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.
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