– Q3 2010 Scottsdale Home Sales –
After each quarter, I pull the most recent Scottdsdale Arizona home sales statistics to see how the home sales broke out into different categories. I like to see how many home sales were “regular” sales and how many were distress sales such as foreclosures or short sales. I also take these figures and compare them to previous quarters.
Here is how I am defining the three categories of home sales:
– Non-Distressed Sales – These are traditional, “regular” home sales.
– Short Sales – These are where homeowners are trying to sell the home for less than is owed. These sales require 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 or “Bank-Owned” homes.
Overall Findings for Q3 2010 – Scottsdale Single-Family Home Market
- Active Homes For Sale: The bulk of Scottsdale homes for sale at the end of Q3 2010 were “non-distressed” sales at 72%. Short sales came in second with just under 20% and lender-owned homes were 10% of the active listings.
- Pending Homes for Sale: Although regular sales made up the majority of homes on the market, distressed sales made up the majority of pending sales at the end of Q3 at 59%.
- Q3 2010 Scottsdale Home Sales: Even though pending inventory skewed toward short sales and foreclosures, 57% of Q3 Scottsdale home sales were regular sales. Short sales and foreclosure sales were pretty even at 26% and 25% respectively.
- Home Prices: The highest average home prices and price per square foot were fetched by regular sales. Short sales came in quite a bit lower, over $120,000 lower on average, and average foreclosure prices were the lowest at about $150,000 off average regular sales prices. The average square feet on the sold homes in all categories was very similar in the 2,800 square foot range.
- Days on Market: Days on market was the lowest for foreclosures. This is not surprising as there is a lot of demand for foreclosed homes in Scottsdale. Regular sales came in slightly higher in days on market and short sales took the longest, which is not surprising as they are known for taking a long time to close.
- Discounts Off of List Price: The largest discount off of list price was with regular sales at 9% off of asking. Short sales and foreclosures average about 5% off the asking price. This is more or less what we have been seeing all year.
Here are some additional analyses that summarize the first three quarters of 2010.
Previous Reports
View Scottsdale Home Sales by Type for Q2 2010
View Scottsdale Home Sales by Type for Q1 2010
View Scottsdale Home Sales by Type for 2009
Disclaimer: Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 4/1/2010, 7/1/2010 and 10/1/2010 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
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