Scottsdale Zip Code 85266 Home Sales By Type Q2 2011 - Includes Foreclosures & Short Sales

Here is a review of the Q2 2011 home sales figures in the North Scottsdale zip code 85266.

85266 is a relatively new zip code. It covers the northwest portion of Scottsdale and is bordered by Phoenix, Carefree and Cave Creek. Because it is located higher up in the Valley, homes in 85266 can enjoy some great Valley and mountain views. A few of Scottsdale’s top golf communities can be found in 85266 including Whisper Rock, The Boulders and Terravita.

The real estate report below looks at home sales in 85266 for the second quarter of 2011. I broke home sales the activity out into three categories and they are defined as follows:
- Non-Distressed Sales – Non-distressed sales are the "normal," "regular" or "traditional" home sales. In this type of home sale, the buyer and seller negotiate, come to an agreement on price and terms and work together until the close of escrow.
- Short Sales – Short sales are a reality of today’s market. Essentially, a short sale occurs when a home seller is trying to sell their home for less than what is owed on the home. In this scenario the lender (or lienholder) will need to approve any offers before the sale can be completed. So, even though the contract is between the buyer and seller, the lienholder has to grant approval.
- Foreclosures – Foreclosures are homes that have gone through the foreclosure process and are now the property of the lienholder. These are also referred to as "Lender-Owned" homes, "REO'" homes or "Bank-Owned" homes.

Overall Findings for the Scottsdale Zip Code 85266 Home Sales Market for Q2 2011 - Data as of July 1, 2011

• Active Scottsdale 85266 Homes For Sale: Most of the homes for sale at the end of Q2 in 85266 were regular home sales at 84%. The remaining 16% was divided between short sales (11%) and foreclosure listings (5%.)
• 85266 Pending Homes for Sale: We saw the numbers shift when it came to pending home sales. Pending sales of distressed homes were 34% of the inventory at the end of the quarter.
• Q2 2011 Scottsdale 85266 Home Sales: About two thirds of home sales in Q2 were for regular home sales, about the same ratio as pending home sales. We did see foreclosures represent a higher portion of sales at 17%.
• 85266 Home Prices: The variance between average home sale prices is closer than we have seen in other zip codes. However, if you look at the average price per square foot, you see the difference more clearly.
• Discounts Off of List Price: Typically, we have been seeing an average discount off of asking of 10% for regular sales and 5% for distressed sales. For Q2 in 85266, we saw only an average 6% off of list price on regular sales and only 2% on foreclosures. Short sales saw a larger than average discount in Q2 with and average of 8% off of asking.

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If you want to see this information for the City of Scottsdale AZ, please see these previous reports:

View Scottsdale Home Sales by Type Q1 2011
View Scottsdale Home Sales by Type for 2010
View Scottsdale Home Sales by Type for 2009

Originally posted on Live Better in Scottsdale

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 7/1/2011 and can change at any time. The analysis looks at single-family resale homes for sale and sales in Scottsdale AZ zip code 85266 for Q2 2011. 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 © 2011 Heather Tawes Nelson