Prescott area REO and short sale homes sold 9-1-09 thru 9-30-09

By Patrick Schutte, Certified Foreclosure Specialist, on October 2nd, 2009

Sales volume in the distressed home market in the Prescott AZ area was down in September with 76 homes sold. This compares to 110 homes sold by traditional resales during the same period. This is 41% of all sales!

The average price per square foot for REO and short sales was $88 and the average time to sell was 110 days compared to $125 per square foot and 225 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 18 % of sales: Of the 76 homes sold, 12 were short sales (highlighted in yellow). Short sales are becoming 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.

55% of the homes sold at or more than asking price (see green highlight). This is a huge jump from last month’s 35%. This is an amazing “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 9/1/09 – 9/30/09
Address	City	List Price	Sale Price	SP/LP	SQFT	$/SQFT	CDOM
490 Lauren Ln	Chino Valley	$249,900	$250,000	100.0%	2,609	$96	15
7021 Aspen Circle	Prescott Valley	$126,720	$130,000	102.6%	1,440	$90	17
4105 Fort Bridger	Prescott	$625,000	$595,000	95.2%	3,964	$150	22
20152 Mesa Verde Roa	Mayer	$69,900	$68,000	97.3%	1,455	$47	25
936 City Lights	Prescott	$816,480	$700,000	85.7%	4,746	$147	26
4070 Mustang	Prescott Valley	$140,900	$139,000	98.7%	1,744	$80	27
5724 Mission	Prescott Valley	$124,900	$125,000	100.1%	1,414	$88	28
352 La Paz St	Dewey -Humboldt	$155,800	$143,600	92.2%	1,729	$83	31
4854 Granada	Prescott Valley	$144,900	$144,900	100.0%	1,719	$84	36
19984 Antelope Rd	Cordes Lake	$44,900	$48,100	107.1%	1,384	$35	39
325 Quail Rd	Paulden	$49,900	$49,900	100.0%	1,418	$35	39
5700 Mission Lane	Prescott Valley	$106,000	$115,000	108.5%	1,270	$91	43
20639 Cedar Canyon D	Cordes Lake	$116,250	$120,900	104.0%	1,550	$78	47
8225 Tranquil	Prescott Valley	$120,000	$107,500	89.6%	1,176	$91	49
2298 Lichen Ridge L	Prescott	$800,000	$791,000	98.9%	4,098	$193	50
1615 Keno Dr.	Chino Valley	$58,500	$52,000	88.9%	1,364	$38	52
7385 Brilliant Sky	Prescott Valley	$169,900	$170,000	100.1%	1,890	$90	54
5517 Poke Dr	Prescott Valley	$105,900	$105,900	100.0%	1,104	$96	55
7939 Impala	Prescott Valley	$214,900	$215,300	100.2%	2,144	$100	55
3080 Starlight Dr	Prescott Valley	$114,900	$115,000	100.1%	1,194	$96	56
3385 Pleasant View	Prescott Valley	$186,900	$195,000	104.3%	1,887	$103	56
911 Audrey Ln.	Prescott	$119,900	$121,300	101.2%	1,010	$120	57
5433 Pierce Ln	Prescott Valley	$194,000	$191,000	98.5%	2,041	$94	57
7839 Falla Bella	Prescott Valley	$144,900	$140,000	96.6%	1,504	$93	58
2965 Sweet Pea Lane	Dewey -Humboldt	$64,900	$64,900	100.0%	1,218	$53	59
2420 Sioux	Chino Valley	$97,900	$97,900	100.0%	1,300	$75	59
7610 Maloof Rd.	Prescott Valley	$233,500	$233,500	100.0%	2,048	$114	62
6130 Tower Drive	Prescott Valley	$122,760	$115,000	93.7%	1,304	$88	65
13055 Tijuana St	Dewey -Humboldt	$115,900	$115,900	100.0%	1,220	$95	68
302 Alarcon	Prescott	$149,500	$149,500	100.0%	1,273	$117	68
3076 Montana Drive	Prescott	$189,900	$181,500	95.6%	1,728	$105	68
5405 Haystack Rd	Chino Valley	$390,000	$455,000	116.7%	3,854	$118	69
883 Pulsar	Chino Valley	$155,000	$155,000	100.0%	1,617	$96	70
3512 Needles Drive	Prescott Valley	$106,900	$106,900	100.0%	1,235	$87	71
1166 Red Cinder Rd	Chino Valley	$389,900	$360,000	92.3%	5,919	$61	71
7069 Horizon Wy	Prescott Valley	$137,900	$137,900	100.0%	1,433	$96	73
6653 Brombil St	Prescott Valley	$230,900	$216,000	93.5%	2,359	$92	76
403 Galloway	Chino Valley	$150,000	$153,000	102.0%	2,572	$59	77
623 Cortina St.	Dewey -Humboldt	$128,500	$124,000	96.5%	1,728	$72	85
7670 Baxter Ln	Prescott Valley	$234,900	$222,000	94.5%	1,847	$120	86
20245 Sierra Dr	Cordes Lake	$93,000	$98,500	105.9%	1,395	$71	87
12922 Madrid	Dewey -Humboldt	$149,900	$148,500	99.1%	1,888	$79	87
7425 Woodchute Trai	Prescott Valley	$129,900	$138,500	106.6%	2,212	$63	95
830 Heritage Cir	Prescott	$275,000	$255,000	92.7%	2,598	$98	96
7931 Mesteno	Prescott Valley	$268,500	$260,000	96.8%	3,171	$82	97
7300 Big Bug Mesa	Prescott	$394,900	$346,500	87.7%	2,848	$122	97
8483 Sommer Drive	Prescott Valley	$124,900	$125,000	100.1%	1,320	$95	99
4645 Pennycare Stre	Prescott Valley	$164,900	$163,000	98.8%	1,642	$99	104
7460 Jasmine Vine W	Prescott Valley	$147,150	$134,000	91.1%	1,572	$85	105
20735 Mingus Dr	Mayer	$50,000	$50,100	100.2%	1,472	$34	110
3168 Crestview Dr.	Prescott	$259,900	$245,000	94.3%	2,460	$100	110
3175 Pine Dr	Prescott	$125,000	$129,000	103.2%	1,819	$71	118
9621 Rancho Vista D	Prescott Valley	$143,900	$143,900	100.0%	1,650	$87	119
3971 Navajo Drive	Prescott Valley	$77,500	$76,000	98.1%	1,456	$52	122
1819 Ryan Ct	Prescott	$234,500	$215,000	91.7%	2,667	$81	135
4769 Meixner Rd	Prescott Valley	$131,000	$131,000	100.0%	1,538	$85	139
12450 Century Ln	Dewey -Humboldt	$154,900	$153,900	99.4%	1,846	$83	153
731 Highland Circl	Chino Valley	$139,900	$146,000	104.4%	1,536	$95	156
7464 Plateau Ridge	Prescott Valley	$139,900	$138,600	99.1%	1,269	$109	158
5733 Goldenrod Way	Prescott	$329,000	$329,000	100.0%	2,370	$139	175
3501 Meadowlark Dr.	Prescott Valley	$197,100	$178,000	90.3%	1,548	$115	177
3124 Corrine Dr	Prescott Valley	$110,000	$100,000	90.9%	1,161	$86	185
17083 Duffers Drive	Spring Valley	$71,500	$65,000	90.9%	1,680	$39	192
150 Bramble Dr	Paulden	$29,900	$25,000	83.6%	1,271	$20	209
4713 Sauter Drive	Prescott Valley	$189,000	$189,000	100.0%	2,555	$74	209
1796 Rolling Hills	Prescott	$309,900	$309,900	100.0%	2,664	$116	213
2255 Sandia Dr	Prescott	$215,000	$215,000	100.0%	2,602	$83	214
690 Ruth Rd	Chino Valley	$49,950	$49,950	100.0%	1,248	$40	231
13093 Lima	Prescott Valley	$159,000	$159,000	100.0%	1,956	$81	232
1722 Lapis	Prescott	$145,000	$157,800	108.8%	1,873	$84	236
1508 Demerse	Prescott	$129,900	$136,000	104.7%	1,384	$98	239
1608 Addington Dr.	Prescott	$185,000	$185,000	100.0%	1,500	$123	244
2225 Yavapai St	Chino Valley	$139,900	$132,000	94.4%	1,409	$94	285
2811 Panorama	Prescott Valley	$45,000	$45,000	100.0%	1,410	$32	301
1127 Trev View Tr	Paulden	$259,000	$240,000	92.7%	2,811	$85	336
10543 Claire Ridge C	Prescott Valley	$250,000	$230,000	92.0%	2,210	$104	403
Number of Homes:	76
	Average	$183,138	$178,481	98.3%	1,928	$88	110
	Median	$144,900	$143,750	100.0%	1,646	$89	81
MLS Data as of:	10/2/2009	*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.

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