– Q3 2013 Real Estate Report for Scottsdale Arizona’s 85255 Zip Code –
You will find the 85255 zip code in Scottsdale’s northern section. It is bordered by 85262 to the north and 85266 to the west. Because it is located further north, many of the homes and lots enjoy great desert, valley and mountain views.
Q3 2013 Homes Sales in 85255 -Real Estate Report
Below you will see some charts showing home sales information by sales type. The various sales types are described below:
– Non-Distressed Sales – These are “regular” or “normal” homes sales. They are what you traditionally think of when you picture a home sale.
– Short Sales – A short sale is a type of distress sale. It occurs when a homeowner can only sell the home for less than what is owed on it. In this case the homeowner needs to get approval from a third party in order to sell the home “short.”
– Foreclosures – These are also considered distress sales. Foreclosures have been through the foreclosure process and are no longer owned by the homeowner.
Overall Findings for the Scottsdale Zip Code 85255 Home Sales Market for Q3 2013 – Data as of October 1, 2013
- Active Scottsdale 85255 Homes For Sale: Almost every home for sale in 85255 at the end of Q3 was a non-distress sale. Distress sales only made up 2% of the market, or a mere 6 homes.
- 85255 Pending Homes for Sale: When you look at pendings, you see a higher representation of distressed sales (10%.) This shows there is still very strong demand for these types of properties.
- Q3 2013 Scottsdale 85255 Home Sales: Virtually every sale in Q3 was a regular home sale. Short sales came in with 4% and foreclosures were the remaining 2%.
- 85255 Home Prices: Prices came in where we would expect. Regular home sales had the highest average sales price, followed by short sales and then foreclosures.
- Cumulative Days on Market: What is interesting is that foreclosures had the longest average time on market with 152 days. Normally, they would come in behind regular sales and well ahead of short sales.
- Discounts Off of List Price: This one was interesting as well. Normally, we see a 5-8% average discount off of asking for regular sales and a small (1-3%) discount off of distress sales. For Q3, the average discount off of asking was pretty level for all sales types.
Scottsdale Zip Code 85255 – Sales for First Three Quarters of 2013
This is a look at sales activity over the first three quarters of the year as well as year-to-date.
We saw a jump in sales activity in Q2, which is what we saw market-wide. Sales in Q1 and Q3 were pretty comparable.
Distressed sales accounted for 10% of sales in Q1 and by the end of Q3, only accounted for 6% of sales.
Scottsdale Zip Code 85255 – Sales Data By Quarter for 2012
As a comparison, here is the same data for 85255 for the year 2012.
What is interesting to note is how much distressed sales have tapered off in 85255. At the end of Q1 2012, they were 33% of all sales. At the end of Q3 2013, they were a mere 6% of all sales.
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 10/1/2013 and can change at any time. The analysis looks at single-family resale homes for sale and sales in Scottsdale AZ zip code 85255 for Q3 2013 and 2013 year to date. 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 © 2013 Heather Tawes Nelson