Phoenix 2012 Real Estate Review

A Look  Back at 2012 for Phoenix Real Estate

The year in review of 2012 for homeowners was an encouraging one to be sure. 2011 was essentially a flat line, and there has not been any appreciation in home prices since 2005. Therefore, the 12 – 29% increase experienced in nearly all Phoenix metropolitan cities in 2012 was the perfect present indeed! If you’re interested in why prices finally made a U-turn and the chances of a repeat performance, feel free to read on.

 Foreclosures, Lender-Owned, Short Sales and Distressed Property in Phoenix

At one time bank owned properties accounted for over 50% of the sales, and when you added in short sales, distressed sales (foreclosures+short sales) were over 75% of the sales in many areas. That trend has been reversed and it is easy to see why when  you look at the number of homes receiving a Notice of Trustee Sale which is the mechanism advising the homeowner that the home is in foreclosure.  The graph above shows the number of Notices by quarter by year for Maricopa county.  Currently we’re approaching levels that were experienced prior to the bubble. The bottom line is with fewer homes going into foreclosure, the fewer bank-owned homes going up for sale.  And because Arizona practices non-judicial foreclosure the shadow inventory is minimal.

The  effect of this decrease of homes going into foreclosure can be seen in the

 

 

 

composition of the sales for the last 10 years.  The above graph shows the sales by month and the type of sales for the greater Phoenix area; normal in dark  blue, short sales in light blue and foreclosure (REO) in brown.  From 2008 through early 2011, foreclosures(brown bars) were a significant portion and normal sales fell significantly.  We also see that normal sales(dark blue) have increased since 2012 as prices have risen.  Short sales have not reduced as quickly as the foreclosures but will as prices rise and economic conditions improve.

Home Value Increases in Phoenix

As I mentioned nearly all Phoenix areas have seen increases in the sales prices and $/square foot of homes sold.  To the left is  a graph for Gilbert showing the average price per square foot for the last three years.  At the beginning of the year the average price/sq.ft. for homes sold was $89.  At the end of 2012, it has risen to $106/sq.ft., a 19% increase.

For the city of Queen Creek, we notice that prices on a per square foot basis started at around $58 and ended at approx. $78/sq.ft. reflecting a 34% gain for 2012.   This was one of the areas that was hardest hit during the decrease in home prices.

Remember these are averages and will vary depending on the house condition, location, age, size, amenities, upgrades and other variables.

If you’re interested in knowing the value of your home, please click on the following link, What is my home worth?

Inventory – Balancing Supply and Demand

In 2009 – 2010 Gilbert listings ranged between 1,400 – 1,900, during 2012 they were in the 350 – 600 listing range and ended 2012 at approximately 540.  This pattern is similar in many other cities.

In the beginning of 2010, Chandler  listings were approximately 1,200.  At the end of 2012, they were 440. This reduction in inventory of available listings has been the driving force in appreciating home values.

The best way to evaluate both supply and demand is to look at the supply of inventory.  The graph to the  left shows the months supply of inventory for various Phoenix area cities.  When the inventory goes up, this indicates that more houses are available on the market compared to the available demand.  A six month supply of inventory is considered normal.  Therefore, the graph shows that there is still robust demand for available homes as they come on the market.    It is still common for a property to receive multiple offers if it is priced appropriately.

 What is in store in 2013 for Phoenix real estate?

The inventory graph also gives us an indication of what is in store for 2013.  As prices rise, fewer homes will be under water and more traditional sales will come on the market at prices than typical short sales and foreclosures.  Some buyers may decide not to buy as prices rise and the supply will seek a more  balanced level between supply and demand. Again 6 months inventory supply is considered normal.   As you can see, each city is at a different stage in returning to balanced supply and demand.  I believe prices will continue to rise in 2013, but not at the rate we’ve experienced in 2012.  My guesstimate is about half the appreciation rate that we’ve seen in 2013.

If you’re interested in receiving home listings as they come on the market, click on Receive Listings Automatically, or if you’re interested in the market value of your home, go to What is my home worth?

Related Posts:

Distressed sales for 2012 compared to 2011

Who really loses on a foreclosure – the bank? Thing again!

In search of happily ever after with a short sale

Helpful Searches:

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Queen Creek Home Search

$364,900 :: 1342 W CORAL REEF Drive, Gilbert AZ, 85233

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3 beds, 2.5 baths
Home size: 2,289 sq ft
Lot Size: 1,743 sq ft
Added: 04/19/19, Last Updated: 07/19/19
Property Type: Condo/Townhouse/Co-Op
MLS Number: 5914005
Community: TOWNHOMES ON CORAL REEF LOT 1-53 TRACT A-G
Tract: TOWNHOMES ON CORAL REEF LOT 1-53 TRACT A-G
The price of this listing was last reduced on 7/19/2019 by 1%
Status: Active


Fantastic waterfront home with incredible views! This elegant 3 bed, 2.5 bath cul-de-sac home is located in the fabulous Islands Community. Relax and enjoy fishing from your backyard! Your gourmet kitchen boasts a functional island, breakfast bar, and lovely maple cabinets. Your living room has great water views and natural lighting. Upstairs, your master suite has a private balcony and a full master bath. Fabulous wood flooring and neutral carpeting in all the right places enhance the living spaces. Schedule your showing today!

Listed with My Home Group 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/!


$299,000 :: 620 S CATALINA Street, Gilbert AZ, 85233

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2 beds, 2 baths
Home size: 1,479 sq ft
Lot Size: 4,792 sq ft
Added: 07/18/19, Last Updated: 07/18/19
Property Type: Single Family
MLS Number: 5953946
Community: LAGO ESTANCIA
Tract: LAGO ESTANCIA
Status: Active


LOCATION, LOCATION! 1 quick mile to super POPULAR DOWNTOWN GILBERT and in highly sought after LAKE COMMUNITY of Lago Estancia! LIGHT, BRIGHT, CLEAN & OPEN!! This beautiful WATERFRONT property has spacious 2 bedroom + DEN. Large Den has built in cabinets, french doors and was previously used as 3rd bedroom. Bright & open kitchen overlooks patio and beautiful lake views. Oversized great room has picture window with waterfront views as well! Large master suite has separate tub & shower & large walk in closet! Easy access to freeways, shopping & all of the amazing restaurants & night life that Downtown Gilbert has to offer! Welcome Home!

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/!


$797,000 :: 1455 W HEATHER Avenue, Gilbert AZ, 85233

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7 beds, 4 baths
Home size: 4,561 sq ft
Lot Size: 10,019 sq ft
Added: 07/05/19, Last Updated: 07/18/19
Property Type: Single Family
MLS Number: 5944062
Community: PLAYA DEL REY ESTATES
Tract: PLAYA DEL REY ESTATES
The price of this listing was last reduced on 7/18/2019 by 0%
Status: Active


Enjoy Lake Life Year Round! Waterski, Wakeboard, Jet Ski and Kayak from Your Own Backyard in this Private Recreational Lake Community. Updated interior boasts spacious, light-filled rooms, espresso wood plank flooring and beautiful lake views. Home includes new appliances, A/C, paint and more while leaving room for a new owner's personal touches. Massive master suite includes 450 square foot deck overlooking the lake. Multiple bedrooms and living spaces offer flexible options for guests and multi-generational living with 3 bedrooms and 2 full baths downstairs. Plenty of room to expand by adding large waterfront deck and pool in the backyard and includes covered boat house (hydraulic lift available) for convenient lake access.

Listed with Platinum Living 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/!


$525,000 :: 1141 W PENINSULA Drive, Gilbert AZ, 85233

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3 beds, 2 baths
Home size: 2,613 sq ft
Lot Size: 10,019 sq ft
Added: 07/18/19, Last Updated: 07/18/19
Property Type: Single Family
MLS Number: 5953691
Community: WINDHAVEN LOT 1-65 TR A-C
Tract: WINDHAVEN LOT 1-65 TR A-C
Status: Active


SPECTACULAR LAKEFRONT LOCATION! Single level waterfront home in the coveted subdivision of The Islands! 3 Bedroom + Den, 3 car garage, pristine pool! Gorgeous views of the Lake in both directions. NEW Roof and AC! Newly refinished pool! Original owner. Circa 1988 interior, well cared for...just ready for any updating that is of your choice (priced accordingly, approx. -$50K below comparable others on the lake that have been updated) ).Let our photo gallery take you on a tour!Come check it out! When you buy a home in The Islands , you buy a Stay-cation Lifestyle! Come join us!

Listed with Revelation 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/!


$645,000 :: 2020 E CATAMARAN Drive, Gilbert AZ, 85234

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5 beds, 3 baths
Home size: 3,221 sq ft
Lot Size: 10,455 sq ft
Added: 06/27/19, Last Updated: 07/18/19
Property Type: Single Family
MLS Number: 5945535
Community: REGATTA AT VAL VISTA LAKES AMD LOT 1-108
Tract: REGATTA AT VAL VISTA LAKES AMD LOT 1-108
The price of this listing was last reduced on 7/18/2019 by 1%
Status: Active


Beautifully updated Val Vista Lakes waterfront home in the gated Regatta community. This 5 bedroom, 3 full bath home on a cul-de sac street offers a gorgeous interior, updated throughout in 2017. Vaulted ceilings, wood look tile & spacious layout greets you as you walk in the front door. Living rm. features a fireplace & lots of natural light. Dining room w/ French doors to enjoy the additional private patio. Kitchen is open to the family rm, white cabinetry, granite counters, b-fast bar, lg walk-in pantry, stainless appliances & lake views! Mstr bedroom conveniently located downstairs w/ separate entrance to patio. Mstr bath has all the right finishes w/ a freestanding tub, walk-in shower & dual sink vanity. Second bedroom downstairs w/ full bath could be used as den/office or guest suite

Listed with DPR 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/!


$859,000 :: 1750 E COCO PALM Court, Gilbert AZ, 85234

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4 beds, 3 baths
Home size: 3,421 sq ft
Lot Size: 12,197 sq ft
Added: 07/17/19, Last Updated: 07/17/19
Property Type: Single Family
MLS Number: 5953415
Community: LAKESIDE AT VAL VISTA LAKES
Tract: LAKESIDE AT VAL VISTA LAKES
Status: Active


Single Level Custom 4 bed, 3 bath, waterfront home with spectacular panoramic lake views in gated community. Huge kitchen-abundant cabinetry plus pantry with wonderful view of heated negative-edge pool, spa, and lake. Open Great Room has 18'ceiling, sunken wet bar & fridge. Beautiful, professionally designed, stained-glass front entry door & Travertine tile entryway. Unique 3 Dolphin water feature at pool. Monitor kids pool activity with a security camera system. New redwood deck on the boat dock. New AC evaporators using 410A coolant. New water heater and water softener. Instant hot water loop and pumps. New exterior paint, carpet and marble tile in master bath and Jack & Jill bath. Oversized extended garage with built in cabinets. Approx 725 sf patio under roof.

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/!


$418,900 :: 413 S LAKE MIRAGE Drive, Gilbert AZ, 85233

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3 beds, 2.5 baths
Home size: 1,946 sq ft
Lot Size: 4,792 sq ft
Added: 05/24/19, Last Updated: 07/17/19
Property Type: Single Family
MLS Number: 5930656
Community: LAKE MIRAGE LOT 1-38 TR A-I
Tract: LAKE MIRAGE LOT 1-38 TR A-I
The price of this listing was last reduced on 7/17/2019 by 0%
Status: Active


Must see this GORGEOUS, WATERFRONT home in the highly coveted Islands Community. This home was just recently updated including the flooring, Kitchen, Baths and More. Great eat-in kitchen with gorgeous views of the lake. Cozy up to the fireplace in the living room. Entertain your family and friends in this beautiful backyard. Fish or launch your boat from your own private dock. The Islands is a unique neighborhood that has a great sense of community. Enjoy the clubhouse and the many HOA / community sponsored events that take place through out the year. Come see this beautiful LAKEFRONT home and make it yours today! Lots of great memories to be made here!!

Listed with Keller Williams Realty Sonoran Living


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


$599,000 :: 4722 S GRISWOLD Street, Gilbert AZ, 85297

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6 beds, 4.5 baths
Home size: 3,753 sq ft
Lot Size: 10,890 sq ft
Added: 07/16/19, Last Updated: 07/17/19
Property Type: Single Family
MLS Number: 5953142
Community: LAYTON LAKES PARCEL 1 2ND AMD
Tract: LAYTON LAKES PARCEL 1 2ND AMD
Status: Active


**WATERFRONT LOT WITH ONE OF THE BEST VIEWS IN ALL OF LAYTON LAKES!**MAIN LEVEL OF HOME HAS GUEST ROOM W/FULL BATH, FORMAL LIVING ROOM, FORMAL DINING, POWDER ROOM,GOURMET KITCHEN, PLUS A SEPARATE ASIAN KITCHEN; SPACIOUS FAMILY ROOM AND BREAKFAST ROOM WITH STUNNING WATER VIEWS**UPSTAIRS IS HUGE MASTER WITH HIS AND HERS WALK-IN CLOSETS, TWO SECONDARY BRS W/ JACK N JILL BATH AND TEEN SUITE W/PRIVATE BATH **OUTSIDE IS AN ENTERTAINER'S DREAM**TOP OF LINE SUN SHADES THROUGH OUT OF HOUSE TO PROVIDE XIMUM PRIVACY AND ENERGY EFFICIENCY** SO MUCH MORE, COME SEE IT TODAY!!!

Listed with Gold Trust 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/!


$409,900 :: 1538 W LAUREL Avenue, Gilbert AZ, 85233

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4 beds, 3 baths
Home size: 2,809 sq ft
Lot Size: 8,712 sq ft
Added: 07/15/19, Last Updated: 07/15/19
Property Type: Single Family
MLS Number: 5952709
Community: PLAYA DEL REY
Tract: PLAYA DEL REY
Status: Active


This impeccably maintained house by the original owners. More than pride of ownership is shown in this home. If you like to be on the lake but don't want to drive there. This place is for you. Bring your jet ski or boat and enjoy a day in the lake in this neighborhood. 4 Bedroom 3 Bath split floor plan. The master bedroom boost separate tub and shower. His and her closets. Additionally done to the home 8 ceiling fans, of which 6 are Casa Blanca. 2016 rain gutters added to the exterior of the home. Renovated master bath shower in 2017, new Stove Top, Oven and Dishwasher in May 2019, Ro system to sink and Refrigerator, Solid wood shutters on every window, Flagstone in exterior walkway and on top of the propane Bbq island, Drivers side garage door opener in 2016, upgarded Chandeliers.

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/!


$410,000 :: 1421 W CLEAR SPRING Drive, Gilbert AZ, 85233

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3 beds, 2.5 baths
Home size: 2,156 sq ft
Lot Size: 6,099 sq ft
Added: 07/15/19, Last Updated: 07/15/19
Property Type: Condo/Townhouse/Co-Op
MLS Number: 5952517
Community: CORAL POINT REPLAT LOT 76-101
Tract: CORAL POINT REPLAT LOT 76-101
Status: Active


This spectacular 3 bedroom + DEN, 2.5 bath WATERFRONT HOME is located in one of the most sought-after gated communities in Gilbert. IMAGINE a lifestyle filled with sunsets, boating, and magnificent views... all from the privacy of your own backyard? Step inside this incredible home that features a DRAMATIC ENTRY... with a living room with souring vaults, a modern staircase, and a formal dining room all overlooking the lake. A cozy family room with a fireplace, an expansive kitchen with a modern breakfast bar and a nook look out to the backyard that truly sets this home apart from all other homes!!! The expansive covered patio and seating area has views and charm that you'll truly never want to leave!!!

Listed with Keller Williams Realty 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/!


$624,000 :: 1560 W BLUE RIDGE Way, Chandler AZ, 85248

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4 beds, 3 baths
Home size: 2,524 sq ft
Lot Size: 11,762 sq ft
Added: 03/28/19, Last Updated: 07/16/19
Property Type: Single Family
MLS Number: 5902551
Community: OCOTILLO LAKES PARCEL D1
Tract: OCOTILLO LAKES PARCEL D1
The price of this listing was last reduced on 7/16/2019 by 0%
Status: Active


AMAZING waterfront home. This home is single level with a 3 car garage, Open floor plan with many upgrades and lots of natural sunlight throughout. There are 4 bedrooms (split floor plan) and 3 bathrooms and a pool. This is a must see!

Listed with Cactus Mountain Properties, 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/!


$699,000 :: 1781 W LYNX Way, Chandler AZ, 85248

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4 beds, 3 baths
Home size: 3,329 sq ft
Lot Size: 12,633 sq ft
Added: 06/22/19, Last Updated: 07/15/19
Property Type: Single Family
MLS Number: 5943434
Community: OCOTILLO LAKES PARCEL I
Tract: OCOTILLO LAKES PARCEL I
The price of this listing was last reduced on 7/15/2019 by 2%
Status: Active


Amazing WATERFRONT N/S lot in prestigious gated Retreat of Ocotillo Lakes!! Incredible interior features, Light & Bright gas fireplace and oversize windows that invite the lake views & natural light in. Chef's kitchen delight has plethora of cabinets,Newer SS appliances, pantry, and large center island for prep & breakfast bar overlooking Lake. Bonus Room off Bedrooms.Wonderful mastersuite offers private exit to backyard, ample walk-in closet, and gorgeous bath with separate tub/shower & double sinks. Magnificent backyard boasts extended covered patio w/built-in BBQ, pebble-tech pool w/waterfall & heated spa, and grassy area. Watch the amazing Arizona sunsets & gazing out the gorgeous lake right from your patio! Fantastic location minutes to shopping, restaurants, hiking, golf & 101/202.

Listed with West USA 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/!


$319,000 :: 1443 W MEAD Drive, Chandler AZ, 85248

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3 beds, 2 baths
Home size: 1,336 sq ft
Lot Size: 6,970 sq ft
Added: 05/23/19, Last Updated: 07/05/19
Property Type: Single Family
MLS Number: 5930314
Community: OCOTILLO LAKES PARCEL H
Tract: OCOTILLO LAKES PARCEL H
The price of this listing was last reduced on 7/5/2019 by 2%
Status: Active


Perfect Starter Home*Second Home*Investment Prop* BEAUTIFUL OCOTILLO LAKES~~JUST REDUCED!! Look no further! Yes-you have arrived at Ocotillo Lakes ! Single story*Vaulted Ceilings*3 bedrms -2 baths* Rich wood floors in great room*Neutral Tile *BRAND NEW Carpeting/Upgraded Pad in all bedrooms*Neutral Interior Paint - Quartz counter tops in kitchen & both baths - Eat-in Kitchen w/SS Stove & D/W & New Entry & Dining light fixtures - Master Suite -Walk-in Closet - Split Bedroom Plan*Ceiling Fans * N/S exposure*All tile roof* 2 car gar*H-U-G-E, VERY PRIVATE BACKYARD*Covered patio. Plenty of Room for your own Pool - EZ Walk (literally around the corner) to The Chandler Traditional School - Walking paths t/o lake community - Need 1 hr. notice to Seller. Thank 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/!


 

More Chandler and Gilbert  waterfront properties are available at Gilbert-Chandler Waterfront Homes

 

 

 

 

 

 

 

 

 

 

 

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