On a quarterly basis, I look at the homes sales in Scottsdale’s zip code 85255 to see how the sales activity breaks out.
85255 is a North Scottsdale zip code that is home to several luxury communities. Some of these communities include:
I have broken the sales into three categories – “regular” (or non-distressed sales), short sales (or pre-foreclosure homes) and foreclosures (also known as lender-owned homes, bank-owned homes or REO’s.)
Overall Findings for Q2 2010 – Scottsdale Single-Family Home Market
- Active Homes For Sale: The majority of homes for sale in 85255 were non-distressed sales at 81%. This is slightly higher than the Scottsdale average of 76%. Lender-owned homes only accounted for 6% of the inventory.
- Pending Homes for Sale: Even though non-distressed homes made up the majority of homes on the market, they only accounted for 52% of the pending home sales. Short sales made up 1/3 of the pending sales and foreclosures, only 6% of the market, comprised 15% of the pending sales.
- Q2 2010 Scottsdale Home Sales: Regular home sales were 63% of sales in Q2 in 2010. And while short sales only made up 13% of the inventory, they were 25% of the homes sales. Over the course of the first two quarters, we have seen the percentage of short sales increase while lender-owned home sales have decreased.
- Home Prices: Home prices for non-distressed sales were significantly higher than the distressed sale category at $871,980. Short sales came in on average at $578,770 and lender-owned had the lowest average home sale price at $525,925.
- Days on Market: The shortest days on market ware seen with foreclosures, since demand tends to be higher for these homes. Short sales had the longest days on market at 169, which is to be expected as the short sale process takes longer.
- Discounts Off of List Price: The largest discount off asking price, 8%, was seen with regular sales in the second quarter of 2010. The next largest discount, 7%, was on foreclosures. Short sales came in with a 5% discount off of asking price.
Here is the same analysis for the first half of 2010 for zip code 85255:
Disclaimer: Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 1/1/2010, 4/1/2010 and 7/1/2010 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