Sales volume in the distressed home market in the Prescott AZ area is down from the record breaking July of 104 to 87 homes closing in August. This compares to 131 homes sold by traditional resales during the same period. This is 40% of all 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 $127 per square foot and 160 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. In fact, you can see that with over 40% of the sales being REOS and short sales that these comps cannot be ignored.
Short sales about 23% of sales: Of the 87 homes sold, 20 were short sales (highlighted in yellow). This shows that short sales are continuing to become more mainstream as banks and buyers and especially REALTORS figure them out. So many agents are doing the whole industry a disservice by avoiding these transactions.
38% of the homes sold at or more than asking price (see green highlight). Last month we were at 40%. 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 about 5% off.
| Single Family REO-Foreclosed-Short Sales Closed 8/1/09 – 8/31/09 | |||||||
| Address | City | List Price | Sale Price | SP/LP | SQFT | $/SQFT | CDOM |
| 2255 Chucker | Chino Valley | $139,900 | $145,500 | 104.0% | 1,637 | $89 | 19 |
| 12902 Ponce Street | Dewey -Humboldt | $141,100 | $130,000 | 92.1% | 1,808 | $72 | 22 |
| 1833 Susan Street | Chino Valley | $44,900 | $42,500 | 94.7% | 1,650 | $26 | 24 |
| 15467 Cholla Circle | Cordes Junction | $32,900 | $22,000 | 66.9% | 1,344 | $16 | 26 |
| 3576 Pleasant View | Prescott Valley | $199,000 | $191,000 | 96.0% | 2,014 | $95 | 27 |
| 9225 Barnwood | Prescott Valley | $262,350 | $262,350 | 100.0% | 2,299 | $114 | 28 |
| 13911 Quail Run | Dewey -Humboldt | $138,600 | $138,600 | 100.0% | 3,115 | $44 | 29 |
| 15345 Badlands Circl | Prescott | $506,900 | $475,000 | 93.7% | 3,649 | $130 | 34 |
| 8732 Sommer | Prescott Valley | $90,000 | $90,000 | 100.0% | 1,128 | $80 | 34 |
| 12341 Agua Fria | Mayer | $51,900 | $53,500 | 103.1% | 2,112 | $25 | 36 |
| 1540 Bainbridge Ln | Chino Valley | $207,000 | $200,000 | 96.6% | 2,686 | $74 | 36 |
| 3589 Jester Cir | Prescott Valley | $52,000 | $46,500 | 89.4% | 1,220 | $38 | 38 |
| 1325 Bannon Pl | Chino Valley | $166,500 | $155,000 | 93.1% | 1,962 | $79 | 38 |
| 7128 Grass Land Ct | Prescott Valley | $190,080 | $190,080 | 100.0% | 1,811 | $105 | 41 |
| 138 Smoketree | Prescott | $340,000 | $325,000 | 95.6% | 2,230 | $146 | 42 |
| 8091 Nancy | Prescott Valley | $74,900 | $70,000 | 93.5% | 1,584 | $44 | 43 |
| 4239 Kearny Dr | Prescott Valley | $118,500 | $115,000 | 97.0% | 1,292 | $89 | 44 |
| 11707 Hacienda Hts | Dewey -Humboldt | $177,900 | $155,000 | 87.1% | 1,484 | $104 | 50 |
| 6459 Farmstead | Prescott Valley | $179,900 | $170,000 | 94.5% | 2,046 | $83 | 50 |
| 12848 Ponce St | Dewey -Humboldt | $170,990 | $162,000 | 94.7% | 2,008 | $81 | 51 |
| 3781 Navajo | Prescott Valley | $85,000 | $85,000 | 100.0% | 2,272 | $37 | 52 |
| 1039 Wagon Wheel Dr | Prescott | $190,900 | $190,000 | 99.5% | 2,106 | $90 | 52 |
| 6145 Colt | Prescott Valley | $103,900 | $105,900 | 101.9% | 1,080 | $98 | 53 |
| 2400 Via Venado | Chino Valley | $144,900 | $146,400 | 101.0% | 1,752 | $84 | 53 |
| 4067 La Jolla Drive | Prescott Valley | $143,600 | $145,000 | 101.0% | 2,250 | $64 | 54 |
| 25220 Lakeside | Paulden | $19,500 | $20,100 | 103.1% | 644 | $31 | 55 |
| 1727 Rolling Hills | Prescott | $309,900 | $275,000 | 88.7% | 2,418 | $114 | 55 |
| 809 Hopi Trail | Dewey -Humboldt | $175,900 | $175,900 | 100.0% | 2,256 | $78 | 56 |
| 12797 Garcia St | Dewey -Humboldt | $157,800 | $157,000 | 99.5% | 1,969 | $80 | 57 |
| 3690 Blackjack Ridg | Prescott | $474,900 | $450,000 | 94.8% | 2,829 | $159 | 59 |
| 24200 Riviera Ave | Paulden | $25,000 | $26,250 | 105.0% | 1,188 | $22 | 61 |
| 8031 Nancy Rd | Prescott Valley | $74,900 | $75,000 | 100.1% | 1,525 | $49 | 62 |
| 414 La Paz | Dewey -Humboldt | $167,400 | $167,400 | 100.0% | 2,018 | $83 | 62 |
| 2700 Prescott East | Prescott Valley | $63,900 | $64,000 | 100.2% | 1,440 | $44 | 65 |
| 8160 Loos Dr | Prescott Valley | $115,000 | $121,000 | 105.2% | 1,375 | $88 | 65 |
| 12847 Delgado St | Prescott Valley | $130,000 | $136,000 | 104.6% | 1,470 | $93 | 66 |
| 601 Old Coach | Dewey -Humboldt | $174,900 | $157,000 | 89.8% | 2,318 | $68 | 68 |
| 7904 Crooked Creek | Prescott Valley | $275,000 | $260,000 | 94.5% | 2,782 | $93 | 69 |
| 7257 Woolsey Ranch | Prescott Valley | $168,300 | $164,000 | 97.4% | 2,196 | $75 | 70 |
| 1260 Manzanita Hill | Prescott | $263,000 | $265,000 | 100.8% | 1,779 | $149 | 70 |
| 7241 Paseo Escondid | Prescott Valley | $170,000 | $180,000 | 105.9% | 1,878 | $96 | 71 |
| 12995 Santiago St | Dewey -Humboldt | $158,500 | $152,000 | 95.9% | 1,888 | $81 | 77 |
| 24420 Yosemite | Paulden | $81,000 | $75,000 | 92.6% | 1,026 | $73 | 81 |
| 907 Yavapai Hills | Prescott | $255,000 | $255,000 | 100.0% | 2,120 | $120 | 81 |
| $158,150 | $153,500 | 97.1% | 1,925 | $80 | 52 | ||
| 2765 Kings Highway | Prescott Valley | $80,000 | $79,000 | 98.8% | 1,200 | $66 | 85 |
| 1280 Kobol Way | Chino Valley | $282,000 | $282,000 | 100.0% | 3,784 | $75 | 88 |
| 515 Lotus Court | Prescott | $290,900 | $291,000 | 100.0% | 2,992 | $97 | 88 |
| 4020 Cedar Heights | Chino Valley | $92,497 | $85,000 | 91.9% | 1,152 | $74 | 89 |
| 1851 Misty Dells Tr | Dewey -Humboldt | $207,300 | $210,000 | 101.3% | 2,505 | $84 | 89 |
| 1062 Sweet Acres Dr | Prescott | $204,500 | $194,000 | 94.9% | 2,168 | $89 | 93 |
| 2415 Pemberton | Prescott | $350,000 | $335,000 | 95.7% | 3,613 | $93 | 99 |
| 7213 Prairie Hill | Prescott Valley | $173,500 | $173,000 | 99.7% | 1,538 | $112 | 100 |
| 2219 Sirus | Chino Valley | $142,500 | $128,000 | 89.8% | 1,104 | $116 | 102 |
| 1475 Taft Ave | Chino Valley | $154,900 | $148,500 | 95.9% | 1,661 | $89 | 106 |
| 1105 Bisjak Ln | Chino Valley | $110,000 | $123,500 | 112.3% | 2,215 | $56 | 115 |
| $169,996 | $164,836 | 97.0% | 1,951 | $84 | 58.49 | ||
| 1585 Johnson Lane | Chino Valley | $148,900 | $150,000 | 100.7% | 1,568 | $96 | 118 |
| 7485 Bridle Path | Prescott | $386,000 | $325,000 | 84.2% | 3,124 | $104 | 120 |
| 1811 Ryan Ct | Prescott | $199,900 | $199,900 | 100.0% | 2,317 | $86 | 128 |
| 1170 Trev View Trl | Paulden | $213,685 | $190,000 | 88.9% | 2,077 | $91 | 136 |
| 8316 Sunset Ridge | Prescott Valley | $199,900 | $190,000 | 95.0% | 1,974 | $96 | 144 |
| 1686 Liana Dr | Chino Valley | $79,900 | $75,000 | 93.9% | 1,720 | $44 | 145 |
| 21245 Hackamore | Paulden | $249,000 | $240,000 | 96.4% | 2,700 | $89 | 146 |
| 1037 Walnut Rd | Prescott | $239,900 | $239,900 | 100.0% | 3,256 | $74 | 149 |
| 10625 Dawn To Milky | Prescott Valley | $369,900 | $364,900 | 98.6% | 3,691 | $99 | 151 |
| 4544 Risky Rd | Prescott | $56,900 | $37,000 | 65.0% | 782 | $47 | 153 |
| 8151 Winding Trail | Prescott Valley | $164,900 | $158,000 | 95.8% | 1,803 | $88 | 155 |
| 1403 Split Rail Tra | Prescott Valley | $495,000 | $436,501 | 88.2% | 4,465 | $98 | 155 |
| 8680 Manley Drive | Prescott Valley | $114,900 | $110,000 | 95.7% | 1,283 | $86 | 157 |
| 819 Pine Knoll Dr | Prescott | $255,900 | $256,000 | 100.0% | 2,003 | $128 | 157 |
| 7624 Sedalia | Prescott Valley | $155,000 | $152,500 | 98.4% | 1,479 | $103 | 163 |
| 1208 Pine Ridge | Prescott | $175,000 | $175,000 | 100.0% | 1,445 | $121 | 163 |
| 13850 Quail Run | Dewey -Humboldt | $225,000 | $225,000 | 100.0% | 2,041 | $110 | 190 |
| 7233 Woolsey Ranch | Prescott Valley | $162,000 | $115,500 | 71.3% | 1,966 | $59 | 191 |
| 16200 Top View Lane | Prescott | $450,000 | $484,000 | 107.6% | 3,030 | $160 | 198 |
| 2275 Agave Place | Chino Valley | $169,290 | $155,000 | 91.6% | 1,848 | $84 | 211 |
| 2647 Country Park D | Prescott | $234,900 | $230,000 | 97.9% | 1,600 | $144 | 212 |
| 4668 Spring Dr | Prescott Valley | $139,900 | $130,000 | 92.9% | 1,800 | $72 | 216 |
| 210 Reed Road | Chino Valley | $159,900 | $155,000 | 96.9% | 1,891 | $82 | 232 |
| 8225 Granite Oaks D | Prescott | $399,900 | $380,000 | 95.0% | 3,017 | $126 | 239 |
| 1920 Atlantic Ave. | Prescott | $229,900 | $196,350 | 85.4% | 2,543 | $77 | 254 |
| 1023 Cloud Cliff Pa | Prescott Valley | $217,900 | $195,000 | 89.5% | 1,864 | $105 | 312 |
| 4700 Miner Road | Prescott Valley | $139,900 | $125,000 | 89.3% | 1,251 | $100 | 319 |
| 2825 Granite Garden | Prescott | $150,000 | $160,500 | 107.0% | 3,100 | $52 | 320 |
| 2203 Forest Mountai | Prescott | $1,295,000 | $1,240,000 | 95.8% | 7,000 | $177 | 361 |
| Number of Homes: | 86 | ||||||
| Average | $275,000 | $265,000 | 96.2% | 2,120 | $86 | 434 | |
| Median | $330,000 | $255,000 | 97.0% | 1,899 | $86 | 692 | |
| MLS Data as of: | 9/2/2009 | *Source: PAAR MLS | |||||
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.
For more information on any of these listings, please contact me.
Search for Prescott area REO/Foreclosed and Short Sale Listings
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