Here are the results for home sales in North Scottsdale’s 85262 zip code. for Q3 2011
Scottsdale Arizona’s 85262 zip code is the northernmost zip code in Scottsdale and there, you can find several of the area’s top private golf communities including Desert Mountain, Troon North, Legend Trail and Estancia. Since 85262 is located at a higher elevation than downtown Scottsdale, temperatures can be a few degrees cooler in the warm summer months. The higher elevation also means that many 85262 homes and lots have some incredible city light and mountain views.
This report looks at third quarter activity for home sales in 85262. The home sales activity has been broken into three categories and they are defined below.
– Non-Distressed Sales – These sales are “regular” or “traditional” home sales. In this scenario you are undoubtedly familiar with, the home seller and the home buyer work together to negotiate the terms of the sale and continue to work together throughout the transaction until the close of escrow.
– Short Sales – Short sales are when the homeowner is trying to sell the home “short” of what is owed on the home. Due to this, the lienholder (also known as the “lender”) will have to grant approval on the terms of the sale. Quite often, there is more than one lienholder involved and all parties with a stake in the transaction will need to approve the sale.
– Foreclosures – Foreclosures are just what they sound like. They are homes that have been through the foreclosure process and are now back in the possession of the lienholder who initiated the foreclosure process. You may also hear these called “Lender-Owned” homes, “REO'” homes or “Bank-Owned” homes.
Overall Findings for the Scottsdale Zip Code 85262 Home Sales Market for Q3 2011 – Data as of October 1, 2011
- Active Scottsdale 85262 Homes For Sale: 90% of the homes on the market at the end of Q3 were regular sales. Short sales and foreclosures made up the last 10%.
- 85262 Pending Homes for Sale: As we have seen historically, regular home sales drop off in weight when you look at pending sales. Here, they drop to 63% of the pending sale inventory. Short sales grew from 8% of the active market to 26% of the pending category. Foreclosures also saw a jump in representation from 3% of actives to 11% of pendings.
- Q3 2011 Scottsdale 85262 Home Sales: Regular home sales only accounted for 47% of Q3 sales, even though they were 90% of the inventory on the market at the end of the quarter. Foreclosures saw a huge part of the home sales, with 30%, even though they were only 3% of the homes on the market.
- 85262 Home Prices: Regular homes sales’ average sales price came in the highest at just under $1 million. We expect to see the highest average sales price with regular sales. What is interesting, is that short sales usually come in with the next highest average sales price, but in 85262 in Q3, foreclosures came in second with a little over $700K. Short sales had the lowest average price in the $500K range.
- Discounts Off of List Price: Typically, we see about a 10% discount off of asking price for regular sales and then about a 5% or less discount on short sales and foreclosures. However, for Q3 2011 in Scottsdale zip code 85262, the discount was pretty even with about a 10% discount.
To see this same information for the entire City of Scottsdale AZ, please visit these previous reports:
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 10/1/2011 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 Q3 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