The June 2010 Cromford Market Distress statistics have just been released. The distress index demonstrates how foreclosures affect a particular zip code. It is a measurement of the number of normal home sales versus the number of foreclosures. The greater the number of foreclosure home sales, the greater the distress level. The zip code 85262, which includes all Desert Mountain Club, has a distress level of 38.7 out of 100. This is a slight decrease from the distress level of 40.7 that we saw just last month showing a healthy improvement in the market.
The zip code 85262 includes some of the most luxurious master planned communities of North Scottsdale such as Desert Mountain, Troon, Estancia, Legend Trail, and Desert Highlands. As you can see from the chart below the Desert Mountain real estate market is doing well.
The pie-chart on the top left demonstrates the percentage of homes for sale that are normal listings, foreclosures, and short sales. The pie-chart on the top right demonstrates what percentage of these homes sold as a normal sale, foreclosure, or short sale in 85262. The two charts at the bottom demonstrate the price per square foot of homes for sale and the price per-square foot of homes that actually sold last month.
As you can see 8% of the active listings in May 2010 were Foreclosures or Bank Owned Homes and 29% of these sold. Seventy-Two percent of the listings were normal sales and of these 51% sold. Twenty-two percent more of the total home sales in May 2010 were normal resale properties as opposed to Lender Owned Properties. The average price that foreclosures sold for was $160.29 per square-foot, while normal sales averaged $256.51 per square-foot.
North Scottsdale is in great shape when you compare it to other areas of the valley. There are a few areas of Phoenix that have a distress index rating of over 80. I actually saw one particular zip code where 100% of the home sales in May were foreclosures, not one regular sale. In this same area 63% of the homes are currently listed as short sales.
This Phoenix-Scottsdale metropolis is huge and there are great differences in the real estate market within. The national media usually lumps all of Phoenix and Scottsdale together with a negative outlook. North Scottsdale, in fact, is extremely different from the rest of the Phoenix market.
Contact me to schedule an appointment to view any new homes in Scottsdale.
Carmen Brodeur JD
Realtor
Trillium Properties, LLC
9825 E Bell Road, Suite 120, Scottsdale AZ 85260
Cell (602) 791-0536
Carmen@TopScottsdaleHomes.com
www.DesertMountainHomesOnline.com
Voted in the Top 3 Realtors in Arizona every year 2015-2025, by Ranking Arizona Magazine. Her background as an Attorney gives her special expertise with contracts and negotiations. Carmen has a proven track record of success with buyers and sellers in Scottsdale.
