Below is a look at home sales activity for 2013 in the Scottsdale Arizona zip code of 85255.
85255 is a popular North Scottsdale zip code. While there are a wide variety of communities to choose from and plenty to do with regards to shopping and dining, the Sonoran desert landscape still is showcased.
Some of the most prominent communities found in 85255 are Troon Village, Desert Highlands, Grayhawk, DC Ranch and Silverleaf. Each of these master planned communities have taken advantage of the rolling hills and mountains found in this area and many homes have lovely desert or city light views.
Overview of Home Sales Types
The sales data below has been categorized by sale type and each of them are defined below:
- Non-Distressed Sales: Home sales in this category are traditional or regular home sales that most people are familiar with.
- Short Sales: Short sales are considered distressed sales. In this case, the seller can only sell the home for less than what is owed on it. In order for the sale to go through, the approval of the lienholder has to be obtained.
- Foreclosures: These are another form of distress sale. Here, the home has been foreclosed upon and no longer belongs to the homeowner. These are also referred to as “lender owned”, “REO” or “bank owned” homes.
Overall Findings for the Scottsdale Zip Code 85255 Home Sales Market for Q4 2013 – Data as of January 1, 2014
- Active Scottsdale 85255 Homes For Sale: Virtually every home (99%) in 85255 at the end of the year was a non-distressed sale. Only five homes fell into the distressed category.
- 85255 Pending Homes for Sale: When you look at pendings, you see a higher percentage of short sales.
- Q4 2013 Scottsdale 85255 Home Sales: Almost every sale in Q4 was a regular sale. What is interesting is that the almost all of the other sales were foreclosure homes.
- 85255 Home Prices: It is rare to see foreclosures having the highest average sales price, but when you look at the average price per square foot, the numbers come in like we are accustomed to seeing, with regular sales as the highest, followed by short sales and foreclosures.
- Cumulative Days on Market: What is interesting is how much longer lender owned homes took to sell in Q4. It was almost double the time for short sales, which traditionally take the longest to close.
- Discounts Off of List Price: Buyers of short sales in Q4 saw the highest average discount off of asking at 13%. This is the highest I have seen this in a long time. Regular and foreclosure buyers saw, on average, a 4-5% discount.
Scottsdale Zip Code 85255 – 2013 Home Sales Data
This is the same report as above, but it looks at the entire year. The results are more or less what we would expect with regular sales having the highest price per square foot followed by short sales then foreclosures.
The largest average discount off of list price for buyers (4%) was found with regular sales and foreclosures. Purchasers of short sales saw a very small (1%) average discount off of asking.
Scottsdale Zip Code 85255 – Sales Data By Quarter for 2013
This final chart looks at the sales mix over each quarter in 2013.
As we have seen almost everywhere, the percentage of regular sales compared to distress sales gained traction over the course of the year. In Q1, 90% of all sales were non-distressed. By the end of Q4, that had climbed to 95%.
If you would like to review this data for the City of Scottsdale AZ versus a single zip code, please visit 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 1/1/2014 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 Q4 2013 and for the year of 2013. Actives and pending figures are as of the day the data was pulled. 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