You will find 85262 in the farthest north section of Scottsdale. It is bordered by National Forest Land, Carefree and Cave Creek. Much of 85262 is hilly and its higher elevation means many homes and lots have wonderful valley and mountain views. And, although there are plenty of shopping, dining and entertainment options close by, much of 85262 embraces the Sonoran Desert landscape with wide-open natural desert areas and washes.
Mirabel, Estancia, Desert Mountain, Legend Trail and Troon North are some of the top golf communities that are found in 85262. Depending on the community, you can find lock and leave condos all of the way up to custom estates.
SCOTTSDALE ZIP CODE 85262 HOME SALES REPORT AND SALES TYPE DEFINITION
This first report looks at sales data specific to the first quarter of 2013. Following that are two 2012 summary reports, which will show you how things are changing as we move into 2013.
The data is broken out by home sales type and each of their definitions are below:
– Non-Distressed Sales – These are “regular” or “normal” home sales where a buyer and seller form a contract on the home and ownership transfers to the buyer.
– Short Sales – In the case of a short sale, a home cannot sell for what is owed on it and the homeowner has to get short sale approval from the lienholder to sell the home. This is one of the two “distressed sale” categories.
– Foreclosures – This final sale type is just what it sounds like. These homes have been foreclosed on and the homeowner is no longer the owner. This other “distressed sale” category may also be called “REO‘,” “Lender Owned” or “Bank Owned.
Scottsdale Zip Code 85262 Home Sales for Q1 2013 – Data as of April 1, 2013
- Active Scottsdale 85262 Homes For Sale: Virtually every home on the market at the end of the quarter was a regular sale. Distressed homes made up the remaining 2-3.%
- 85262 Pending Homes for Sale: However, we do see the distressed homes have a larger impact when you look at pending sales at the end of the month. Now, only 74% is comprised of regular sales and short sales make up almost a fifth of the inventory.
- Q1 2012 Scottsdale 85262 Home Sales: Regular sales made up 88% of all home sales in Q1. The balance was more or less split between short sales and foreclosures.
- 85262 Home Prices: As we would expect to see, regular home sales had highest average sales price and highest average price per square foot. Normally, short sales would be the next highest, but in this case, foreclosures and short sales flip-flopped. We have seen this happen a few times over the last several quarters.
- Days on Market: This is the first time I have seen regular sales come in with the longest days on market. Typically, they have the shortest time period. This is most likely due to some luxury homes selling that had been on the market for a long period.
- Discounts Off of List Price: The discount on non-distressed homes is about where we would expect it. However, the discounts on short sales and foreclosures is a bit larger than we have been seeing in Scottsdale as a whole. Discounts have been in the 3-4% range, whereas in Q1, we saw discounts of 6-7%.
SCOTTSDALE ZIP CODE 85262 – 2012 HOME SALES INFORMATION
For comparison’s sake, here are the numbers for 85262 for the year 2012.
As you can see, the average sales price and average price per square foot are up in Q1 2013. And, we are seeing shorter times on market as well as homes selling for less of a discount overall.
To see this same information for the entire City of Scottsdale AZ, please visit these previous reports:
View Scottsdale Home Sales by Type for 2012
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 4/1/2013 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 Q1 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 © 2013 Heather Tawes Nelson