Prescott Arizona area foreclosure market report as of 3-28-09
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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.
See the full report on our main web site.
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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 [...]
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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. [...]