Prescott Arizona Area Real Estate and Foreclosures Market Report including Prescott Valley

Prescott Area Foreclosure and Short Sale Activity As of 04-11-09
Business is brisk

The news that just came out of the Phoenix market is that foreclosures are down as percentage of sales, but we have not seen that so far in the Prescott area, where the distressed real estate market in the Prescott area was once again busy on the listing AND closing sides this week.

Seventeen new foreclosed or short sale homes came on the market, about one in every six homes being listed in the Prescott Arizona Area MLS system, and just over one half of the closings, or 10/18, 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 42% discount.

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. One of the factors driving buyers in the affordability of homes as they go down the 2001 prices.

See: NAR Housing Affordability Index at Record Low: Good news for Prescott buyers!

Foreclosed and short sale homes new on market in last 7 days*
MLS	Address	City	List Price	SQFT	$/SQFT
936843	1979 Jackrabbit Trl	Chino Valley	$54,900	1,088	$50
936775	4815 Ranger	Prescott Valley	$89,000	1,690	$53
936834	13995 Bradshaw Drive	Dewey-Humboldt	$170,900	2,621	$65
936749	3701 Etheridge	Prescott Valley	$95,000	1,447	$66
936859	600 Old Dog Lane	Paulden	$164,500	2,000	$82
936779	20154 Saguaro Dr	Mayer	$90,000	1,056	$85
936887	5661 Concho Drive	Prescott Valley	$149,950	1,640	$91
936808	1734 Colton Dr	Prescott Valley	$269,900	2,706	$100
936811	1811 Ryan Ct	Prescott	$250,000	2,317	$108
936762	5360 Long Rifle	Prescott Valley	$144,900	1,328	$109
936868	1001 Bridgewater Dr.	Prescott	$249,900	2,230	$112
936781	1042 Cloud Cliff Pass	Prescott Valley	$244,900	2,070	$118
936805	1670 Maddi Bella Cir	Prescott	$399,900	3,301	$121
936727	18950 Silverado	Prescott	$899,900	6,741	$133
936854	8200 Easy Street	Prescott Valley	$524,900	3,830	$137
936740	7630 Joshua Ranch Roa	Prescott Valley	$199,000	1,427	$139
936809	719 Gurley Street	Prescott	$235,000	1,617	$145
	# of Homes Listed:	17
		Average	$248,974	2,301	$101
		Median	$199,000	2,000	$108
MLS Date:	4/11/2009	*Source: (PAAR) 110-670

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 the Prescott MLS section.

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New Listing Stats Last 7 Days*

REO/Short Sale Traditional

New 17 84 17% of listings

List $/sqft $101 $137 42% less

Pending 14 15 48% of listings

Closed 10 8 56% of sales

Sold $/sqft $81 $114 29% less

DOM 109 119 9% longer

*Source: (PAAR) 110-670

New REO/Short Sales listings are 42% less per square foot than traditional resales this week.

The percentage of foreclosed/REO/short sale new listings on market dropped from 19% to 17% this week. Last week 45% of the pending sales were REO or short sales, and this week they made up 48% of the deals going into escrow. The amount of REO/short sales that closed last week went from 44% last week to 56% this week. REO/short sales also sold about 9% faster than traditional resales.

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