85262 is a very special zip code. It encompasses the northern part of Scottsdale and has a hilly and mountainous terrain. As you can see in the map, a large part of the 85262 zip code borders national forest land, which means lovely views of the undeveloped Sonoran Desert.
Because 85262 is located at a higher altitude, it can often be a few degrees cooler in the summer months. And many of the top golf communities like Desert Mountain, Mirabel, Troon North, Legend Trail and Estancia are located here as well.
85262 HOME SALES REPORT
Below is an overview of the homes sales that have taken place in 85262 through the third quarter of 2012. The data has been separated into three “sales types,” which are defined below:
– Non-Distressed Sales – Sales of this type are “regular” home sales where a buyer and seller agree to the terms and the home is sold. There is no need for any outside approvals for the sale to complete.
– Short Sales – Short sales fall under the “distressed” sale category. In this case, the seller is hoping to sell the home for less than the amount owed on it. In order to complete the sale, approvals from any third-party stakeholders. (i.e. any lenders) must be obtained.
– Foreclosures – This is another type of “distress” sale.” Here the home has reverted back to the lender via the foreclosure process. You also hear these referenced as “REO‘” homes, “Lender Owned” or “BankOwned” homes.
Scottsdale Zip Code 85262 Home Sales for Q3 2012 – Data as of October 1, 2012
- Active Scottsdale 85262 Homes For Sale: Virtually, the entire inventory (95%) of homes on the market at the end of Q3 were non-distressed sales. Short sales and foreclosures only made up the small remainder.
- 85262 Pending Homes for Sale: Short sales had much more of an impact when you look at pending sales and the end of the period. They made up over a quarter of pending sales. The bulk of pending sales were regular sales, and foreclosures only came in with 5%.
- Q3 2012 Scottsdale 85262 Home Sales: During Q3, 80% of all homes sold in 85262 were non-distressed sales. Short sales came in next at 12% and foreclosures were 9%.
- 85262 Home Prices: The ranges of prices came in as we would expect to see them with regular sales having the highest average sale price followed by short sales and foreclosures. In some other areas, we have been seeing short sales come in with higher prices than foreclosures, which is somewhat unusual.
- Days on Market: These are some of the longer days on market numbers than we see elsewhere. The average price of homes in 85262 is higher and due to that, they take longer to sell. Regular sales had the shortest time on market, at about 5.7 months on average. Short sales took the longest with about 10.7 months on the market.
- Discounts Off of List Price: As we are seeing elsewhere, the average discount off of asking price is very small for distressed sales – about 2-3%. Buyers of regular sales saw a larger average discount off of list price at 9%.
Scottsdale Zip Code 85262 – 2012 Homes Sales Year-to-Date
Her e is a quarter by quarter look at home sales in 85262. The proportion of non-distressed sales has been climbing over the course of the year. Short sales have held pretty steady at about 12% of sales. And foreclosures have edged down over the course of the year.
Scottsdale Zip Code 85262 – 2011 Home Sales by Quarter
Here are last year’s sales figures to use as a comparison. In Q3 of 2011, only 47% of all home sales in 85262 were regular sales. In 2012, they were 80%. And foreclosures made up 30% of all sales in Q3 of 2011 versus 9% a year later.
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
Search Homes for Sale in Zip Code 85262
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 10/1/2012 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 Q3 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. This post represents the opinion of the author. No warranties express or implied.
Copyright © 2012 Heather Tawes Nelson