by Claudia Jordan, posted 5/3/09

If you’re waiting for the bottom, it may be too late. April showed 18 residential real estate closings in Rio Verde Foothills - more than any month, ever. Including 2005.

The prices are also record breaking because 98% of the sales were distressed properties. The breakdown of 18 sales are as follows: 2 normal, 5 short sales, and 11 bank owned. The average dollar per square foot is $126. The average days on market (DOM) is 211. That figure is deceiving because it usually includes the days the property was listed before foreclosure, at a higher price. Once a property is foreclosed and the bank owns it, the DOM is much shorter because the price is much lower.

For the first time, I’ve included the list price as well as the sold price to illustrate the average difference is only 1%! Some sold prices are higher than list price because there were multiple bids. The current active listings are 197. At this rate of sales, we have 11 months inventory, lower than it’s been in years. These are all signs of market improvement.

Currently there are 33 bank owned properties available and 50 short sales. If you are interested in buying property at these incredible prices, contact me for a free list of homes.

Rio Verde Residential Sales, April 2009      Source: Arizona MLS

Â	Address	Acres	Year	Sq Ft	ListPrice	SoldPrice	$/SF	DOM
1	16907 E Madre del Oro	1.06	2007	4148	165,000	200,000	48	115
2	16915 E Madre del Oro	1.06	1997	2760	168,000	265,000	63	112
3	30711 N 162 St	2.24	2007	5331	325,000	325,000	108	0
4	28511 N 144th St	1.15	2007	4966	339,900	339,900	128	220
5	28632 N 160th St	1.00	2007	3190	349,900	355,000	92	212
6	17107 E Red Bird Rd	1.00	2005	3500	359,900	357,900	112	143
7	14322 E Desert Vista Trl	1.01	2007	4801	369,900	369,900	107	5
8	29245 N 144th St	1.25	2002	2990	370,000	370,000	134	590
9	16127 E Bobwhite Way	1.00	2003	2637	374,900	370,000	105	83
10	16139 E Bobwhite Way	1.00	2005	4000	402,900	375,000	111	43
11	14219 E Dale Ln	1.20	2007	3431	398,635	385,500	99	134
12	34305 N 143rd Way	1.06	2007	4200	449,999	420,000	104	353
13	13648 E Bobwhite Way	1.00	2007	3825	499,000	455,000	133	208
14	14515 E Desert Vista Trl	1.14	2008	3893	421,000	461,000	96	39
15	27805 N 156th St	1.00	2008	4030	650,000	650,000	130	722
16	14047 E Lowden Ct	2.01	2007	3408	885,000	885,000	166	154
17	14343 E Gamble Ln	1.01	2006	3350	995,000	995,000	236	596
18	26706 N 142nd Pl	1.38	2007	4185	1,298,000	1,150,000	287	113
Â	Average	Â	Â	3814	$490,113	$484,956	$126	211

 If you, or anyone you know, are having difficulty in making your mortgage payments, and owe more than your property is worth, contact me for options that may work for your situation. In many cases, foreclosure can be prevented.

Tags: Distressed Property, Economy, Foreclosure, Market, Real Estate, Rio Verde, Scottsdale, Short Sale

Filed under: Real Estate by Claudia