Phoenix real estate market update for 2011

I found the following quote by Franklin D. Roosevelt, “There are as many opinions as there are experts.” Speculating on real estate trends is a favorite past time for anyone, especially as of late. It is easy to get caught up in the broad “one size fits all” real estate commentaries, so read on to see what’s really happening with Phoenix area real estate. To truly understand, it is always best to look at the data and identify trends.

Let first start with demand

The above chart  shows the single family sales per month for Gilbert for almost  2.5 years.  The pink line is for 2011.  Other cities and towns around the valley show a similar pattern.  Chandler sales are shown on the right for more than over 2 years.   In most cities, you have to go back to 2005 to find higher number of YTD sales.  Obviously, the significant drop in prices have spurred demand for lower cost and affordable housing, both from investors and owner occupants.

What’s happening to inventory

Within the last month, I’ve had clients comment that there aren’t as many listings showing up, especially if they’re looking for a niche property such as Phoenix waterfront property.   To the left is a graph for the Queen Creek area, which was hit particularly hard with foreclosures since many of the homes were built during the boom.   All three types of listings have decreased over the last year.  Understandably, buyers had come to expect a continual supply of rock bottom priced foreclosures, but the trend appears to suggest reduced supply for traditional sales, short sales and foreclosures, not just in Queen Creek but across the Phoenix valley.

There are many reasons why the  foreclosures have begun to decrease and should continue. Mortgage delinquency rates are down, bankruptcies have peaked and there is a sustained downward trend in the number of notices of trustee sales per day for Maricopa county.  Notices of trustee sales are issued when a homeowner becomes sufficiently delinquent that the lender notifies the owner that the house will be sold in 90 days at trustee auction, and the property is now in pre-foreclosure status. The number of notices of trustee sales peaked in April 2009 and has shown a sustained and welcome downward trend.  With fewer properties going into pre-foreclosure, fewer will become lender owned foreclosures, reducing downward pressure on prices. It is also worth mentioning that there is a distinct difference between the foreclosure process in “judicial” vs. “non-judicial” states. In states like Illinois with a judicial foreclosure, the process is much longer, even years, delaying the process for homes to return to the market.  Arizona, a non-judicial foreclosure state is based on deeds of trust with a power of sale clause which enables the trustee to initiate the foreclosure process without having to go to court.

Days of Supply of Inventory

A good way to compare demand to supply is to look at the available days of inventory. In other words, based on the current sales, the inventory will be gone in “X” days unless more inventory is added.  Above is a chart showing the days inventory supply for Tempe.  Other days of supply graph show similar trends.

The data shows positive trends for many aspects of Phoenix valley real estate.  Regardless of what many distant and removed commentators say about our real estate, we know real estate is local which is why is it important to focus on the leading indicators for those that affect Phoenix and the surrounding cities.  We should see price stabilization this year and some cities will even begin to see price appreciation.

To receive the current valuation of your home, click on home valuation. Or to receive listings feel free to describe the home you’re looking for and receive updated real estate listings. Or call or e-mail at your convenience.

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Lender Owned Waterfront Properties

$236,000 :: 3220 E SANDY Way, Gilbert AZ, 85297

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3 beds, 2 baths
Home size: 1,325 sq ft
Lot Size: 6,534 sq ft
Added: 11/22/17, Last Updated: 11/22/17
Property Type: Single Family
MLS Number: 5691190
Community: SAN TAN RANCH PARCEL 5
Tract: SAN TAN RANCH PARCEL 5
Status: Active


Nice home with open and light floor plan. Home features vaulted ceilings, bay window eat-in kitchen area and fireplace in the living room, as well as a behive fireplace on the back patio. Floors are tile, real wood and matching wood laminate~ no carpeting. A/C is about 4 years old. Large master suite has a walk in closet. Backyard has a fenced play pool and covered patio. This short sale is already conditionally approved by the lender.

Listed with Heritage Success Realty LLC


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$250,000 :: 2300 E AUSTIN Drive, Gilbert AZ, 85296

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3 beds, 2 baths
Home size: 1,393 sq ft
Lot Size: 6,534 sq ft
Added: 11/02/17, Last Updated: 11/22/17
Property Type: Single Family
MLS Number: 5682296
Community: FINLEY FARMS
Tract: FINLEY FARMS
The price of this listing was last increased on 11/15/2017 by 2%
Status: Active


Upscale Finley Farms Master Planned Community. This property shows new exterior paint, new interior paint and new carpet. Neutral tile everywhere except bedrooms. Move in ready and looks sharp. Upscale Finley Farms, great room floor plan with vaulted ceilings, dual pain windows, covered patio, additional cement slab out back with side walkway and north/south exposure. Kitchen shows dark oak cabinets with pantry. Ceiling fans & garage cabinets. New covered patio roofing. New hot water tank. Desert Front yard with grass area out back. No two story homes around. Well maintained property. Owner/Agent.

Listed with FDR Real Estate


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$250,000 :: 450 E REDONDO Drive, Gilbert AZ, 85296

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3 beds, 2 baths
Home size: 1,499 sq ft
Lot Size: 5,227 sq ft
Added: 11/22/17, Last Updated: 11/22/17
Property Type: Single Family
MLS Number: 5691058
Community: NEELY FARMS
Tract: NEELY FARMS
Status: Active


This well cared for home is located in one of Gilbert's most desirable areas. Just a 2 mile bike ride to Downtown Gilbert's shops, restaurants and farmers market. Top Gilbert Schools and walking distance to the luxury health club, Lifetime Fitness. This home features beautiful laminate wood flooring in every room! Tall ceilings & great floor plan! The kitchen is open and bright with newer stainless appliances and a cozy breakfast nook with bay window. Perfect for your morning coffee. Very energy efficient with a popular northern facing backyard plus upgraded insulation. No direct back neighbors in the grassy backyard, grow fresh vegetables in your own private garden. Fruit trees! Freshly painted exterior! Low HOA dues. Original owners and pride of ownership shines throughout this home!

Listed with Launch Real Estate


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$240,000 :: 2984 E PONY Court, Gilbert AZ, 85295

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3 beds, 2 baths
Home size: 1,432 sq ft
Lot Size: 7,840 sq ft
Added: 11/21/17, Last Updated: 11/21/17
Property Type: Single Family
MLS Number: 5690531
Community: CROSSROADS
Tract: CROSSROADS
Status: Active


Location! Location! Convenient to the 202 & the San Tan Mall in an established family friendly neighborhood. This 3 bedroom plus den(can be converted to a 4th bedroom) has an open great room and a split floorplan. Huge backyard and is situated just steps to the community playground and greenbelt. Needs updating but has good bones: Tile roof, brick elevation, block fencing, Wood flooring & 18 in. tile with carpet in bedrooms, vaulted ceilings, ceiling fans in all rooms, granite counters in kitchen, built in microwave, walk in pantry, eat in kitchen has bay window, master bedroom has bay window, new vanity in hall bathroom. Hurry and make this house your new home!

Listed with Treasured Real Estate, LLC


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$234,900 :: 1334 S HARRINGTON Street, Gilbert AZ, 85233

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3 beds, 2 baths
Home size: 1,279 sq ft
Lot Size: 5,662 sq ft
Added: 11/15/17, Last Updated: 11/20/17
Property Type: Single Family
MLS Number: 5688250
Community: DAVE BROWN COUNTRY ESTATES 1
Tract: DAVE BROWN COUNTRY ESTATES 1
The price of this listing was last reduced on 11/15/2017 by 1%
Status: Active


Beautiful home sweet home in Gilbert! Neutral flooring and soaring ceilings throughout. Living room has cozy fireplace. Kitchen is complete with a plethora of cabinets, ample counter space, and white appliances. Guest rooms have picture windows and plush carpet. Master suite has tile flooring and ceiling fan. Full spa bathroom with dual sink vanity and separate soaking tub + shower. Spacious walk in closet. Backyard features a covered patio with desert landscaping and plenty of room for entertaining. This is a home you don't want to miss, so come see it today!

Listed with HomeSmart


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$249,500 :: 866 E MONTEREY Street, Chandler AZ, 85225

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3 beds, 2 baths
Home size: 1,310 sq ft
Lot Size: 5,227 sq ft
Added: 11/20/17, Last Updated: 11/20/17
Property Type: Single Family
MLS Number: 5690166
Community: SIERRA POINT
Tract: SIERRA POINT
Status: Active


Gorgeous home in prime Chandler location! You'll love the new Stove, Microwave and Dishwasher, New Granite Counter Top and expansive tile flooring, wide open eat-in kitchen, dramatic vaulted ceilings, ceilings fans, private covered patio, block fencing and more!

Listed with Realty ONE Group


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$248,500 :: 647 E RANCH Road, Gilbert AZ, 85296

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3 beds, 2 baths
Home size: 1,655 sq ft
Lot Size: 6,534 sq ft
Added: 08/30/17, Last Updated: 11/18/17
Property Type: Single Family
MLS Number: 5653694
Community: NEELY FARMS UNIT 4
Tract: NEELY FARMS UNIT 4
The price of this listing was last reduced on 11/17/2017 by 90%
Status: Active


House has great potential in a highlydesired Gilbert community.3 bedroom great room plan with a pool.Pool has been drained and cleaned and is being filled.

Listed with Realty Executives East Valley


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$235,000 :: 1118 S WANDA Drive, Gilbert AZ, 85296

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3 beds, 2 baths
Home size: 1,540 sq ft
Lot Size: 6,534 sq ft
Added: 09/21/17, Last Updated: 11/15/17
Property Type: Single Family
MLS Number: 5663511
Community: COTTONWOODS CROSSING UNIT
Tract: COTTONWOODS CROSSING UNIT
The price of this listing was last reduced on 10/10/2017 by 2%
Status: Active


CHARMING OPEN 3BDRM, 2 BATH HOME IN COTTONWOODS CROSSING AN ALL SINGLE STORY GILBERT NEIGHBORHOOD. MASSIVE KITCHEN WITH AMPLE CABINET SPACE, GRANITE COUNTER TOPS, STAINLESS APPLIANCES, VAULTED CEILINGS & PLANT SHELVES. KITCHEN HAS LARGE ISLAND AND PANTRY. TILE IN KITCHEN, BATHS, LAUNDRY ROOM, HALL AND GREAT ROOM. NEW PAINT ALL AROUND WITH LIVELY BRIGHTS INSIDE AND WARM TWO TONE EXTERIOR OUT. FRESH NEW CARPET IN LIVING ROOM AND BEDROOMS. THIS IS A MUST SEE. PRICED TO SELL.

Listed with JK Realty


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$239,900 :: 250 W JUNIPER Avenue #45, Gilbert AZ, 85233

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3 beds, 2.5 baths
Home size: 1,730 sq ft
Lot Size: 5,227 sq ft
Added: 11/01/17, Last Updated: 11/15/17
Property Type: Single Family
MLS Number: 5681875
Community: DESERT WINDS
Tract: DESERT WINDS
Status: Active


INVESTMENT OPPORTUNITY. RENTED TO 8/31/2018 AT $1200 PER MONTH. CLOSE TO DOWNTOWN GILBERT RESTAURANTS AND BARS.NICE 3 BEDROOM 2 1/2 BATH HOME WITH BEAUTIFUL BACKYARD. CEILING FANS THROUGHOUT. TILE AND WOOD BLINDS IN KITCHEN. PRETTY 2 WAY FIREPLACE IN LIV ROOM AND FAM RM WITH BLACK FAUX PAINTED TILE. REFRIG/WASHER/DRYER INCLUDED.

Listed with Realty Executives


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$234,900 :: 255 N TIAGO Drive, Gilbert AZ, 85233

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3 beds, 2 baths
Home size: 1,358 sq ft
Lot Size: 6,098 sq ft
Added: 10/26/17, Last Updated: 11/15/17
Property Type: Single Family
MLS Number: 5679657
Community: SUMMER MEADOWS PARCEL 4
Tract: SUMMER MEADOWS PARCEL 4
Status: Active


Your search is over! Fantastic Gilbert home with low care landscape and great curb appeal! Wonderful open floor plan with vaulted ceilings and a neutral color palette that makes for easy personal design! Whip up a culinary delight in the eat in kitchen with white appliances, honey oak cabinets, ample counter space, center island, and a pantry. Three spacious bedrooms! Master has a walk in closet and adjoining bath. Covered patio overlooks the generous backyard where you can sit and enjoy the amazing Arizona weather! This home is move in ready and waiting for you!

Listed with HomeSmart


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


Gilbert and Chandler Short Sale Information