Here are the results for the first three months of the year for Scottsdale AZ Real Estate Market Sales Activity, including Short Sales and Foreclosures. This analysis looks at Scottsdale home sales and breaks them out into regular sales and distress sales, which include short sales and foreclosures. I also looked specifically in two North Scottsdale zip codes, 85255 and 85262 to see how they performed by sales type as well. For comparison purposes, here is the link to the “2009 Scottsdale AZ Real Estate Market Sales Activity – Includes Short Sales and Foreclosures” post I did at the beginning of year.
Here are definitions of the three classifications:
– Non-Distressed Sales – These are your traditional, “regular” home sales.
– Short Sales – These are where the homeowners are trying to sell the home for less than is owed with their lender’s approval.
– Foreclosures – These are homes the lender has foreclosed upon and now owns. You will see them referenced as “Lender-Owned”. You may also hear them called “REO'” homes.
Overall Findings for Q1 2010 – Scottsdale Single-Family Home Market
Active Homes For Sale: The bulk of homes on the market (78%) were non-distressed or “regular” sales. Short sales came in a distant second at 15% and foreclosures at only 7%.
Pending Homes for Sale: Pending sales between non-distressed sales and distress sales were split almost equally at 48% and 52%.
Scottsdale Home Sales: Regular sales were over half of the market at 56%. And foreclosures, which represent only 7% of the active listings were 24% of the home sales, showing the demand for foreclosure homes.
Home Prices: As we have seen in previous analyses, non-distressed sales sold for the highest average price, followed by short sales and lender-owned homes.
Days on Market: It took the longest for short sales to sell, which is not surprising since short sales can take anywhere from 3-6 months or longer to negotiate and close. Foreclosures have the lowest days on market due to the demand for these homes and they often close relatively quickly once the lender has approved the terms of the sale.
Discount Off of List Price: The largest discounts were seen on regular sales at 91% or an average of 9% off of the asking price of the homes. Short sales were pretty similar at 92%. The least discount was seen on lender-owned homes (96%) since these homes are priced under market value already.
Q1 2010 Findings for Scottsdale Zip Codes 85255 and 85262 – Scottsdale Single-Family Home Market
85255 and 85262 Homes For Sale: In 85255, just over 60% of homes were non-distress sales, which is slightly higher than Scottsdale as a whole’s 56%. The remaining 39% were comprised of 85255 foreclosures and short sales. In 85262, only 45% of homes on the market were non-distress sales. 85262 foreclosures for sale were high at 35% of the market.
Days on Market: Again, short sales have the longest days on market figure. In 85255, regular sales and foreclosures were pretty close in days on market at 149 for regular sales and 146 for short sales.
Discounts Off of List Price: Interestingly, discounts on short sales in 85255 were very small in the first quarter, only 3%. In 85262, non-distressed sales saw a very large average discount of 15%.
Disclaimer: Data and information was pulled from the Arizona Regional MLS (ARMLS) on 4/1/2010 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 © 2010 Heather Tawes Nelson