Prescott area REO and short sale homes sold 6-15-09 thru 6-30-09
Print This Post 
Prescott Area Market Report
Sales volume in the distressed home market in the Prescott AZ area remained strong with 33 homes closing in the last 15 days of June. This compares to 77 homes sold by traditional resales during the same period, about 30% of overall sales.
The average price per square foot for REO and short sales was $86 and the average time to sell was 117 days compared to $117 per square foot and 159 days on market for traditional resales. That means that distressed homes are selling at about 25% off!
Short sales about 20% of sales: of the 33 homes sold, 7 were short sales (highlighted in yellow). Short sales are starting to make up a larger percentage of the distressed home sales in the Prescott area.
Are you going to make an offer on a short sale?
Read this first: 10 questions for Prescott AZ short sale brokers
Over 45% of the homes sold at or more than asking price (see green highlight). Last week we were at 47%. 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 was only 2.8% off. The discount on tradtional sales was an average 6.5% off of the list price.
| Single Family REO-Foreclosed-Short Sales Closed 6/16/2009 – 6/30/2009 | |||||||
| Address | City | List Price | Sale Price | SP/LP | SQFT | $/SQFT | CDOM |
| 315 Aspen Road | Paulden | $10,600 | $10,600 | 100.0% | 793 | $13 | 22 |
| 74 Friendship Roa | Ashfork | $45,000 | $45,000 | 100.0% | 1,248 | $36 | 78 |
| 20041 Saguaro Dr. | Cordes Lake | $84,900 | $84,500 | 99.5% | 2,200 | $38 | 96 |
| 24400 Bourbon Alley | Paulden | $48,900 | $48,900 | 100.0% | 1,188 | $41 | 189 |
| 2875 Azurite Street | Dewey -Humboldt | $320,000 | $310,000 | 96.9% | 6,842 | $45 | 162 |
| 12829 Main St | Mayer | $36,000 | $36,000 | 100.0% | 781 | $46 | 109 |
| 361 Lobo Ln | Chino Valley | $74,900 | $75,900 | 101.3% | 1,312 | $58 | 62 |
| 1256 Nancy Dr. | Prescott | $189,900 | $189,900 | 100.0% | 2,650 | $72 | 13 |
| 12816 De La Cruz | Prescott Valley | $199,900 | $200,000 | 100.1% | 2,777 | $72 | 82 |
| 20021 Mingus Dr | Mayer | $133,500 | $132,500 | 99.3% | 1,800 | $74 | 123 |
| 13110 Ponce St | Dewey -Humboldt | $150,480 | $155,480 | 103.3% | 2,019 | $77 | 35 |
| 3235 Heart Prairie | Chino Valley | $209,900 | $190,000 | 90.5% | 2,420 | $79 | 100 |
| 10908 Old Black Cany | Dewey -Humboldt | $195,000 | $191,500 | 98.2% | 2,419 | $79 | 161 |
| 4820 Sauter Dr. | Prescott Valley | $109,900 | $115,300 | 104.9% | 1,420 | $81 | 417 |
| 12757 Garcia St. | Dewey -Humboldt | $189,000 | $168,000 | 88.9% | 1,969 | $85 | 105 |
| 12776 Garcia St | Dewey -Humboldt | $161,500 | $161,701 | 100.1% | 1,893 | $85 | 63 |
| 1530 Perdita Rd | Dewey -Humboldt | $215,000 | $195,213 | 90.8% | 2,257 | $86 | 183 |
| 1139 Boulder Park A | Prescott | $179,900 | $168,000 | 93.4% | 1,875 | $90 | 162 |
| 12923 Madrid | Prescott Valley | $132,900 | $133,900 | 100.8% | 1,484 | $90 | 58 |
| 8037 Sage Vista | Prescott Valley | $200,000 | $200,000 | 100.0% | 2,035 | $98 | 160 |
| 3732 Dale Dr. | Prescott Valley | $135,000 | $135,000 | 100.0% | 1,354 | $100 | 272 |
| 1934 Pinnacle Lane | Prescott | $299,000 | $270,000 | 90.3% | 2,656 | $102 | 85 |
| 1181 Marapai Rd | Prescott | $123,500 | $130,000 | 105.3% | 1,263 | $103 | 35 |
| 7685 Nightingale St | Prescott Valley | $194,900 | $182,000 | 93.4% | 1,765 | $103 | 99 |
| 7711 Pretty Penny P | Prescott Valley | $254,900 | $200,000 | 78.5% | 1,929 | $104 | 211 |
| 4567 Reston Place | Prescott Valley | $227,000 | $201,000 | 88.5% | 1,938 | $104 | 55 |
| 5709 Bronco | Prescott Valley | $185,000 | $175,000 | 94.6% | 1,676 | $104 | 88 |
| 7746 Bravo Ln | Prescott Valley | $169,900 | $167,000 | 98.3% | 1,519 | $110 | 117 |
| 10044 Buck Haven Cir | Dewey -Humboldt | $275,000 | $275,000 | 100.0% | 2,425 | $113 | 80 |
| 8600 Howling Lane | Prescott Valley | $249,900 | $242,500 | 97.0% | 2,098 | $116 | 64 |
| 5874 Nightshade | Prescott | $266,000 | $266,000 | 100.0% | 1,939 | $137 | 172 |
| 1289 Mcdonald Drive | Prescott | $540,000 | $525,000 | 97.2% | 3,550 | $148 | 104 |
| 11255 Waylands | Prescott | $454,900 | $435,000 | 95.6% | 2,821 | $154 | 95 |
| Number of Homes: | 33 | ||||||
| Average | $189,763 | $182,300 | 97.2% | 2,070 | $86 | 117 | |
| Median | $189,000 | $175,000 | 99.5% | 1,938 | $86 | 99 | |
| MLS Data as of: | 7/3/2009 | *Source: PAAR MLS | |||||
Considering making an offer in today’s distressed home marketplace in Prescott, Prescott Valley, Chino Valley or Dewey-Humboldt? See: Top 10 tips to win the REO multiple offer game.
For more information on any of these listings, please contact me.
Search for Prescott area REO/Foreclosed and Short Sale Listings
Free Nationwide Foreclosure Search
Tags: 
Categories: 
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
Hello, possibly this posting could be off topic but anyhow, I’ve gone surfing about your site and it looks genuinely great. It’s obvious that you know your topic and you appear passionate about it. I’m constructing a new blog plus I’m attempting to make it look good, and also present the best quality content. I
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. [...]