At the end of each quarter, I take a look at homes sales in Scottsdale's zip code 85255. In particular, I like to see how the sales activity broke out.
The home sales information for 85255 is broken into three categories - "regular" (or "non-distressed" sales), short sales (or pre-foreclosure homes) and foreclosures (also known as lender-owned homes, bank-owned homes or REO's.)
North Scottsdale is home to the 85255 zip code and many luxury golf communities can be found there. Some of these communities include:
Here is the data for Q3 2010 for Scottsdale's 85255 zip code:
Overall Findings for Q3 2010 - Scottsdale Single-Family Home Market
- Active Homes For Sale: More than three quarters of the active homes on the market at the end of the quarter were regular sales. Short sales came in second with 16% and only 7% if the inventory was lender owned.
- Pending Homes for Sale: Almost half of the pending sales were regular sales, but here is where you see the popularity of short sales and foreclosures. For instance, foreclosures are 8% of the inventory, but account for 18% of the pending sales.
- Q3 2010 Scottsdale Home Sales: A little over half of all of the sales were regular sales. Short sales were second and foreclosures came in third.
- Home Prices: As we see in other zip codes and in Scottsdale, regular homes sales had the highest average sales price and the highest price per square foot. Short sale and foreclosure average sales prices were quite a bit lower as is to be expected with distressed sales.
- Days on Market: Non-distressed sales had the lowest days on market result, followed closely by foreclosures. Keeping with the trend, short sales had the longest days on market with over 200.
- Discounts Off of List Price: As we have seen elsewhere, the largest discount off of asking prices can be seen with regular sales. Short sales usually fall into the 5% off range, but this quarter saw a 7% discount.
Here is the same analysis showing side-by-side results for the first three quarters of 2010 for zip code 85255:
Disclaimer: Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 4/1/2010, 7/1/2010 and 10/1/2010 and can change at any time. The analysis looks at single-family resale homes for sale and sales in Scottsdale AZ over the last 12 months. 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 © 2010 Heather Tawes Nelson