85266 came into existence a few years ago and occupies the northwest section of Scottsdale. It is bordered by Phoenix and Cave Creek to the west and Carefree to the north.
Most of the housing options in 85266 are single-family homes of various sizes. For instance, you can find a great two bedroom seasonal home in Terravita all the way up to a multi-acre standalone estate.
85266 HOME SALES INFORMATION
Below are a few charts showing home sales in 85266 for Q3 2012 as well a summary of the first three quarters of 2012. 2011 data is also included to allow for comparisons.
The home sale information is divided into three categories based upon the sales type. Definitions of these sales types follow:
– Non-Distressed Sales – Non-distress sales are “normal,” “traditional” or “regular” home sales between a buyer and a seller.
– Short Sales – A short sale take place when a homeowner plans to sell the home for less than what is owed on it. In this scenario, the leinholder(s) will need to give approval on the terms of the offer. Short sales are one type of “distressed” sales.
– Foreclosures – As the name implies, these homes have been foreclosed upon. Other names for these properties are lender owned”, “bank owned” or “REO’s”. This is another example of a “distress sale.”
Overall Findings for the Scottsdale Zip Code 85266 Home Sales Market for Q3 2012 – Data as of October 1, 2012
- Active Scottsdale 85266 Homes For Sale: 90% of the homes on the market at the end of Q3 were regular home sales. The remaining 10% was split evenly between short sales and foreclosures.
- 85266 Pending Homes for Sale: You see the distressed categories take a much larger role when you look at pending sales at the end of the quarter though. Short sales make up a quarter of the entire pending inventory.
- Q3 2012 Scottsdale 85266 Home Sales: Here we see regular sales move back up. Almost 80% of Q3 home sales in 85266 were normal sales.
- 85266 Home Prices: This is the least differentiation I have seen in pricing yet. Typically, average sales price for regular sales come in a bit higher than the distressed categories, followed by short sale and then foreclosures. In Q3, there was less than a $100K average difference. When you look at average price per square foot, the figures are coming in like we usually see them with regular sales as the highest followed by short sales which are followed by foreclosures.
- Cumulative Days on Market: As would be expected, regular sales had the shortest average days on market. What is interesting is that the foreclosures had such a high days on market, very close to the short sale category. Typically, we would see average days on market for foreclosures a little above regular sales, but well below short sales.
- Discounts Off of List Price: Distressed sales saw a very small discount (1-2%) off of asking price in Q3. Buyers of regular sales saw a 5% discount off of list on average.
Scottsdale Zip Code 85266 Home Sales – First Three Quarters of 2012
The chart below shows the percentage representation of each sales type over each quarter of 2012. Non-distressed sales make up most of the inventory, but lost some ground to distressed sales. This is the first time I have seen that trend when looking at Scottsdale sales. Elsewhere, the percentage of regular home sales grew over the course of the year.
Short sales and foreclosures dipped in Q2, but gained some traction in Q3, coming in with 21% of all sales.
SUMMARY – 2011 Scottsdale Home Sales in Zip Code 85266
When you look at the 2011 figures, you can see that about 68% of sales were regular home sales. Looking at 2012-to-date, that figure is now up to 80%. Short sales have gone from 17% of sales in 2011 to 11% in 2012. And foreclosures, which were 15% of the market in 2011 are now 9% in 2012.
If you would like to see this information for the City of Scottsdale AZ, please see 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 and 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 85266 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