Prescott area REO and short sale homes sold 5-15-09 thru 5-31-09
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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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Thanks for your comment, Robert. I think if you read the entirety of my blog you will see that I try to post the current news and views about the market. You are welcome to post your analysis of what the market will do. My readers welcome input from all sides.
Thank you! This is just what I was looking for. Keep up the great work!
[...] How to help speed up a short sale tips [...]
Great blog post. The media will never pick up on this because it is more complicated than a soundbite.
If I may add that with the number of outstanding loans that are scheduled to reset in the next couple of years, decreasing home values and stricter lending guidelines, the rate of foreclosures are on track to peak in 2010. Short sales have become a growing niche for Real Estate Agents to sell homes before they become bank owned.
short sales | short sales education | short sales success
1/3 on the market are foreclosed or short sales – wow. It’s nice that you research this information. The agents who represent home sellers prob don’t share that info with buyers. Take care.
Dear Patrick,
Great article! I agree with you. I also would like to add couple more alternatives to those homeowners who want to stay in their homes.
There are two products those aren’t widely knowing and common in the market place. Trsutee Foreclosure Delays and Loan Re-Write.
Did you know that Homeowners are illegally being foreclosed on especially in Trustee States?
In Judicial Foreclosure states, a judge reviews the legality of the foreclosure proceedings to ensure the homeowner is being protected against greedy lenders and yet still the lenders are not properly following the foreclosure laws correctly (see this article: http://www.nytimes.com/2009/08/31/nyregion/31judge.html?_r=2).
In Trustee States, lenders employ a “third party” trustee company to replace the legal function of a judge and orchestrate the foreclosure process. If banks are not legally foreclosing when they know a judge reviews the case what do you think they are doing when they only have to go through a trustee that they pay? And what is more interesting, the trustee company is liable for the foreclosure proceedings but who is going after the trustee companies to review the legality of these foreclosure packages? You guess it! Yes, No one is..!
Did you know that a loan Re-Write program has the ability to reduce homeowner’s current loan balance down to the current market value at prime + 3%?
Here is an example: You owe $500K on your home but it is only worth $350k. Investors will bulk purchase the note from your current lender and re-write it back to you at $350k, saving you (the homeowner) over $150k!
I hope this helps!
To find out more about our services you may want to visit http://ASNDinc.com/
Yamen Elasadi
yamen@ASNDinc.com
Arizona Unemployment Trends – September 2009
Arizona Unemployment Trends Visualized as a Heat Map:
Arizona Unemployment in September 2009 (BLS data)
http://www.localetrends.com/st/az_arizona_unemployment.php?MAP_TYPE=curr_ue
versus Arizona Unemployment Levels 1 year ago
http://www.localetrends.com/st/az_arizona_unemployment.php?MAP_TYPE=m12_ue
[...] How to help speed up a short sale tips [...]
[...] How to help speed up a short sale tips [...]
This is good news… Foreclosure market needs movement to make more money and start leaving this situation
that’s good to hear. when you are experiencing foreclosure, you need the help of reliable real estate agents. when you are looking for them you may visit this site:
REALTOR
[...] How to help speed up a short sale tips [...]
[...] How to help speed up a short sale tips [...]
Hi!. Thanks for the blog. I
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Considering, finding the right foreclosure home is the most essential step involved while buying a foreclosure some research should be done ahead of time before finding the most affordable home.
[...] See: Why short sales aren’t always a good deal. [...]
[...] 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. [...]
[...] Foreclosures are still cranking in the U.S [...]
[...] 31% of Phoenix area home sales are foreclosures in March down from 51% in Feb [...]
[...] How to help speed up a short sale tips [...]
[...] See: Why short sales aren’t always a good deal. [...]
[...] 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. [...]
[...] See: Why short sales aren’t always a good deal. [...]
[...] 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. [...]
[...] How to help speed up a short sale tips [...]
[...] How to help speed up a short sale tips [...]
[...] How to help speed up a short sale tips [...]
[...] See: Why short sales aren’t always a good deal. [...]