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

$229,999 :: 940 E LAREDO 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: 08/31/17, Last Updated: 09/19/17
Property Type: Single Family
MLS Number: 5653794
Community: SIERRA POINT
Tract: SIERRA POINT
The price of this listing was last reduced on 9/16/2017 by 2%
Status: Active


This 3 bedroom 2 bathroom single family house has all the bells and whistles such as beautiful white cabinets, eat in kitchen with granite countertops, beautiful back splash. Refrigerator, washer/dryer conveys with the house. Recently updated neutral carpeting and fresh paint. Vaulted ceilings, tile everywhere except for the bedrooms, large covered patio overlooking a large backyard, wired for exterior hot tub. Prime Chandler location with access to city parks, major employers in vicinity, quick and easy access to 202 and plenty of shopping, dining and entertainment nearby.

Listed with USREALTY BROKERAGE SOLUTIONS LLP


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


$237,000 :: 1223 W BRECKENRIDGE Avenue, Gilbert AZ, 85233

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3 beds, 2 baths
Home size: 1,358 sq ft
Lot Size: 5,662 sq ft
Added: 09/18/17, Last Updated: 09/18/17
Property Type: Single Family
MLS Number: 5662012
Community: SUMMER MEADOWS PARCEL 1
Tract: SUMMER MEADOWS PARCEL 1
Status: Active


Highly desirable subdivision. This lovely home has great room floor plan, eat-in kitchen w/pass through opening to great room. Kitchen has a lovely breakfast nook and island. French doors lead from great room to spacious backyard for entertaining. Engineered wood floors throughout, newer water heater. Lg master w/dual sinks and soak tub. Pool sized yard has patio, pavers and planters. Double gates at side yard provide access/space for your below fence toys, landscaping equipment. Fresh paint t/o & faux wood blinds. Speakers stay, new garage door. Close to all that Gilbert has to offer. Minutes from downtown Gilbert, shopping nearby, fabulous restaurants, all that you could want and need. Highly sought after neighborhood. COME ON BUY!

Listed with United Brokers 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/!


$235,000 :: 3305 E JUANITA Avenue, Gilbert AZ, 85234

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3 beds, 2 baths
Home size: 1,201 sq ft
Lot Size: 5,662 sq ft
Added: 09/18/17, Last Updated: 09/18/17
Property Type: Single Family
MLS Number: 5661753
Community: DURANGO 2
Tract: DURANGO 2
Status: Active


Beautiful home in desirable Gilbert neighborhood. Great open floor plan, freshly painted, brand new carpet,new blinds throughout the home. Large backyard with lots of grass.This is a great home for first time home buyers.

Listed with Firebird Housing


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


$220,000 :: 3455 E POWELL Way, Gilbert AZ, 85298

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3 beds, 2 baths
Home size: 1,284 sq ft
Lot Size: 6,098 sq ft
Added: 08/31/17, Last Updated: 09/18/17
Property Type: Single Family
MLS Number: 5654255
Community: SEVILLE PARCEL 1
Tract: SEVILLE PARCEL 1
The price of this listing was last reduced on 8/31/2017 by 3%
Status: Active


Just what you've been looking for! This charming 3 bedroom/ 2 bath home is located in the highly sought after community of Seville. The open concept floor plan features a nice sized great room with entertainment niche. 9' ceilings lend an air of spaciousness. The kitchen boasts tons of cabinets & counter space, a pass through to the great room, a pantry, refrigerator & black appliances including a built-in microwave. There is also a separate dining area off the kitchen. The laundry includes a washer and dryer. Flooring consists of newer rectangular tile throughout with neutral carpeting in the bedrooms. Newer paint gives the home a fresh look. The nice sized master suite features a walk-in closet and double sinks. 2 more bedrooms and a 2nd full bath complete the picture. No

Listed with ProSmart 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/!


$224,999 :: 3522 S MOCCASIN Trail, Gilbert AZ, 85297

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3 beds, 2 baths
Home size: 1,204 sq ft
Lot Size: 6,098 sq ft
Added: 06/23/17, Last Updated: 09/18/17
Property Type: Single Family
MLS Number: 5624338
Community: SAN TAN RANCH PARCEL 2
Tract: SAN TAN RANCH PARCEL 2
The price of this listing was last reduced on 6/24/2017 by 2%
Status: Active


Wonderful Great Room floor plan - New carpets in all Bedrooms! Spacious living area opens to dining and kitchen with tile counter tops and black appliances! Split Master has walk in closet, and bath. Secondary bedrooms and bath too! This home feels SO much larger than the square footage. Covered patio and lots of room in the backyard for a pool, play area, and more! Popular San Tan Ranch close by to San Tan Mall, freeway access, new EOS fitness gym.

Listed with Arizona Investment & Mgmt, 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/!


$246,000 :: 6082 S BRIDAL VAIL Drive, Gilbert AZ, 85298

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3 beds, 2 baths
Home size: 1,342 sq ft
Lot Size: 9,147 sq ft
Added: 08/10/17, Last Updated: 09/17/17
Property Type: Single Family
MLS Number: 5645141
Community: MARBELLA VINEYARDS PHASE 1
Tract: MARBELLA VINEYARDS PHASE 1
The price of this listing was last reduced on 8/11/2017 by 2%
Status: Active


Premium Lot, large, private backyard w/ firepit, entertainment area & artificial grass. Backs community greenbelt-- great view for you &guests to enjoy the amazing Arizona sunsets. Also, the backyard has lots of space for yourpersonaltouches (pool, casita, orstorage shed). Located: much-desired Marbella neighborhood in Gilbert &in Chandler School District. The interiorisspacious & inviting. Kitchen features ample counter space & sleek black appliances. Home haspopulargreat room design with an abundance of natural light & neutral updated walls. The master bedroom is sizable with new dual pane window and a nice walk in closet. Two good size add'lbedrooms, one with its own ventilation system. Upd:A/C 2017. Ext. length garage to house your truck, golf cart, ATV. MOVE IN READY

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/!


$249,900 :: 948 S ROANOKE Street, Gilbert AZ, 85296

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3 beds, 2 baths
Home size: 1,323 sq ft
Lot Size: 5,662 sq ft
Added: 09/15/17, Last Updated: 09/16/17
Property Type: Single Family
MLS Number: 5661187
Community: GREENFIELD LAKES PARCEL 4 UNIT
Tract: GREENFIELD LAKES PARCEL 4 UNIT
Status: Active


Welcome home! This recently updated, move in ready single level boasts wood look flooring extending into the master bed, flexible interior palette and spacious flowing floor-plan. Kitchen and dining feature granite counters, SS appliances and a plethora of cabinets. Spare beds equipped with carpet and ceiling fans. Roomy master, with full bath featuring double sinks. Also contains sliding doors leading to the backyard with covered patio and beautiful fairway views. This is sure to go quick, so come see 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/!


$245,900 :: 4504 E DUBLIN Street, Gilbert AZ, 85295

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3 beds, 2 baths
Home size: 1,524 sq ft
Lot Size: 5,227 sq ft
Added: 09/14/17, Last Updated: 09/14/17
Property Type: Single Family
MLS Number: 5660360
Community: GATEWAY VILLAGE
Tract: GATEWAY VILLAGE
Status: Active


Marvelous updates abound in this newly renovated, single-story, 3 bedroom, 2 bath + den home in Gateway Village! Plush new carpet flows through this turn-key home. Entertaining is a breeze in the bright and fresh kitchen with lots of counter space, abundant cabinetry and a full suite of brand new stainless appliances. Appreciate a master bedroom with private ensuite bath & walk-in closet. The comfort of your guests is ensured w/ two additional bedrooms, a full bath & separate den. Enjoy a covered patio overlooking a private, grassy backyard with easy care landscaping. A dedicated laundry room and 2 car garage round out this stylish property. This home affords the convenience of being centrally w/ a short drive to multiple schools, hospitals and shopping. See this beautiful home today!

Listed with Keller Williams Arizona 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 :: 1527 W KESLER Lane, Chandler AZ, 85224

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3 beds, 2 baths
Home size: 1,321 sq ft
Lot Size: 5,662 sq ft
Added: 09/14/17, Last Updated: 09/14/17
Property Type: Single Family
MLS Number: 5659949
Community: BLAKEMAN RANCH UNIT 2
Tract: BLAKEMAN RANCH UNIT 2
Status: Active


Absolutely charming 3 bed, 2 bath single level home in popular south Chandler. Open concept, rare split bedroom floor plan. Vaulted ceilings in all bedrooms! This home absolutely will not last long. Large north/south interior lot, covered patio, and there's room enough for a pool with no 2 story homes behind and tons of privacy. Great location for commute! Close to 101 and 202 freeways. Near Chandler mall, restaurants, shopping. A+ schools! Don't wait on this one!

Listed with The Maricopa Real Estate Co


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


$237,500 :: 1040 S WANDA Drive, Gilbert AZ, 85296

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3 beds, 2 baths
Home size: 1,409 sq ft
Lot Size: 6,534 sq ft
Added: 08/11/17, Last Updated: 09/12/17
Property Type: Single Family
MLS Number: 5645773
Community: COTTONWOODS CROSSING UNIT 1
Tract: COTTONWOODS CROSSING UNIT 1
The price of this listing was last reduced on 8/12/2017 by 1%
Status: Active


Beautiful home in the well-kept neighborhood of Cottonwood Crossing! Grade A public schools! Home features vaulted ceilings & neutral colors throughout. Living area off of foyer as you enter the home. Kitchen has updated cabinets, granite & an island with breakfast bar. Great room is off the ktichen, perfect for entertaining. Bedrooms have new carpet flooring. Master suite has vinyl wood plank & walk-in closet. Neighborhood features greenspaces & biking/walking paths throughout. Easy access to the canal for additional trails.

Listed with Caliber Realty Group, 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/!


Gilbert and Chandler Short Sale Information