Prescott area REO and short sale homes sold 6-1-09 thru 6-15-09

By Patrick Schutte, Certified Foreclosure Specialist, on June 16th, 2009

Prescott Area Market Report

Sales volume in the distressed home market in the Prescott AZ area is up to a record high this year with 36 homes closing in the first 15 days of June. This compares to 79 homes sold by traditional resales during the same period.

The average price per square foot for REO and short sales was $91 and the average time to sell was 123 days compared to $111 per square foot and 163 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.

Short sales about 12% of sales: of the 36 homes sold, 4 were short sales (highlighted in yellow). REOs continue to sell at a much higher rate than short sales.

Over 47% of the homes sold at or more than asking price (see green highlight). Last week we were at 42%. 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 2.1% off.

See: Why short sales aren’t always a good deal.

Single Family REO-Foreclosed-Short Sales Closed 6/1/2009 – 6/15/2009
Address	City	List Price	Sale Price	SP/LP	SQFT	$/SQFT	CDOM
4501 Donna Dr	Prescott	$127,500	$124,500	97.6%	1,310	$95	26
2142 Glenshandra	Prescott	$380,000	$395,000	103.9%	2,139	$185	35
7400 Rain Tree Ln.	Prescott	$35,500	$36,500	102.8%	1,159	$31	39
1025 Dewey Rd	Dewey -Humboldt	$255,500	$260,200	101.8%	2,560	$102	40
12668 Viento St	Dewey -Humboldt	$123,900	$115,000	92.8%	1,782	$65	53
1979 Jackrabbit Trl	Chino Valley	$54,900	$58,700	106.9%	1,088	$54	55
13109 Santiago St	Dewey -Humboldt	$152,000	$152,000	100.0%	1,888	$81	57
1042 Cloud Cliff Pa	Prescott Valley	$234,900	$229,000	97.5%	2,070	$111	59
4816 Carla Vista Dr	Prescott Valley	$79,900	$79,900	100.0%	1,440	$55	62
3080 Prescott East	Prescott Valley	$74,900	$81,000	108.1%	1,511	$54	68
5035 Stazenski Rd	Prescott	$349,900	$350,000	100.0%	4,513	$78	70
1905 Oriental	Prescott	$232,900	$220,000	94.5%	1,812	$121	71
10015 Antelope Meado	Prescott Valley	$285,000	$277,500	97.4%	2,192	$127	84
9250 Dutchman’S Cov	Prescott Valley	$265,000	$271,000	102.3%	2,363	$115	88
853 Peppermint Way	Prescott	$320,000	$295,000	92.2%	3,535	$83	89
707 Parsley Place	Prescott	$319,900	$300,000	93.8%	3,945	$76	92
2682 Alec	Chino Valley	$274,900	$250,000	90.9%	2,251	$111	92
13108 Santiago	Dewey -Humboldt	$140,000	$150,000	107.1%	1,637	$92	100
5443 Wickiup Road	Prescott Valley	$142,900	$147,900	103.5%	1,593	$93	102
4401 Noel	Prescott Valley	$138,700	$137,000	98.8%	1,502	$91	133
422 Bloomingdale	Prescott	$374,900	$325,000	86.7%	2,791	$116	147
1490 Copper Canyon	Prescott	$474,900	$400,000	84.2%	5,036	$79	150
7290 Autumn Ln	Prescott Valley	$259,900	$225,000	86.6%	2,798	$80	160
3505 Dove Rd	Chino Valley	$80,000	$80,000	100.0%	2,231	$36	164
3195 Victor Rd	Prescott Valley	$107,500	$105,000	97.7%	1,438	$73	166
5540 Robert Rd	Prescott Valley	$119,900	$120,000	100.1%	1,410	$85	166
427 Jasmine Ln	Prescott	$154,900	$148,500	95.9%	1,265	$117	184
371 Venus Dr	Prescott	$159,000	$156,500	98.4%	1,450	$108	187
8364 Rainbow Vista	Prescott Valley	$249,900	$235,000	94.0%	2,255	$104	203
12648 Tierra Aspera	Prescott Valley	$119,900	$117,000	97.6%	1,629	$72	215
8205 Williamson Val	Prescott	$482,900	$482,900	100.0%	3,565	$135	237
1010 Louie	Prescott	$234,900	$234,900	100.0%	1,992	$118	238
4483 Stage Way Ln	Prescott Valley	$169,000	$160,000	94.7%	1,773	$90	265
2830 Cedar Springs	Prescott Valley	$62,000	$62,500	100.8%	1,302	$48	280
Number of Homes:	34
	Average	$206,994	$199,485	97.9%	2,154	$91	123
	Median	$164,000	$158,250	98.6%	1,850	$91	96
MLS Data as of:	6/16/2009	*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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