Sales volume in the distressed home market in the Prescott AZ area is up slightly with 92 homes closing in February. This compares to 67 homes sold by traditional resales during the same period. This is 58% of all sales!
The average price per square foot for REO and short sales was $82 and the average time to sell was 115 days compared to $109 per square foot and 229 days on market for traditional resales. Traditional home sellers are continuing the trend of reducing their prices to sell against the foreclosures and short sales. In fact, you can see that with 54% of the sales being REOS and short sales that these comps cannot be ignored.
Short sales about 12% of sales: Of the 92 homes sold, 11 were short sales (highlighted in yellow). Short sales are becoming more mainstream as banks and buyers and especially REALTORS figure them out. So many agents are doing the whole industry a disservice by avoiding these transactions.
47% of the homes sold at or more than asking price (see green highlight). This continues to be amazing in a “weak market.” Also note that most of the ones that sold quickly (list is sorted by Cumulative Days on Market (CDOM) received full price offers.
Some of the buyers I am working with right now are trying to get 20% off of the bank’s price. You can see how futile this exercise is when the average is only about 1.5% off.
| Single Family REO-Foreclosed-Short Sales Closed 2/1/10 – 2/28/10 | |||||||
| Address | City | List Price | Sale Price | SP/LP | SQFT | $/SQFT | CDOM |
| 995 Cottonwood Lan | Chino Valley | $43,750 | $30,000 | 68.6% | 1,310 | $23 | 116 |
| 190 Birchwood | Paulden | $39,000 | $32,500 | 83.3% | 1,340 | $24 | 199 |
| 220 Javelina Path | Chino Valley | $41,900 | $40,000 | 95.5% | 1,566 | $26 | 85 |
| 390 Railroad Avenu | Chino Valley | $59,900 | $60,000 | 100.2% | 2,066 | $29 | 26 |
| 2882 Kings Hwy | Prescott Valley | $49,900 | $42,000 | 84.2% | 1,344 | $31 | 113 |
| 1025 Yarber Wash Rd | Dewey -Humboldt | $59,900 | $59,000 | 98.5% | 1,782 | $33 | 95 |
| 11093 Poland Junctio | Mayer | $49,900 | $45,000 | 90.2% | 1,152 | $39 | 37 |
| 24815 Prairie Way | Paulden | $58,500 | $49,000 | 83.8% | 1,188 | $41 | 104 |
| 12516 Corley Street | Dewey -Humboldt | $39,900 | $28,000 | 70.2% | 676 | $41 | 50 |
| 3049 Pleasant View | Prescott Valley | $79,900 | $80,000 | 100.1% | 1,918 | $42 | 540 |
| 17580 Highway 169 | Dewey -Humboldt | $49,900 | $50,500 | 101.2% | 1,210 | $42 | 177 |
| 1600 Slick Horn All | Paulden | $79,900 | $75,000 | 93.9% | 1,728 | $43 | 23 |
| 11838 Macfarlane Way | Prescott Valley | $109,000 | $108,000 | 99.1% | 2,346 | $46 | 505 |
| 2968 Pleasant View | Prescott Valley | $69,900 | $72,000 | 103.0% | 1,550 | $46 | 21 |
| 864 Road 4 North | Chino Valley | $149,900 | $141,750 | 94.6% | 2,989 | $47 | 76 |
| 3636 Starlight Dr # | Prescott Valley | $50,000 | $47,000 | 94.0% | 936 | $50 | 170 |
| 100 Verde Ranch Ro | Paulden | $63,310 | $64,000 | 101.1% | 1,224 | $52 | 63 |
| 19210 Wagon Train | Mayer | $69,000 | $65,000 | 94.2% | 1,152 | $56 | 208 |
| 2320 Canta Libre Rd | Chino Valley | $162,900 | $162,900 | 100.0% | 2,852 | $57 | 97 |
| 4890 Joshua | Chino Valley | $130,000 | $130,000 | 100.0% | 2,268 | $57 | 141 |
| 11320 Mare Meadows | Mayer | $250,000 | $250,000 | 100.0% | 4,305 | $58 | 261 |
| 2720 Cedar Springs | Prescott Valley | $57,900 | $56,250 | 97.2% | 963 | $58 | 16 |
| 823 Campbell | Prescott | $97,500 | $83,500 | 85.6% | 1,404 | $59 | 63 |
| 20866 Antelope Rd. | Cordes Lake | $69,900 | $63,000 | 90.1% | 1,024 | $62 | 154 |
| 393 Ensenada Stree | Dewey -Humboldt | $99,900 | $92,000 | 92.1% | 1,484 | $62 | 126 |
| 2560 Hill St | Dewey -Humboldt | $69,900 | $83,900 | 120.0% | 1,260 | $67 | 207 |
| 3714 Greg Dr | Prescott Valley | $74,900 | $80,000 | 106.8% | 1,176 | $68 | 66 |
| 745 Ahonen Road | Paulden | $105,000 | $105,000 | 100.0% | 1,521 | $69 | 111 |
| 11600 Appaloosa Lane | Dewey -Humboldt | $168,000 | $164,000 | 97.6% | 2,265 | $72 | 148 |
| 370 Venus Dr | Prescott | $215,000 | $205,000 | 95.3% | 2,763 | $74 | 49 |
| 1396 Karen Dr | Chino Valley | $82,000 | $86,500 | 105.5% | 1,160 | $75 | 95 |
| 4920 Verde Vista | Prescott Valley | $175,900 | $172,000 | 97.8% | 2,304 | $75 | 74 |
| 252 Soaring Ave | Prescott | $324,900 | $310,000 | 95.4% | 4,149 | $75 | 203 |
| 3555 Yuma Dr | Chino Valley | $169,900 | $165,500 | 97.4% | 2,214 | $75 | 123 |
| 13086 Ponce St | Dewey -Humboldt | $125,000 | $133,500 | 106.8% | 1,785 | $75 | 227 |
| 960 Caballos Ct | Dewey -Humboldt | $134,900 | $145,000 | 107.5% | 1,893 | $77 | 32 |
| 2330 Gambels Ridge | Chino Valley | $149,900 | $149,000 | 99.4% | 1,914 | $78 | 49 |
| 7220 Paseo Escondid | Prescott Valley | $190,000 | $200,000 | 105.3% | 2,566 | $78 | 158 |
| 1421 Bannon Place | Chino Valley | $159,900 | $155,000 | 96.9% | 1,965 | $79 | 64 |
| 6575 El Dorado Driv | Prescott | $139,900 | $131,000 | 93.6% | 1,601 | $82 | 159 |
| 7503 Clear Sky Trl | Prescott Valley | $151,900 | $151,900 | 100.0% | 1,815 | $84 | 72 |
| 4290 Kachina Way | Prescott Valley | $128,900 | $130,900 | 101.6% | 1,552 | $84 | 97 |
| 621 Rancho Vista | Prescott | $164,900 | $162,500 | 98.5% | 1,920 | $85 | 161 |
| 4773 Sheridan | Prescott Valley | $125,000 | $134,150 | 107.3% | 1,579 | $85 | 30 |
| 5125 Robert Rd | Prescott Valley | $115,000 | $120,000 | 104.3% | 1,409 | $85 | 226 |
| 1051 Dewey Road | Dewey -Humboldt | $275,000 | $270,000 | 98.2% | 3,162 | $85 | 70 |
| 2520 Road 4 North | Chino Valley | $69,900 | $74,000 | 105.9% | 864 | $86 | 121 |
| 4241 Ridge Circle | Prescott Valley | $145,000 | $145,000 | 100.0% | 1,690 | $86 | 83 |
| 7656 Cocopah | Prescott Valley | $127,900 | $128,000 | 100.1% | 1,486 | $86 | 70 |
| 9671 Rimrock Circle | Prescott Valley | $133,000 | $133,000 | 100.0% | 1,544 | $86 | 113 |
| 6251 Little Papoose | Prescott Valley | $109,900 | $112,500 | 102.4% | 1,304 | $86 | 46 |
| 7616 Roundup Dr | Prescott Valley | $105,000 | $105,000 | 100.0% | 1,214 | $86 | 105 |
| 1217 Timber Point N | Prescott | $149,900 | $149,900 | 100.0% | 1,704 | $88 | 47 |
| 2660 Gambles Ridge | Chino Valley | $125,000 | $130,000 | 104.0% | 1,468 | $89 | 98 |
| 5676 Pawnee Drive | Prescott Valley | $127,900 | $125,000 | 97.7% | 1,400 | $89 | 43 |
| 7600 Dusty Boot Roa | Prescott Valley | $172,500 | $170,000 | 98.6% | 1,904 | $89 | 42 |
| 2627 Reno Drive | Dewey -Humboldt | $138,000 | $138,000 | 100.0% | 1,524 | $91 | 124 |
| 4850 Badger Rd | Prescott Valley | $163,500 | $163,000 | 99.7% | 1,790 | $91 | 95 |
| 4135 Val Verde Way | Prescott Valley | $141,500 | $137,000 | 96.8% | 1,503 | $91 | 150 |
| 5081 Cattlemen Driv | Prescott Valley | $129,900 | $129,900 | 100.0% | 1,411 | $92 | 113 |
| 7754 Mesteno Rd | Prescott Valley | $268,500 | $267,000 | 99.4% | 2,884 | $93 | 59 |
| 3172 Dome Rock Plac | Prescott | $79,900 | $79,900 | 100.0% | 863 | $93 | 138 |
| 6128 Viewpoint Dr | Prescott Valley | $106,900 | $112,000 | 104.8% | 1,188 | $94 | 113 |
| 655 Old Senator Hw | Prescott | $81,500 | $81,500 | 100.0% | 864 | $94 | 40 |
| 7370 Granite View | Prescott Valley | $165,900 | $157,900 | 95.2% | 1,670 | $95 | 54 |
| 1745 Reed Road | Chino Valley | $189,000 | $189,000 | 100.0% | 1,993 | $95 | 65 |
| 6332 Andover Lane | Prescott Valley | $160,000 | $155,000 | 96.9% | 1,632 | $95 | 314 |
| 20480 Buckboard Lane | Paulden | $399,000 | $300,000 | 75.2% | 3,109 | $96 | 102 |
| 5681 Mission Ln | Prescott Valley | $119,900 | $120,000 | 100.1% | 1,243 | $97 | 60 |
| 6365 Kelmore Rd | Prescott Valley | $259,000 | $240,000 | 92.7% | 2,477 | $97 | 110 |
| 5285 Mesquite Drive | Prescott Valley | $138,900 | $138,900 | 100.0% | 1,429 | $97 | 61 |
| 8508 Prairie View | Prescott Valley | $185,100 | $180,000 | 97.2% | 1,851 | $97 | 361 |
| 4485 Cinnabar Drive | Prescott Valley | $145,000 | $145,000 | 100.0% | 1,465 | $99 | 49 |
| 1350 Foothill Dr | Dewey -Humboldt | $189,900 | $189,900 | 100.0% | 1,916 | $99 | 71 |
| 8030 Comstock Mine | Prescott | $445,500 | $448,000 | 100.6% | 4,412 | $102 | 64 |
| 410 Highland Ave | Prescott | $166,500 | $165,500 | 99.4% | 1,622 | $102 | 46 |
| 5385 Bremont Way | Prescott Valley | $149,900 | $148,000 | 98.7% | 1,442 | $103 | 123 |
| 3455 Oak Creek Lane | Chino Valley | $219,900 | $205,000 | 93.2% | 1,985 | $103 | 121 |
| 6270 Lord Cir | Prescott Valley | $76,800 | $145,000 | 188.8% | 1,400 | $104 | 68 |
| 4560 Ponderosa | Prescott | $141,000 | $134,900 | 95.7% | 1,300 | $104 | 132 |
| 2331 Mountain Laure | Prescott | $400,000 | $396,000 | 99.0% | 3,800 | $104 | 27 |
| 2225 Polaris | Chino Valley | $119,900 | $112,000 | 93.4% | 1,014 | $110 | 138 |
| 88 French Place | Prescott | $562,500 | $535,000 | 95.1% | 4,800 | $111 | 42 |
| 1420 Kobol | Chino Valley | $219,000 | $218,000 | 99.5% | 1,940 | $112 | 90 |
| 7875 Hunters Hideaw | Prescott Valley | $199,900 | $195,000 | 97.5% | 1,693 | $115 | 62 |
| 5658 Hole In One | Prescott | $292,900 | $240,000 | 81.9% | 2,072 | $116 | 93 |
| 1811 Reading Lane | Prescott | $180,000 | $180,000 | 100.0% | 1,503 | $120 | 136 |
| 14741 Holt Brothers | Prescott | $276,900 | $280,000 | 101.1% | 2,214 | $126 | 68 |
| 5716 Ginseng | Prescott | $258,900 | $259,000 | 100.0% | 1,976 | $131 | 81 |
| 1267 Pebble Springs | Prescott | $325,000 | $307,900 | 94.7% | 2,016 | $153 | 142 |
| 2203 Forest Mountai | Prescott | $1,295,000 | $1,240,000 | 95.8% | 7,000 | $177 | 361 |
| 4455 Cedar Heights | Chino Valley | $285,000 | $301,000 | 105.6% | 1,637 | $184 | 45 |
| Number of Homes: | 92 | ||||||
| Average | $165,428 | $161,826 | 98.5% | 1,880 | $82 | 115 | |
| Median | $138,450 | $137,500 | 99.4% | 1,627 | $86 | 95 | |
| MLS Data as of: | 3/2/2010 | *Source: PAAR MLS | |||||
Considering making an offer in today’s distressed home marketplace in Prescott or Prescott Valley? See: Top 10 tips to win the REO multiple offer game.
For more information on any of these listings, please contact me.
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Posted by Patrick Schutte, Certified Foreclosure Specialist 
March 2, 2010, 9:13 pm
