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%.
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