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Prescott area REO and short sale homes sold 6-15-09 thru 6-30-09

By
Real Estate Agent with Flex Realty

Sales volume in the  distressed home market in the Prescott AZ area remained strong with 33 homes closing in the last 15 days of June.  This compares to 77 homes sold by traditional resales during the same period, about 30% of overall 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 $117 per square foot and 159 days on market for traditional resales.    That means that distressed homes are selling at about 25% off!

Short sales about 20% of sales: of the 33 homes sold, 7 were short sales (highlighted in yellow).   Short sales are starting to make up a larger percentage of the distressed home sales in the Prescott area.

Are you going to make an offer on a short sale? 

Read this first: 10 questions for Prescott AZ short sale brokers

Over 45% of the homes sold at or more than asking price (see green highlight).  Last week we were at 47%.   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 was only 2.8% off.  The discount on tradtional sales was an average 6.5% off of the list price.

To see a better image of this graph, go to the original post on my blog.

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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Posted by

Patrick Schutte
REALTOR

Anna "Banana" Kruchten
HomeSmart Real Estate - Phoenix, AZ
602-380-4886

Pat great stats.  Looks familiar!  Buyers have this idea they can 'steal' the homes and they don't understand the reo's are selling for over list (until they've attemtped a couple of offers). We had a guy thinking we weren't telling the truth - he figured it out soon enough.

Have fun up at your 4th celebratin in Prescott!  It's always been one of my favorites!

Jul 03, 2009 06:53 AM
Patrick Schutte
Flex Realty - Prescott, AZ
REALTOR

Thanks, Anna.

4th should be great up here, especially with all the rain.  The rodeo grounds are a mud bath which makes the rodeo more fun!

As banks use BPOs more effectively to price properties, I think we'll see even more 100% deals.

Thanks for the feedback!

:) PS

Jul 03, 2009 06:58 AM