Here is the final quarterly summary for the Scottsdale Arizona single-family home market in 2011. This Q4 2011 data has been broken into three categories based on sales type so that you can see how the different segments are performing.
Here are the three categories of home sales and how I have defined them:
– Non-Distressed Sales – I call these sales “regular” or “traditional” sales. This is the common scenario in which the buyer and seller agree upon the terms of the sale and work together to transfer the ownership of the home from the seller to the buyer.
– Short Sales – A short sale transaction occurs when the seller plans to sell the home for less than what is owed on it. In this scenario, the buyer and seller still agree to a contract, but the terms of the sale must be approved by the lender as the lender will be “short” on what is owed. Frequently, there is more than one lender on a home, so approvals from all of the lenders are required.
– Foreclosures – Foreclosures are homes that have been through the foreclosure process and ownership has now reverted back to the lender or other stakeholder. These homes also may be called “Lender-Owned” homes, “REO” homes or “Bank-Owned” homes.
Overall Findings for the Q4 2011 Scottsdale Single-Family Home Market – Data As of January 1, 2012
- Scottsdale Homes for Sale: Regular home sales comprised the bulk of the for sale inventory at the end of 2011 with 87%. Short sales (8%) only slightly edged out foreclosures (5%) to round out the rest.
- Scottsdale Pending Home Sales: We see a large shift when we look at the pending sales at the end of December. In this case, short sales now make up a much larger share with 33%, while regular sales only accounted for 49%. Foreclosures also saw a larger jump in representation to 17% of pending home sales.
- Q4 2011 Scottsdale Home Sales: When we look at homes sold in Q4 2011, regular home sales regained some ground and came in with 61% of home sales. Short sales had about a quarter for the sales at 24% and foreclosures made up 15%.
- Home Prices: As we would expect, regular home sales had the highest average sales price and highest average price per square foot. Short sales and foreclosure pricing seems to be a lot closer than it has been historically. Normally, there is a wider spread with foreclosures selling for quite a bit less than the other two segments.
- Days on Market: As expected, regular sales and foreclosures had the shortest days on market, coming in at around 4 months. Short sales take longer and the average time on market was about 6 months.
- Discounts Off of List Price: In Q4, we are seeing a much smaller discount off of asking price. Traditionally, we were seeing about a 10% discount on regular sales. In Q4, it was only 6%. This could be that home prices are closer to market values or that sellers are less willing to negotiate on pricing. Short sales and foreclosures are only selling at a 3-4% discount now, versus the 5-6% we saw earlier in the year.
Scottsdale AZ Home Sales 2011
Here is a summary of 2011 home sales in Scottsdale. Again, the information has been broken into the three categories for comparison. The average representation by segment was pretty level throughout the year, with some small variations.
If you are interested, you can browse through the previous reports for Scottsdale home sales:
View Scottsdale Home Sales by Type Q3 2011
View Scottsdale Home Sales by Type for Q2 2011
View Scottsdale Home Sales by Type for Q1 2011
View Scottsdale Home Sales by Type for 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 1/1/2012 and can change at any time. The analysis looks at single-family resale homes for sale and sales in Scottsdale AZ on a quarterly basis. 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 © 2012 Heather Tawes Nelson