– Scottsdale Arizona 2013 Home Sales By Type – Includes Foreclosure & Short Sale Data –
The data looks at home sales based on three categories and their definitions are below:
– Non-Distressed Sales – These are the typical, traditional homes sales most people are familiar with.
– Short Sales – This is the first of the two distress sale categories. A short sale occurs when the homeowner needs to sell the home for less than what is owed on it. In this case, the third party lienholder has to give approval to the terms of the sale before it can complete.
– Foreclosures – This is the other distress sale category. Here, the homes have been foreclosed upon and no longer belong to the homeowner. You may also hear these called “Lender-Owned” homes, “REO” homes and/or “Bank-Owned” homes.
Overall Findings for the Q4 2013 Scottsdale Single-Family Home Market – Data As of January 1, 2014
- Homes for Sale: Virtually all homes for sale in Scottsdale at the end of the year were regular sales at 98%. The last two percent were split between short sales and foreclosures.
- Pending Home Sales: When we look at pending sales activity at the end of Q4, you see a lot more impact on the short sale side, representing 14% of all pending sales.
- Q4 2013 Home Sales: Home sales in Q4 were primarily regular home sales at 92%. Short sales had 5% of the pendings and foreclosures came in at 3%.
- Home Prices: What is interesting is that the highest average sales prices in Q4 went to foreclosures. It is usually always regular sales that have the highest price. However, when you look at average price per square foot, regular sales come out on top.
- Days on Market: Days on market is another metric that is interesting this quarter. Typically, regular sales have the shortest days on market followed by foreclosures and then short sales. In Q4, short sales had a lower days on market than foreclosures. This may be the first time I have seen this since I started tracking by sales type.
- Discounts Off of List Price: Buyers, on average, saw a discount off of list price of 4-5% in Q4 2013.
Scottsdale AZ Home Sales Q1 through Q4 2013
Here is a summary that shows quarterly performance.
Over the year, the percentage of regular, non-distressed sales went from 84% of the market to 92% at the end of Q4. Correspondingly, short sales and foreclosures shrunk from 15% to 8%.
To see how much things have changed in the last two years:
- In 2011, regular sales only accounted for 58% of all home sales.
- In 2012, they were 73% of all sales.
- In 2013, they were 90% of all sales.
Scottsdale AZ Home Sales 2013
Here is more data on 2013 home sales. This chart shows you average sales prices and days on market, etc.
Historically, the highest prices are seen with non-distressed sales, followed by short sales then foreclosures. In 2013, short sales came in lower than foreclosures. Also, of note, the days on market for short sales were not that much higher than regular and lender-owned sales. This is an improvement as usually, there is a bigger difference.
Across the board, buyers saw less price flexibility. Average discounts off of asking price for all three categories only ranged between 1-4%.
If you are interested, you can review previous reports for Scottsdale home sales:
View Scottsdale Home Sales by Type for Q3 2013
View Scottsdale Home Sales by Type for Q2 2013
View Scottsdale Home Sales by Type for Q1 2013
View Scottsdale Home Sales by Type for 2012
Disclaimer: Due to rounding issues, not all columns will add up to a perfect 100%. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 1/1/2014 and can change at any time. The analysis looks at single-family resale homes for sale and sales in Scottsdale AZ on a quarterly basis. 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 © 2014 Heather Tawes Nelson | Joyce Tawes