Prescott area foreclosure market update as of 2-20-09
Prescott Area Market Report
The distressed real estate market in the Prescott area was busy again this week with 17 new homes coming on the market, about one in every five homes being listed in the Prescott Arizona Area MLS system. From the sales side they represented about one in every three homes being sold, and were over half of the sales that went into escrow.
What is amazing to me is the difference between what traditional pricing and distressed homes per square foot: more than a 25% discount this week at 28%. One of my buyers this week was able to take advantage of these deals and after negotiating with a bank for over a month, we finally hammered out a deal…remember to be prepared to be frustrated during the process of dealing with banks. They can be painful transactions to be sure!
See this article on my blog to get prepared: Top 10 tips to win the REO multiple offer game.
| Foreclosed and short sale homes new on market in last 7 days* | |||||
| MLS | Address | City | List Price | SQFT | $/SQFT |
| 935413 | 150 Bramble Dr | Paulden | $45,900 | 1,271 | $36 |
| 935435 | 20630 Cedar Canyon | Mayer | $84,500 | 1,494 | $57 |
| 935423 | 34710 Bertha St | Black Canyon City | $74,900 | 1,268 | $59 |
| 935304 | 20021 Mingus Dr | Mayer | $133,500 | 1,800 | $74 |
| 935317 | 1755 Laurel Lane | Prescott | $329,900 | 3,985 | $83 |
| 935336 | 7527 Traders Trai | Prescott Valley | $314,900 | 3,408 | $92 |
| 935482 | 5201 Long Rifle R | Prescott Valley | $125,000 | 1,320 | $95 |
| 935477 | 1128 Old Chisholm | Dewey -Humboldt | $225,000 | 2,290 | $98 |
| 935359 | 7749 Roaming Way | Prescott Valley | $214,900 | 2,079 | $103 |
| 935342 | 3965 Running Iron | Prescott | $610,000 | 5,740 | $106 |
| 935328 | 8660 Manley Dr. | Prescott Valley | $140,000 | 1,295 | $108 |
| 935440 | 1750 Wisconsin Av | Dewey -Humboldt | $230,000 | 1,957 | $118 |
| 935479 | 2860 Moutain View | Prescott Valley | $223,250 | 1,881 | $119 |
| 935314 | 413 Tangerine Av | Prescott | $209,900 | 1,583 | $133 |
| 935398 | 1218 Pebble Sprin | Prescott | $248,900 | 1,848 | $135 |
| 935418 | 2750 Ridge Road | Prescott | $206,900 | 1,360 | $152 |
| 935427 | 1160 Northridge D | Prescott | $799,900 | 4,867 | $164 |
| # of Homes Listed: | 17 | ||||
| Average | $248,079 | 2,320 | $102 | ||
| Median | $214,900 | 1,848 | $103 | ||
| MLS Date: | 2/21/2009 | *Source: Prescott Arizona Area MLS (PAAR) | |||
To get more information about any of these listings or any others in Prescott, Prescott Valley, Chino Valley or Dewey-Humboldt areas, feel free to contact me, or you can search by MLS number, address, or lots of other ways in our Search the Prescott MLS section.
The percentage of foreclosed/REO/short sale new listings on market went up a little from 16% to 19% this week. Last week 58% of the pending sales were REO or Short Sales, and this week they were made of 55% of the deals going into escrow. The amount of REO/Short Sales that closed last week still represent about…See the full market report.
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