Eighteen new foreclosed or short sale homes came on the market last week, about one in every 6 homes being listed in the Prescott Arizona Area MLS system, and one third of the closings 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.
Days on market was higher this week for both market segments, but REOs still sold 19% faster.
Are your considering a short sale as a solution to your mortgage woes? Before jumping in, see this post: Do your research with your CPA before your decide on a short sale
The percentage of foreclosed/REO/short sale new listings on market increased from 10% to 16% this week. Last week 42% of the pending sales were REO or short sales, and this week they made up 36% of the deals going into escrow. The percentage of REO/short sales that closed last week went from 36% to 26% this week. REO/short sales sold about 19% faster than traditional resales.
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Prescott, AZ, REALTOR focused on the foreclosure markets in Prescott, Prescott Valley, Chino Valley, and Dewey-Humboldt in Northern Arizona.
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