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:

Gilbert Home Search

Mesa Homes  for Sale

Queen Creek Home Search

$428,000 :: 1317 W WINDRIFT Way, Gilbert AZ, 85233

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3 beds, 2.5 baths
Home size: 1,850 sq ft
Lot Size: 3,921 sq ft
Added: 03/28/20, Last Updated: 04/08/20
Property Type: Single Family
MLS Number: 6058087
Community: SANDCASTLE VILLAGE LOT 1-31 TR A-D
Tract: SANDCASTLE VILLAGE LOT 1-31 TR A-D
The price of this listing was last reduced on 4/8/2020 by 0%
Status: Active


Fantastic upgraded waterfront home in sought-after ''The Islands'' for sale! Soaring ceilings and beautifully custom-made veneer stone fireplace wow you right after you walk in. Elegant wood-like tiles throughout the 1st floor, and plantation shutters installed in the entire house. Modernly upgraded kitchen features chic tile backsplash, stainless appliances, granite slab counter top, and a nice water view from your kitchen window and dining room. Upstairs is where 3 bedrooms are, all with walk-in closets and an ideal layout splits master suite from other 2 guest bedrooms. A huge window in the master bedroom invites precious lake view into your master suite for you to wake up refreshingly every morning. This house has so much to offer that you will not want to miss it!

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/!


$339,800 :: 695 S SAHUARO Drive, Gilbert AZ, 85233

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3 beds, 2 baths
Home size: 1,672 sq ft
Lot Size: 6,970 sq ft
Added: 02/26/20, Last Updated: 04/08/20
Property Type: Single Family
MLS Number: 6041975
Community: PARCEL 3 OF LAGO ESTANCIA LOT 31-90 TR A-E
Tract: PARCEL 3 OF LAGO ESTANCIA LOT 31-90 TR A-E
The price of this listing was last reduced on 3/20/2020 by 3%
Status: Active


LAKE HOME in Beautiful LAGO ESTANCIA. Enjoy premium lot with surrounding lake views. A desirable lake community in the heart of GILBERT. You will enjoy the privacy of a corner lot with lake views in this beautiful park setting. Home features 3 bedroom/2 bath, OPEN FLOOR PLAN, large living room, formal dining, breakfast nook, natural light, neutral 20 x 20 tile, VAULTED CEILINGS and fans though out. The kitchen has a pantry, lots of cabinet space, matching appliances and a breakfast bar. Split floor plan features a large master suite, walk in closet, double sinks, garden tub and separate shower. The backyard is perfect for ENTERTAINING with a large extended patio and view fencing to enjoy the BEAUTIFUL LAKES. Home has new paint and is MOVE IN READY.

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/!


$553,000 :: 1414 W CORAL REEF Drive, Gilbert AZ, 85233

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3 beds, 3 baths
Home size: 2,545 sq ft
Lot Size: 1,743 sq ft
Added: 03/13/20, Last Updated: 04/06/20
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6050219
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 4/6/2020 by 2%
Status: Active


Waterfront lot with custom inside built in 2007. Custom Alder cabinets in entire home with granite counters. Travertine flooring thru entire home except carpet in 3 bedrooms. Downstairs den with double doors can be changed to a bedroom if needed. Open floorpan with kitchen, dining, and family room all open to view of the lake. Sliding door to cement patio area. Master bedroom has a balcony also. Electric fireplace in family room. Surround sound inside and out. Huge master with his and her sinks , jetted tub. Master has sitting area with wet bar. Both other bedrooms have their own sink area and share toilet/shower. Dual HVAC system . Extra insulation for every efficient home. Washer and dryer are tenants. Fridge stays with offer. Home warranty in place with 2-10. Owner/Agent.

Listed with Sun Canyon 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/!


$485,000 :: 1700 E LAKESIDE Drive #32, Gilbert AZ, 85234

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2 beds, 2 baths
Home size: 1,777 sq ft
Lot Size: 5,663 sq ft
Added: 12/07/19, Last Updated: 04/04/20
Property Type: Single Family
MLS Number: 6012051
Community: Val Vista Lakes BRECKENRIDGE BAY LOT 1-65 TR A-I
Tract: Val Vista Lakes BRECKENRIDGE BAY LOT 1-65 TR A-I
The price of this listing was last reduced on 4/4/2020 by 1%
Status: Active


RARE Waterfront townhome in Breckenridge Bay at Val Vista Lakes! Single level 2 bedroom, 2 bath low maintenance home is move - in ready. Gated subdivision makes this an ideal lock-n-leave for a winter home. Bright kitchen with skylights and bay windows, light cabinetry and porcelin tile. 5k appliance allowance. Formal dining room opens to the family room and Views of the lake. Master suite has private entrance to backyard. Large walk-in closet, dual vanity & seperate tub/shower. Secondary bedroom also has a large bay window and bathroom adjacent for guests privacy. Large private backyard with boat dock. Perfect northeasterly views of the mountains and wide open lake. Pavers cover the back to create an ideal outdoor space perfect for entertaining. Convenient to the famed Val Vista La

Listed with Keller Williams Integrity First


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


$414,500 :: 522 S MARINA Drive, Gilbert AZ, 85233

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3 beds, 3 baths
Home size: 2,003 sq ft
Lot Size: 4,792 sq ft
Added: 04/03/20, Last Updated: 04/03/20
Property Type: Single Family
MLS Number: 6061201
Community: CORAL POINT TRACT A-K
Tract: CORAL POINT TRACT A-K
Status: Active


Come home to this soothing tropical oasis, fully remodeled with calming waterfall sounds in your own backyard. Enjoy resort style living in the highly sought after The Islands. Incredible lakefront view from the lush landscaped grounds and 2 inch Premium Bermuda artificial grass installed 2019 for easy maintenance. Once inside you'll find this home remodeled to the highest standards of quality. Custom kitchen with soft close cabinet & drawers, Quartz countertops, Frigidaire Professional Appliances including convection oven-a chef's delight! 2 Master bedroom suites-1 upstairs with seating area & extra large sun-drenched balcony overlooking the water. A full bedroom/bathroom on main level. New HVAC system 2018 and updated Premium energy efficient windows throughout. View the VIRTUAL TOUR!!

Listed with Keller Williams Realty Phoenix


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


$825,000 :: 1446 W COMMERCE Avenue, Gilbert AZ, 85233

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4 beds, 2.5 baths
Home size: 3,118 sq ft
Lot Size: 9,584 sq ft
Added: 01/23/20, Last Updated: 04/01/20
Property Type: Single Family
MLS Number: 6027408
Community: PLAYA DEL REY AMENDED
Tract: PLAYA DEL REY AMENDED
The price of this listing was last reduced on 2/20/2020 by 3%
Status: Active


This ONE OF A KIND property is located ON A PRIVATE LAKE in the popular PLAYA DEL REY ESTATES. What makes this home unique is you have the ability to JET SKI, BOAT, WATERSKI, WAKEBOARD and KAYAK in your own backyard. You will love this lot! North facing! Check out our video. This gorgeous gated community is only minutes from DOWNTOWN GILBERT with endless options for dining, shopping and playing. The sellers put a lot of thought, time, money and hard work in order to make this property a STANDOUT. This home was featured in 3 magazines for its breathtaking upgrades and updates. You will be WOWED the minute you enter into this stunning home. The view from every window will take your breath away. There are so many locations inside and out to relax, unwind, dine, play and/or entertain.

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/!


$429,900 :: 601 S MARINA Drive, Gilbert AZ, 85233

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3 beds, 2.5 baths
Home size: 2,156 sq ft
Lot Size: 3,921 sq ft
Added: 03/11/20, Last Updated: 03/30/20
Property Type: Single Family
MLS Number: 6048952
Community: CORAL POINT REPLAT LOT 76-101
Tract: CORAL POINT REPLAT LOT 76-101
The price of this listing was last reduced on 3/30/2020 by 4%
Status: Active


Exquisite 3bd/2.5bth sought after lake front home with loft in majestic Islands gated community. Multiple views of the lake from inside including front door entrance. Open floor plan with vaulted ceilings and rich window placement to add abundance of natural light. Freshly updated with new carpet,paint and fixtures. Modern eat-in kitchen with etched glass cabinets,tile floors,upgrade lights,granite counter tops,stainless steel appliance and counter top range. Family room boasts wood floors and gas fireplace. All bedrooms upstairs. Oversized master suite comes with walk-in closet and exit to 2nd floor balcony. Master bath includes separate tub/shower with 2 sink vanity. Loft upstairs includes built in bookshelves. HOA maintains landscape and exterior paint. Steps from community pool.

Listed with AZ Pro 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/!


$965,000 :: 2103 E CLIPPER Lane, Gilbert AZ, 85234

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6 beds, 3 baths
Home size: 4,248 sq ft
Lot Size: 11,326 sq ft
Added: 03/19/20, Last Updated: 03/19/20
Property Type: Single Family
MLS Number: 6053139
Community: VAL VISTA LAKES
Tract: VAL VISTA LAKES
Status: Active


Imagine yourself living on the water in the highly desirable, gated Regatta Community in fabulous Val Vista Lakes! This gorgeous remodeled home is in immaculate condition and ready to move in tomorrow! When you enter this home, through the custom iron and glass doorway, you are immediately greeted by amazing natural light, through the clerestory windows and soaring ceilings. Step through the full wall of glass doors out into your lakefront resort backyard, complete with designer pool and spa, extensive flagstone decking, low maintenance artificial turf, custom landscape and walkway lighting, complete with WIFI controlled lights and water feature. Enjoy the built in gas BBQ center, fire-pit, palm trees, bistro lights and your own dock to launch your canoes and kayaks....all included!

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/!


$445,000 :: 517 S MARINA Drive, Gilbert AZ, 85233

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3 beds, 2.5 baths
Home size: 2,003 sq ft
Lot Size: 4,356 sq ft
Added: 03/13/20, Last Updated: 03/14/20
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6050491
Community: CORAL POINT TRACT A-K
Tract: CORAL POINT TRACT A-K
Status: Active


Lakefront Property! Upon entering, notice the soaring 26ft ceilings in your open and airy living room. This charming home has an updated kitchen with white cabinets, granite countertops, granite backsplash, and beautiful views. 2 large glass sliding doors that open onto a tile patio compete with 2 fire pits, a pond, an in ground spa and amazing views of the lake. Upstairs the large master suite includes his and hers closets, vaulted ceilings and a deck overlooking the lake. Don't miss out on the chance to live in your own ''Island'' paradise.

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/!


$769,000 :: 3795 E Arianna Court, Gilbert AZ, 85298

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3 beds, 2.5 baths
Home size: 3,372 sq ft
Lot Size: 10,890 sq ft
Added: 03/13/20, Last Updated: 03/13/20
Property Type: Single Family
MLS Number: 6050446
Community: SEVILLE PARCEL 30
Tract: SEVILLE PARCEL 30
Status: Active


Beautiful home, primely located in the wonderful community of Seville! This home sits at the end of a Cul de Sac on a premium golf course lot near the 18th hole. While lounging in the back yard, you have a panorama of the lush green course & San Tan mountains, along with a bonus view of a serene pond just on the other side of your fence. This truly is resort style living! The gorgeous kitchen boasts extra cabinets & a butler's pantry that leads to the formal dining room. In addition to spacious bedrooms & ample storage, some of the many upgraded features in this home include custom lighting, newer plumbing fixtures, crown moulding, custom stone accent walls, stainless steel appliances, & more.

Listed with Vision Realty Pros, 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/!


$669,500 :: 4861 S WILDFLOWER Place, Chandler AZ, 85248

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4 beds, 2.5 baths
Home size: 3,033 sq ft
Lot Size: 9,584 sq ft
Added: 03/06/20, Last Updated: 04/09/20
Property Type: Single Family
MLS Number: 6047303
Community: OCOTILLO LAKES PARCEL D2 FINAL PLAT
Tract: OCOTILLO LAKES PARCEL D2 FINAL PLAT
The price of this listing was last reduced on 4/9/2020 by 1%
Status: Active


***Call to set up virtual tour*** Beautiful Waterfront home in coveted Ocotillo Lakes neighborhood. Updated and upgraded throughout. Quartz counters, custom back-splash, pre-wired for surround sound, private custom -built boat dock. Lake views from side, front and rear of the house. Master bedroom downstairs with remodeled bathroom (2019). Kitchen updated last year with gorgeous quartz island. Three generous bedrooms upstairs and a large loft. Sparkling swimming pool and mature landscaping make this home an entertainers paradise. Come make this your home today!

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/!


$469,900 :: 1904 W CANYON Way, Chandler AZ, 85248

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3 beds, 2.5 baths
Home size: 2,165 sq ft
Lot Size: 7,406 sq ft
Added: 02/20/20, Last Updated: 04/09/20
Property Type: Single Family
MLS Number: 6039807
Community: OCOTILLO LAKES PARCEL B
Tract: OCOTILLO LAKES PARCEL B
The price of this listing was last reduced on 4/9/2020 by 2%
Status: Active


This house has it all! Open Floor Plan. This home has laminate wood flooring in the living and family room. The kitchen has granite counter tops, stainless steel appliances and upgraded cabinets. At the top of the sweeping staircase there is a loft and 2 bedrooms. Also upstairs is your master suite with vaulted ceilings. The master bath has double sinks and garden tub and over-sized shower. The backyard has a covered patio that runs the width of the home. Play pool with water fall is fenced and has a small grass area. Close to Chandler Schools, Dining, Shopping, Entertainment, Hospitals, Intel, Easy access to Freeways.

Listed with Desert Wind Property Mgmt and 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/!


$639,000 :: 1802 W MEAD Place, Chandler AZ, 85248

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4 beds, 2.5 baths
Home size: 2,858 sq ft
Lot Size: 10,455 sq ft
Added: 03/06/20, Last Updated: 04/09/20
Property Type: Single Family
MLS Number: 6046181
Community: OCOTILLO LAKES PARCEL AC
Tract: OCOTILLO LAKES PARCEL AC
The price of this listing was last reduced on 4/9/2020 by 2%
Status: Active


Spectacular single level in prestigious Ocotillo Lakes!This home will conquer you the minute you lay eyes on it. Great curb appeal, lush front yard, and 3 car garage w/extended driveway is just the beginning. Immaculate interior boasts tile flooring in traffic areas,plantation shutters, carpet in the right places, large living room, den, cozy family room w/fireplace, and bright dining. The gorgeous kitchen showcases high-end matching appliances, spacious maple cabinets, granite counters, custom tile back-splash, and breakfast bar. Split master suite provides privacy, and includes a lavish ensuite with dual vanity, soaking tub, glass shower & nice size walk-in closet. Stunning backyard offers covered patio, desert landscaping, and a blue pool w/water features.

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/!


$500,000 :: 4641 S GREYTHORNE Way, Chandler AZ, 85248

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4 beds, 2 baths
Home size: 1,803 sq ft
Lot Size: 6,970 sq ft
Added: 04/03/20, Last Updated: 04/03/20
Property Type: Single Family
MLS Number: 6061452
Community: OCOTILLO LAKES PARCEL B
Tract: OCOTILLO LAKES PARCEL B
Status: Active


This is it! Beautiful single level LAKEFRONT home in awesome Ocotillo neighborhood - close to schools, Intel, 101 & 202 freeways, dining, shopping, greenbelts & more! Bright & inviting, open floorplan, gorgeous lake views and highly upgraded interior. Featuring: beautiful wood flooring throughout, newer Anderson windows, fireplace, & plantation shutters. Remodeled kitchen offers quartz & butcher block countertops, stainless steel appliances, & large kitchen island. Master bath suite features gorgeous remodeled bathroom and custom closet. Easy maintenance yard with covered patio and negative edge pool. Furnishings available on a separate bill of sale!

Listed with Apartment Source


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


$560,000 :: 4922 S MEADOWS Place, Chandler AZ, 85248

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4 beds, 3 baths
Home size: 2,524 sq ft
Lot Size: 12,633 sq ft
Added: 02/28/20, Last Updated: 03/16/20
Property Type: Single Family
MLS Number: 6043556
Community: OCOTILLO LAKES PARCEL D2 FINAL PLAT
Tract: OCOTILLO LAKES PARCEL D2 FINAL PLAT
The price of this listing was last reduced on 3/16/2020 by 1%
Status: Active


Beautiful Ocotillo Lakes home on a cul-de-sac 4 houses from the lake! From the start, this home welcomes you in with a cozy front courtyard. You will enjoy everything you need for entertaining, including luxury VIKING appliances for the home chef! Italian plank flooring throughout all the main areas. The HUGE 12,600 sq. ft. lot offers a backyard paradise with beautiful Pebble-tec pool and lots of room for lounging and play. 4 bedrooms PLUS an office allows plenty of space for spreading out. Split floor plan offers additional privacy. 3 car garage is spacious for both vehicles and storage. Beautiful lake community has lots of greenbelts and sidewalks throughout. Close to everything! Don't miss the opportunity to get into this coveted neighborhood.

Listed with Better Homes & Gardens Real Estate Move Time 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/!


 

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

 

 

 

 

 

 

 

 

 

 

 

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