The uppermost portion of Scottsdale is comprised of the 85262 zip code. This great northern location is home to some of the most well-known, luxury golf communities, like Desert Mountain, Mirabel, Troon North, Legend Trail and Estancia.
Bordered by national forest land and dotted with rolling hills and mountains, homes and lots in 85262 often enjoy gorgeous city light and desert views. Plus, because it is located at a higher altitude than the rest of Scottsdale, summer temperatures can be cooler by a few degrees.
This report looks at home sales performance in 85262 over Q1 2012, 2012 year-to-date and also includes a chart showing quarterly performance in 2011 for comparison’s sake.
The three “sales types” are described below:
– Non-Distressed Sales – These are the “traditional” sales of homes or what you think of when you imagine a “regular” home sale. Here, the seller and buyer work together to complete the sale.
– Short Sales – A short sale is considered a “distress” sale because the homeowner will be selling the home for less than what is owed on it. In this scenario, the lienholder(s) need to approve the terms of the deal before the sale can occur.
– Foreclosures – Another “distress” sale is a foreclosure. Here, the homes have been taken back by the lienholder and the homeowner no longer has a stake. You may also hear these referred to as “Lender-Owned” homes, “REO‘” homes or “Bank-Owned” homes.
Scottsdale Zip Code 85262 Home Sales for Q2 2012 – Data as of June 30, 2012
- Active Scottsdale 85262 Homes For Sale: Almost the entire inventory of homes for sale at the end of June were regular sales (94%.) The very small remainder was made up of distressed sales.
- 85262 Pending Homes for Sale: We see distressed sales gain a little traction when you look at pending sales at the end of June. They made up about 30% of the pending sales.
- Q2 2012 Scottsdale 85262 Home Sales: Almost 80% of home sales in Q2 2012 were non-distressed sales. Short sales came in next with 12% and foreclosures made up the balance with 9%.
- 85262 Home Prices: This zip code is interesting in that short sales have a lower average sales price and lower average price per square foot. Typically, foreclosures come in at the lowest levels. However if you look at the average size of the homes sold, foreclosures were about 500 square feet more, which could mean homes in areas where sales prices are higher.
- Days on Market: Foreclosure homes went very quickly in Q2 2012 with only and average of 52 days on market. For the other two categories, cumulative days on market were a lot higher.
- Discounts Off of List Price: We are still seeing about a 10% discount off of asking price on average for regular sales. However, we are seeing shrinking discounts on distressed sales. They used to be about 5% off, now it seems to be closer to 1-3%.
Scottsdale Zip Code 85262 – 2012 Homes Sales Year-to-Date
Here is the same information with both quarters of 2012 and year-to-date data. As you can see, the allocation of distressed inventory has been getting lower as the year progresses.
Scottsdale Zip Code 85262 – 2011 Home Sales by Quarter
For comparison purposes, here is a quarterly recap for home sales for 2011 in Scottsdale zip code 85262.
Over the course of 2011, only 57% of the sales were for regular sales. If you look at year-to-date 2012, it is up to 78%. That is quite a change from last year.
To see this same information for the entire City of Scottsdale AZ, please visit these previous reports:
View Scottsdale Home Sales by Type 2011
View Scottsdale Home Sales by Type for 2010
View Scottsdale Home Sales by Type for 2009
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 6/30/2012 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 Q2 2012. 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