Prescott Area Market Report
The distressed real estate market in the Prescott area was once again busy on the listing AND closing sides this week. Eighteen new foreclosed or short sale homes came on the market, about one in every five homes being listed in the Prescott Arizona Area MLS system, and just under one half of the closings, or 8/18, were distressed sales in Prescott, Prescott Valley, Chino Valley, Dewey-Humboldt and the outlying areas of Yavapai County.
The difference between what newly listed traditional homes and Prescott foreclosed/REO and short sale properties per square foot remains large at a 40% discount.
On the sales side, multiple offer wars are being waged out there in the REO market! Of the 8 REO homes that sold this last week, 2 sold for more than asking price, and one sold at asking price. The discount between REO/bank-owned/short sale and traditional resales was 27% You want a bargain in the Prescott area market? Now is the time.
The market down in the valley is warming up too and that’s good news for us as many of them buy second homes in the Prescott area.
See: More good news: Maricopa real estate market heating up
| Foreclosed and short sale homes new on market in last 7 days* | |||||
| MLS | Address | City | List Price | SQFT | $/SQFT |
| 936467 | 275 Aspen | Paulden | $10,600 | 720 | $15 |
| 936473 | 3080 Prescott East Hw | Prescott Valley | $74,900 | 1,511 | $50 |
| 936444 | 12838 De La Cruz St | Dewey -Humboldt | $154,900 | 2,160 | $72 |
| 936347 | 13034 Cancun St. | Prescott Valley | $160,000 | 2,019 | $79 |
| 936443 | 3775 Malapai | Chino Valley | $99,900 | 1,260 | $79 |
| 936487 | 438 Hayes Court | Chino Valley | $179,900 | 2,188 | $82 |
| 936338 | 2209 Nolte Dr | Prescott | $337,500 | 4,098 | $82 |
| 936489 | 3971 Navajo Drive | Prescott Valley | $129,500 | 1,456 | $89 |
| 936486 | 8500 Manley Dr | Prescott Valley | $129,500 | 1,405 | $92 |
| 936281 | 2555 Sandia | Prescott | $202,000 | 2,168 | $93 |
| 936415 | 2965 Sweet Pea Ln | Dewey -Humboldt | $114,900 | 1,218 | $94 |
| 936366 | 1355 Carriage Ln | Paulden | $114,900 | 1,166 | $99 |
| 936457 | 8151 Winding Trail | Prescott Valley | $188,700 | 1,803 | $105 |
| 936488 | 850 Summer Field | Prescott | $261,350 | 2,479 | $105 |
| 936423 | 748 Peppermint Way | Prescott | $265,900 | 2,001 | $133 |
| 936421 | 1649 Pine Cone Way | Prescott | $164,500 | 1,138 | $145 |
| 936411 | 1226 Timber Point Nor | Prescott | $249,000 | 1,462 | $170 |
| 936356 | 11255 Waylands | Prescott | $484,900 | 2,821 | $172 |
| # of Homes Listed: | 18 | ||||
| Average | $184,603 | 1,837 | $98 | ||
| Median | $162,250 | 1,657 | $93 | ||
| MLS Date: | 3/28/2009 | *Source: (PAAR) | |||
To get more information about any of these listings or any others in Prescott, Prescott Valley, Chino Valley or Dewey-Humboldt areas, feel free to contact me, or you can search by MLS number, address, or lots of other ways in our Search Prescott MLS section.
| Prescott Area Market Stats Last 7 Days* | ||||
| REO/Short Sale | Traditional | |||
| New | 18 | 79 | 19% | of listings |
| List $/sqft | $98 | $148 | 40% | less |
| Pending | 9 | 11 | 45% | of listings |
| Closed | 8 | 10 | 44% | of listings |
| Sold $/sqft | $85 | $117 | 27% | less |
| DOM | 113 | 152 | 35% | longer |
| *Source: (PAAR) | ||||
The percentage of foreclosed/REO/short sale new listings on market dropped rom 29% to 19% this week. Last week 39% of the pending sales were REO or short sales, and this week they made up 45% of the deals going into escrow. The amount of REO/short sales that closed last week went from 50% last week to 44% this week. REO/short sales also sold about 35% faster than traditional resales.
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