Prescott area REO and short sale homes sold 5-15-09 thru 5-31-09

By Patrick Schutte, Certified Foreclosure Specialist, on June 1st, 2009

Prescott Area Market Report

The distressed home market in the Prescott AZ area picked up a little with 26 homes closing in the last 15 days of May. This compares to 39 homes sold by traditional resales during the same period.

The average price per square foot for REO and short sales was $86 and the average time to sell was 121 days compared to $121 per square foot and 138 days on market for traditional resales. This is the closest that traditional resales have been since I started reported this data in January. Home sellers are starting to realize that foreclosures are their real competition in today’s market.

Short sales about 12% of sales: of the 26 homes sold, only 3 were short sales (highlighted in yellow). REOs continue to sell at a much higher rate than short sales. See why: Why short sales aren’t always a good deal.

Over 42% of the homes sold at or more than asking price (see green highlight). This is pretty 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 3.4% off.

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.

Single Family REO-Foreclosed-Short Sales Closed 5/16/2009 – 5/31/2009
Address	City	List Price	Sale Price	SP/LP	SQFT	$/SQFT	CDOM
7733 Mesteno Road	Prescott Valley	$292,900	$225,000	76.8%	2,889	$78	296
5180 Robert Rd	Prescott Valley	$113,905	$125,000	109.7%	1,638	$76	237
7661 Paradise Foun	Prescott Valley	$195,600	$191,000	97.6%	1,929	$99	202
524 Shalimar	Prescott	$249,900	$228,000	91.2%	1,962	$116	185
4989 Cactus Pl	Prescott	$264,900	$264,900	100.0%	3,399	$78	186
6649 Sandhurst Dr.	Prescott Valley	$149,900	$145,000	96.7%	1,223	$119	171
4732 Wycliffe Driv	Prescott Valley	$199,900	$195,000	97.5%	1,999	$98	164
11690 Lady Dove Lan	Prescott Valley	$449,999	$405,000	90.0%	3,501	$116	170
8101 Gale Road	Prescott Valley	$109,000	$99,000	90.8%	1,332	$74	165
1542 Eagle Mountai	Prescott	$269,900	$260,000	96.3%	2,874	$90	155
3800 Borden Trl	Prescott	$274,900	$266,750	97.0%	3,433	$78	136
7798 Sage Vista	Prescott Valley	$178,500	$163,000	91.3%	1,506	$108	126
9769 Sunset	Mayer	$19,900	$19,000	95.5%	1,120	$17	121
2495 Shane	Prescott	$129,900	$133,300	102.6%	1,341	$99	121
3301 Mountain View	Prescott Valley	$59,900	$50,500	84.3%	940	$54	101
34710 Bertha St	Black Canyon City	$48,900	$48,000	98.2%	1,268	$38	89
7976 Crooked Creek	Prescott Valley	$199,900	$199,900	100.0%	1,670	$120	93
87 Reed Road	Chino Valley	$141,800	$145,000	102.3%	1,716	$84	66
4714 Norman Rd	Prescott Valley	$78,000	$69,000	88.5%	1,476	$47	63
1649 Pine Cone Way	Prescott	$164,500	$160,000	97.3%	1,138	$141	64
712 Robles	Prescott Valley	$129,200	$136,200	105.4%	1,637	$83	47
13995 Bradshaw Driv	Dewey -Humboldt	$170,900	$175,900	102.9%	2,621	$67	42
1806 Roadrunner	Chino Valley	$82,900	$82,900	100.0%	1,316	$63	35
13027 Madrid	Dewey -Humboldt	$143,900	$143,900	100.0%	1,888	$76	43
807 Country Club	Prescott	$289,900	$289,900	100.0%	1,960	$148	32
413 Galloway Dr.	Chino Valley	$150,000	$150,000	100.0%	1,838	$82	28
Number of Homes:	26
	Average	$175,342	$168,121	96.6%	1,908	$86	121
	Median	$157,250	$155,000	97.6%	1,693	$82	121
MLS Data as of:	6/1/2009	*Source: PAAR MLS

For more information on any of these listings, please contact me.

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