Includes Foreclosures & Short Sales

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Here are the figures for Scottsdale Arizona home sales for Q2 2011. To allow you to see how the data breaks out by sales type, I have segmented the sales information into three categories.

The three categories of home sales and how I am defining them are outlined below:

– Non-Distressed Sales – These are what you would call “regular” or “traditional” home sales. In this common scenario, the buyer and seller work with each other during the negotiations and throughout the transaction.
– Short Sales – Short sales are where a homeowner is trying to sell their home for less than what is owed on it. Short sales require the approval of the lienholder(s) before the home can be sold. Typically, the primary lienholder is the lender on the first mortgage and quite often you will have second position loan that also needs to approve the short sale.
– Foreclosures – This is where the foreclosure has already taken place and now the lienholder owns the home. You might also see them called “Lender-Owned” homes, “REO‘”  homes or “Bank-Owned” homes.

Overall Findings for the Q2 2011 Scottsdale Single-Family Home Market – Data As of  July 1, 2011

  • Scottsdale Homes for Sale: The majority of homes on the market at the end of Q2 2011 were regular, non-distressed sales. The remaining 20% was comprised of short sales (12%) and foreclosures (8%.)
  • Scottsdale Pending Home Sales: We see these numbers shift a bit when we look at pending home sales. Now, the regular sales are only 52% and short sales jumps up to 30% of the inventory. Foreclosures, with only 8% of the for sale market make up 18% of the pending sales inventory.
  • 2010 Scottsdale Home Sales: The home sales numbers for Q2 2011 stay somewhat similar to the pending sales. However, we do see foreclosures capture a larger segment with 25% of all home sales.
  • Home Prices: As would be expected, non-distressed home sales had the highest average sales price and highest average cost per square foot, coming in at just over $600K and $178.75/sq. ft.  Short sale prices and foreclosure prices were considerably lower in  both sales price and the average price per square foot. In Q2 2011, there was over a $58 per square foot difference between regular sales and foreclosure sales.
  • Days on Market: The fewest days on market was seen with foreclosures, which makes sense as demand for them is very high. Regular sales came in next at just over 4.6 months and short sales, the most drawn out sales, came in with an average of 6.2 months.
  • Discounts Off of List Price: As we have been seeing every quarter, the largest discount off of asking prices was seen with regular sales. For Q2 2011, it was an average of 8%. Historically, we were seeing 10% off for this segment. Short sales saw an average discount of 5% and foreclosures only saw an average discount of 3%.

Scottsdale AZ Home Sales Short Sales and Foreclosures Second Quarter 2011

If you are interested, you can browse through the previous reports for Scottsdale home sales:
View Scottsdale Home Sale by Type for Q1 2011
View Scottsdale Home Sales by Type for 2010
View Scottsdale Home Sales by Type for Q4 2010
View Scottsdale Home Sales by Type for Q3 2010
View Scottsdale Home Sales by Type for Q2 2010
View Scottsdale Home Sales by Type for Q1 2010

 

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 7/1/2011 and can change at any time. The analysis looks at single-family resale homes for sale and sales in Scottsdale AZ over the last 12 months. 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

Scottsdale AZ Luxury Home Market – July 2011

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The Scottsdale AZ luxury home market had a mixed month in July 2011. Some segments performed well, whereas others saw less positive results. However, a bit of this can be attributed to seasonality.

For this analysis, I define the luxury home market as single-family homes on the market with list prices over of $1 million. This report looks at Scottsdale luxury homes for sale as well as luxury homes sales in Scottsdale over the previous 12 months. Pending home sales information is also included.

– July 2011 –

Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: Home inventory in this price point remained the same from June to July at 183 homes. This is well below the 12 month average of 245 homes.
– Pending Scottsdale Home Sales: Pending home sales dropped to 15 at the end of the month. This is the lowest this figure has been in the last 12 months and we can expect August sales in this price point to be depressed. The 12 month average is 24.
– Scottsdale Homes Sold: Twenty-two homes sold in July. This is down over June’s 29 sales, but still ahead of the 12 month average of 20.
– Sales Price to Listed Price: 89.4% – This is a pretty typical figure for this price range.

Scottsdale AZ Luxury Homes for Sale Between $1 and $1.5 million

Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: Inventory dropped 8.5% in July to 118 homes for sale. This figure has been steadily decreasing since March of 2011. The 12 month average is 157 homes.
– Pending Scottsdale Home Sales: At the end of July, there were 17 homes pending in this price segment. This is up one over June and is ahead of the 12 month average of 13.
– Scottsdale Homes Sold: There were 12 home sales in July representing a 33.3% jump over June’s 9 sales. The 12 month average for home sales is 8.
– Sales Price to Listed Price: 89.0% – This is a pretty standard ratio for this price band.

Scottsdale AZ Luxury Homes for Sale Between $1.5 and $2 million


Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: The inventory figure for this price segment remained the same in July as it was in June with 106 homes. This figure is well below the 12 month average of 146 homes.
– Pending Scottsdale Home Sales: Only 4 homes were pending at the end of the month. This is almost half of the 12 month average of 7. This also indicates that August sales in this price point will be lower as well.
– Scottsdale Homes Sold: Six homes sold in the $2 million range in July. This is up over June and is right on track with the 12 month average.
– Sales Price to Listed Price: 86.6% – This is a little on the low end, but is an improvement over June’s 85.2%.

Scottsdale AZ Luxury Homes for Sale Between $2 and $3 million

Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: Inventory was down to 88 at the end of the month. This figure has been decreasing since January of 2011. The 12 month average is 105 homes.
– Pending Scottsdale Home Sales: Pending sales stayed the same at 2. This is less than half of the 12 month average of 5 pending sales. Hopefully one or both of these will close in August.
– Scottsdale Homes Sold: No homes sold last month in excess of $3 million. The highest priced sale was for $2,450,000.
– Sales Price to Listed Price: N/A

Scottsdale AZ Luxury Homes for Sale Over $3 million

 

Overall, the Scottsdale luxury home market had a mixed month. Inventory is down or flat, which is a good thing. However, we saw drop-offs  in pending sales and sales activity in most of the price points. A lot of this can be attributed to seasonality though. The lower pending sales figures indicates we may have a slow month in August as well.

To see the detailed data behind this report, please visit my Scottsdale luxury real estate market reports page and click on the “Scottsdale Market Trends” report.

 

Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 8/1/2011 and can change at any time. The analysis looks at single-family luxury resale homes in Scottsdale AZ over the last 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2011 Heather Tawes Nelson

Phoenix and Scottsdale AZ Luxury Condo Sales – July 2011

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The Phoenix and Scottsdale luxury condo market had a decent July 2011 and keeps plugging along. In this report, I define the luxury condo market as condos on the market with list prices of $1 million or more.

Pending Luxury Condo Sales – At the end of July, there were three pending sales of luxury condos. Of the three pending sales, one of them was located in Phoenix. It has been pending for many months at this point. The condo in question is located in the elegant community of  The Residences at 2211 Camelback and is a 3 bedroom, 3.5 bathroom unit with 4,000 square feet.

The remaining two pending sales were located in Scottsdale, with one at the well-known Scottsdale Waterfront Residences and the other at The Landmark, a great complex located in the Kierland area of Scottsdale. The Scottsdale Waterfront condo was listed for $1,295,000 and had 2 bedrooms, 2.5 bathrooms and 2,474 square feet. It was only on the market for about a month before it went under contract. The Landmark condo was also a 2 bedroom, 2.5 bathroom unit, but had 2,845 square feet. Its listing price was $1,350,000 and was on the market just over 2 months before going pending.

July 2011 Luxury Condo Sales – The single sale in July was for a condo at The Landmark. This condo had 3 bedrooms, 2.5 bathrooms and 2,688 square feet. It was on the market for less than a month. The asking price on this unit was $1,082,000 and it closed for $1,000,000.

Phoenix and Scottsdale Luxury Condo Sales July 2011

July 2011 was another solid month for luxury condo sales activity in Scottsdale and Phoenix. While there was only a single sale, we did get two new units into pending status. It will be interesting to see if the unit at 2211 Camelback closes as well.

Learn More About Phoenix and Scottsdale Luxury Condos
Search Phoenix and Scottsdale Luxury Condos for Sale

 

 

Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 8/1/2010 and can change at any time. The analysis looks at resale luxury condos in Scottsdale and Phoenix over the past 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes.
Copyright © 2011  Heather Tawes Nelson

Scottsdale AZ Single-Family Homes for Sale – July 2011

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Here are July 2011’s results for Scottsdale single-family home sales. The information in this report covers the last twelve months of home sales activity  in Scottsdale on a month-by-month basis.  I have broken the information into three different areas – Scottsdale homes currently for sale, Scottsdale pending home sales and Scottsdale homes sold in the month of July

Scottsdale AZ Homes for Sale Chart July 2011

 

Scottsdale AZ Home Sales Figures July 2011

July Highlights for Scottsdale AZ Homes for Sale:

  • Active Scottsdale Homes for Sale: At the end of July, there were 1,638 single-family homes on the market in Scottsdale. This number has been declining quite a bit all year. This figure is well below the 12 month average of 2,348 homes.
  • Pending Homes Sales in Scottsdale: Pending homes sales dropped off 4.7% in July to 532. This is not too concerning as we tend to see a seasonal decrease this time of year. It is also ahead of the 12 month average of 523.
  • Scottsdale Homes Sold: 414 homes sold in July. This is down quite a bit over June’s 568 sales, which was the highest on record. July’s sales were still ahead of the 12 month average of 396.
  • Sales Price to List Price: 93.8% – This is a pretty typical ratio. It has been trending in the low 90%’s for a while.

Overall, July 2011 was a solid month for Scottsdale AZ home sales. As we have seen over the last several months, the inventory homes on the market continues to shrink. Pending sales and actual home sales saw a drop-off after  a record-breaking June. As I alluded to before, July tends to fall under decreased seasonal demand, so I am not overly concerned. However, with the drop in pending sales, we will see a corresponding drop in homes sales for August.

Search Scottsdale AZ Homes for Sale

Disclaimer: Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 8/1/2011 and can change at any time. The analysis looks at single-family resale homes for sale and home sales in Scottsdale AZ over the last 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes.
Copyright © 2011 Heather Tawes Nelson

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